Imperfect Knowledge Economics
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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.
The Economics Of Imperfect Information
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Author : Louis Phlips
language : en
Publisher: Cambridge University Press
Release Date : 1988
The Economics Of Imperfect Information written by Louis Phlips 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 1988 with Business & Economics categories.
This book provides a systematic presentation of new microeconomic theories of imperfect information.
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.
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.
Information Structures In Economics
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Author : M. Nermuth
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-13
Information Structures In Economics written by M. Nermuth 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 2013-03-13 with Business & Economics categories.
This book is intended as a contribution to the theory of markets with imperfect information. The subject being nearly limitless, only certain selected topics are discussed. These are outlined in the Introduction (Ch. 0). The remainder of the book is divided into three parts. All results of economic significance are contained in Parts II & III. Part I introduces the main tools for the analysis, in particular the concept of an information structure. Although most of the material presented in Part I is not original, it is hoped that the detailed and self-contained exposition will help the reader to understand not only the following pages, but also the existing technical and variegated literature on markets with imperfect information. The mathematical prerequisites needed, but not explained in the text rarely go beyond elementary calculus and probability theory. Whenever more advanced concepts are used, I have made an effort to give an intuitive explanation as well, so that the argument can also be followed on a non-technical level (cf. e.g. the treatment of the "generic" viewpoint in Ch. 9). In the same spirit, discussion of mathematical assumptions is limited to those which have economic sig- ficance, whereas purely "technical" assumptions (like differentiability or integrability of certain functions) are usually made without comment whenever convenient. The logical interdependence of chapters is as follows: Ch. 3 . Ch. 1 /~I--=---- Ch. 4 Ch. 2 Ch. 8 ~I -=--- /"'-.... Ch.
Decision Theory With Imperfect Information
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Author : Aliev Rafig Aziz
language : en
Publisher: World Scientific
Release Date : 2014-08-08
Decision Theory With Imperfect Information written by Aliev Rafig Aziz and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-08 with Mathematics categories.
Every day decision making in complex human-centric systems are characterized by imperfect decision-relevant information. The principal problems with the existing decision theories are that they do not have capability to deal with situations in which probabilities and events are imprecise. In this book, we describe a new theory of decision making with imperfect information. The aim is to shift the foundation of decision analysis and economic behavior from the realm bivalent logic to the realm fuzzy logic and Z-restriction, from external modeling of behavioral decisions to the framework of combined states.This book will be helpful for professionals, academics, managers and graduate students in fuzzy logic, decision sciences, artificial intelligence, mathematical economics, and computational economics.
Models Of Imperfect Information In Politics
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Author : R. Calvert
language : en
Publisher: Taylor & Francis
Release Date : 2013-06-17
Models Of Imperfect Information In Politics written by R. Calvert and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-17 with Business & Economics categories.
Surveys the models of political phenomena that incorporate imperfect information, concentrating on 'full-rationality' approaches as opposed to bounded rationality models.
Economics For An Imperfect World
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Author : Joseph E. Stiglitz
language : en
Publisher: MIT Press
Release Date : 2003
Economics For An Imperfect World written by Joseph E. Stiglitz and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
The focus of Joseph Stiglitz's work in economics throughout his long and distinguished career has been on the real world, with all of its imperfections.
Prices And Knowledge
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Author : Esteban F. Thomsen
language : en
Publisher: Routledge
Release Date : 2002-01-22
Prices And Knowledge written by Esteban F. Thomsen and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-01-22 with Business & Economics categories.
First published in 1992. Routledge is an imprint of Taylor & Francis, an informa company.