Bounded Rationality in Macroeconomics: The Arne Ryde Memorial Lectures (Clarendon Paperbacks)

Sargent, Thomas J.

ISBN 10: 0198288697 / ISBN 13: 9780198288695

Published by Clarendon Press, 1994

Seller Inventory # 0198288697-3-35093500

Synopsis:

How do people behave in new situations in which previous experience is not useful? The recent changes in Eastern Europe, for example, are unprecedented and there is not an available model on which to base the mechanisms that will govern the economics in this region. The concept of "bounded (or limited) rationality" is being developed to analyze behavior in such situations. In this book Thomas Sargent describes and interprets the recent work in the area, especially in statistics, econometrics, networks and artificial intelligence. He focuses on examples designed to illustrate the issues involved and the kinds of questions that are being asked and answered in this research. He points to further potential positive developments of the theory as well as some of its limitations.

Product Description: Bounded Rationality in Macroeconomics Focusing on a new development in economic theory which involves bounded or limited rationality, the author describes two laboratory experiments that test versions of his macroeconomic models. He analyzes some promising applications of the methods surveyed, as well as their limitations.

Bibliographic Details

Title: Bounded Rationality in Macroeconomics: The ...
Publisher: Clarendon Press
Publication Date: 1994
Binding: paperback
Condition: Good