Items related to Bounded Rationality in Macroeconomics: The Arne Ryde...
Many developments in economic theory in the 1970s and 1980s depended on the assumption that economic agents made decisions on the basis of "rational expectations" about economic developments, government action and individual behaviour. These rational expectations are based on experience, but how do economic agents behave in new situations in which previous experience is less useful? The concept of bounded or limited rationality is being developed to analyze behaviour in such situations. In this monograph, the author describes and interprets some of the recent work in the area, especially in statistics and econometrics, and in networks and artificial intelligence. He focuses on a number of examples designed to illustrate the issues involved. He describes two laboratory experiments testing versions of the models and concludes by pointing to some promising applications of the methods surveyed, as well as their limitations.
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Review:
The presentation is lucid and concise ... Those willing to join the search will find no better technical introduction than Sargent's book. (Journal of Economic Literature)
A lucid review of recent developments in the theory of "bounded rationality" ... a commendably concise, informative and, above all, interesting account of the very recent literature in dynamic economic theory. (JRSS)
The presentation is lucid and concise. Most macroeconomist readers will find the chapter on neural networks, genetic algorithms, and artificial intelligence particularly instructive ... Those willing to join the search will find no better technical introduction than Sargent's book. (Journal of Economic Literature)
About the Author:
A lucid review of recent developments in the theory of "bounded rationality" ... a commendably concise, informative and, above all, interesting account of the very recent literature in dynamic economic theory. (JRSS)
The presentation is lucid and concise. Most macroeconomist readers will find the chapter on neural networks, genetic algorithms, and artificial intelligence particularly instructive ... Those willing to join the search will find no better technical introduction than Sargent's book. (Journal of Economic Literature)
Thomas J. Sargent is at Hoover Institution, Stanford, California.
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- PublisherClarendon Press
- Publication date1993
- ISBN 10 0198288646
- ISBN 13 9780198288640
- BindingHardcover
- Number of pages196
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Bounded Rationality in Macroeconomics: The Arne Ryde Memorial Lectures
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ISBN 10: 0198288646
ISBN 13: 9780198288640
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Book Description Hardcover. Condition: Near Fine. Dust Jacket Included. 184 pages, portrait frontispiece, a near fine hardback in a near fine dust-jacket [0198288646]. Seller Inventory # 53237
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Bounded Rationality in Macroeconomics. The Arne Ryde Memorial Lectures.
Published by
Oxford, Clarendon, 1993.
(1993)
ISBN 10: 0198288646
ISBN 13: 9780198288640
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Hardcover
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Quantity: 1
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Book Description XII 184 S., mehr. Fig., Ln., OU.- [ Wirtschaftswissenschaft Volkswirtschaft J| 1993 N| Thomas Sargent ] --. Seller Inventory # 83253-1
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