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9780521310956

Individual Forecasting and Aggregate Outcomes "Rational Expectations" Examined

Individual Forecasting and Aggregate Outcomes "Rational Expectations" Examined
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Product details

  • ISBN-13: 9780521310956
  • ISBN: 0521310954
  • Publisher: Cambridge University Press

AUTHOR

Oman, Frydman R., Phelps, Edmund S., Frydman, Roman

SUMMARY

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.Oman, Frydman R. is the author of 'Individual Forecasting and Aggregate Outcomes "Rational Expectations" Examined' with ISBN 9780521310956 and ISBN 0521310954.

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