Imperfect Knowledge
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Imperfect Knowledge Economics
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Author : Roman Frydman
language : en
Publisher: Princeton University Press
Release Date : 2023-09-26
Imperfect Knowledge Economics written by Roman Frydman and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-26 with Business & Economics categories.
Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of "irrational" human behavior. Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades. Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors.
Imperfect Knowledge Economics
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Author : Roman Frydman
language : en
Publisher: Princeton University Press
Release Date : 2007
Imperfect Knowledge Economics written by Roman Frydman and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of "irrational" human behavior. Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades. Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors.
The Economics Of Imperfect Knowledge
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Author : G. B. Richardson
language : en
Publisher: Edward Elgar Publishing
Release Date : 1998-01-01
The Economics Of Imperfect Knowledge written by G. B. Richardson and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-01-01 with Business & Economics categories.
G.B. Richardson's writings, although from 1953 to 1972, are still very relevant to modern economics. The central theme of this book of his papers is that the knowledge upon which business decisions are taken is limited and uncertain and that the availability of it is affected by market structure.
Imperfect Knowledge And Monetary Policy
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Author : Vítor Gaspar
language : en
Publisher: Cambridge University Press
Release Date : 2006-02-16
Imperfect Knowledge And Monetary Policy written by Vítor Gaspar and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-02-16 with Business & Economics categories.
Based on lectures given as part of The Stone Lectures in Economics, this book discusses the problem of formulating monetary policy in practice, under the uncertain circumstances which characterize the real world. The first lecture highlights the limitations of decision rules suggested by the academic literature and recommends an approach involving, first, a firm reliance on the few fundamental and robust results of monetary economics and, secondly, a pragmatic attitude to policy implementation, taking into consideration lessons from central banking experience. The second lecture revisits Milton Friedman's questions about the effects of active stabilization policies on business cycle fluctuations. It explores the implications of a simple model where the policy maker has imperfect knowledge about potential output and the private sector forms expectations according to adaptive learning. This lecture shows that imperfect knowledge limits the scope for active stabilization policy and strengthens the case for conservatism.
Wisdom
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Author : Brent Muirhead
language : en
Publisher: Did Media, LLC
Release Date : 2011-08
Wisdom written by Brent Muirhead and has been published by Did Media, LLC this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08 with Education categories.
Imperfect Knowledge
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Author : Richard Bronson
language : en
Publisher:
Release Date : 2021-09-30
Imperfect Knowledge written by Richard Bronson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-30 with categories.
a collection of poems
Science In Flux
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Author : J. Agassi
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Science In Flux written by J. Agassi and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Science categories.
Imperfect Knowledge And Monetary Policy
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Author : Vítor Gaspar
language : en
Publisher: Cambridge University Press
Release Date : 2006-02-16
Imperfect Knowledge And Monetary Policy written by Vítor Gaspar and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-02-16 with Business & Economics categories.
Based on lectures given as part of The Stone Lectures in Economics, this book discusses the problem of formulating monetary policy in practice, under the uncertain circumstances which characterize the real world. How should central banks set monetary policy? In which way should they take uncertainty into account when designing a monetary policy strategy? Should they respond to shocks aggressively or cautiously? These questions are discussed both with reference to the experience of the Bundesbank and of the European Central Bank and in relation to a simple stylized economic model.
Imperfect Conceptions
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Author : Frank Dikötter
language : en
Publisher: C. HURST & CO. PUBLISHERS
Release Date : 1998
Imperfect Conceptions written by Frank Dikötter and has been published by C. HURST & CO. PUBLISHERS this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with History categories.
Since Deng Xiaoping's accession to power in 1978, human genetics has come to occupy centre stage in China, as a growing number of socially undesirable traits are attributed to so-called bad genes, which the state seeks to regulate.
Imperfect Knowledge And Behavior In The Foreign Exchange Market
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Author : Michael D. Goldberg
language : en
Publisher:
Release Date : 1995
Imperfect Knowledge And Behavior In The Foreign Exchange Market written by Michael D. Goldberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with categories.