"eductive" stability in economics
Edición de la obra Assessing rational expectations 2
| Autor | R. Guesnerie |
|---|---|
| Editorial | MIT Press |
| Fecha de publicación | 2005 |
| Lugar | Cambridge, Mass |
| Idioma | inglés |
| Páginas | 455 |
| ISBN-13 | 9780262072588 |
| ISBN-10 | 0262072580 |
| OCLC | 56198617 |
| LCCN | 2004057855 |
| Número de Cutter | G936a |
"The rational expectations hypothesis (REH) dominates economic modeling in areas ranging from monetary theory, macroeconomics, and general equilibrium to finance. In this book Roger Guesnerie continues the critical analysis of the REH begun in his Assessing Rational Expectations: Sunspot Multiplicity and Economic Fluctuations, which dealt with the questions raised by multiplicity and its implications for a theory of endogenous fluctuations. This second volume emphasizes "eductive" learning: relying on careful reasoning, agents must deduce what other agents guess, a process that differs from the standard evolutionary learning experience in which agents make decisions about he future based on past experiences. A broad "eductive" stability test is proposed that includes common knowledge and results in a unique "rationalizable expectations equilibrium.""--Jacket.