Individual Forecasting and Aggregate Outcomes
Cambridge University Press, 1986
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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.
- ISBN-13
- 9780521310956
- ISBN-10
- 0521310954
- Publisher
- Cambridge University Press
- Year
- 1986
- Publication date
- 1986-10-02
- Pages
- 250
- Dimensions
- 224x156x12
- Weight
- 344