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Individual Forecasting and Aggregate Outcomes : 'Rational Expectations' Examined

By: Edmund S. Phelps (Edited by) , Roman Frydman (Edited by)

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Ksh 9,500.00

Format: Hardback or Cased Book

ISBN-10: 0521257441

ISBN-13: 9780521257442

Publisher: Cambridge University Press

Imprint: Cambridge University Press

Country of Manufacture: US

Country of Publication: GB

Publication Date: Jan 27th, 1984

Publication Status: Active

Product extent: 256 Pages

Weight: 51.00 grams

Product Classification / Subject(s): Economic theory & philosophy

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The papers in this volume provide a complex view of market processes.
Growing out of a conference on Expectations Formation and Economic Disequilibrium held in New York City in 1981, the papers in this volume provide a complex view of market processes in which individual rationality is no guarantee of convergence to the ''correct'' model and the equilibrium coordination of agents'' plans. They reject the ''optimality'' argument for the rational expectations hypothesis, opening the door to other hypotheses of optimal expectations of agents in the decentralized market economy.

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