Learning In Economic Systems With Expectations Feedback
DOWNLOAD
Download Learning In Economic Systems With Expectations Feedback PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Learning In Economic Systems With Expectations Feedback book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Learning In Economic Systems With Expectations Feedback
DOWNLOAD
Author : Jan Wenzelburger
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-09-22
Learning In Economic Systems With Expectations Feedback written by Jan Wenzelburger 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 2006-09-22 with Business & Economics categories.
Recently economists have more and more focussed on scenarios in which agents' views of the world may be erroneous. These notes introduce the concept of perfect forecasting rules which provide best least-squares predictions along the evolution of an economic system. The framework for nonparametric adaptive learning schemes is developed and it is argued that plausible learning schemes should aim at estimating a perfect forecasting rule taking into account the correct feedback structure of an economy. A link is provided between the traditional rational-expectations view and recent behavioristic approaches.
Behavioral Rationality And Heterogeneous Expectations In Complex Economic Systems
DOWNLOAD
Author : Cars Hommes
language : en
Publisher: Cambridge University Press
Release Date : 2013-01-24
Behavioral Rationality And Heterogeneous Expectations In Complex Economic Systems written by Cars Hommes 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 2013-01-24 with Business & Economics categories.
Recognising that the economy is a complex system with boundedly rational interacting agents, the book presents a theory of behavioral rationality and heterogeneous expectations in complex economic systems and confronts the nonlinear dynamic models with empirical stylized facts and laboratory experiments. The complexity modeling paradigm has been strongly advocated since the late 1980s by some economists and by multidisciplinary scientists from various fields, such as physics, computer science and biology. More recently the complexity view has also drawn the attention of policy makers, who are faced with complex phenomena, irregular fluctuations and sudden, unpredictable market transitions. The complexity tools - bifurcations, chaos, multiple equilibria - discussed in this book will help students, researchers and policy makers to build more realistic behavioral models with heterogeneous expectations to describe financial market movements and macro-economic fluctuations, in order to better manage crises in a complex global economy.
Learning In Economic Systems With Expectations Feedback
DOWNLOAD
Author : Jan Wenzelburger
language : en
Publisher: Springer
Release Date : 2006-08-14
Learning In Economic Systems With Expectations Feedback written by Jan Wenzelburger and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-08-14 with Business & Economics categories.
Recently economists have more and more focussed on scenarios in which agents' views of the world may be erroneous. These notes introduce the concept of perfect forecasting rules which provide best least-squares predictions along the evolution of an economic system. The framework for nonparametric adaptive learning schemes is developed and it is argued that plausible learning schemes should aim at estimating a perfect forecasting rule taking into account the correct feedback structure of an economy. A link is provided between the traditional rational-expectations view and recent behavioristic approaches.
Complex Systems Approach To Economic Dynamics
DOWNLOAD
Author : Abraham C.-L. Chian
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-08-17
Complex Systems Approach To Economic Dynamics written by Abraham C.-L. Chian 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 2007-08-17 with Business & Economics categories.
Statistical analysis of stock markets and foreign exchange markets has demonstrated the intermittent nature of economic time series. A nonlinear model of business cycles is able to simulate intermittency arising from order-chaos and chaos-chaos transitions. This monograph introduces new concepts of unstable periodic orbits and chaotic saddles, which are unstable structures embedded in a chaotic attractor and responsible for economic intermittency.
Computational Aspects Of General Equilibrium Theory
DOWNLOAD
Author : Donald Brown
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-01-08
Computational Aspects Of General Equilibrium Theory written by Donald Brown 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 2008-01-08 with Business & Economics categories.
This monograph presents a general equilibrium methodology for microeconomic policy analysis. It is intended to serve as an alternative to the now classical, axiomatic general equilibrium theory as exposited in Debreu`s Theory of Value (1959) or Arrow and Hahn`s General Competitive Analysis (1971). The monograph consists of several essays written over the last decade. It also contains an appendix by Charles Steinhorn on the elements of O-minimal structures.
The Knowledge Ahead Approach To Risk
DOWNLOAD
Author : Robin Pope
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-11-23
The Knowledge Ahead Approach To Risk written by Robin Pope 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 2006-11-23 with Business & Economics categories.
This book is written for those seeking a decision theory appropriate for use in serious choices such as insurance. It employs stages of knowledge ahead to track satisfactions and dissatisfactions. From experimental and questionnaire data, people take into account such stages of knowledge ahead satisfactions and dissatisfactions. This means we must go beyond standard decision theories like expected utility or cumulative prospect theory.
Economic Dynamics And Information
DOWNLOAD
Author : Jaroslav Zajac
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-08-01
Economic Dynamics And Information written by Jaroslav Zajac 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 2007-08-01 with Business & Economics categories.
This book analyzes the existence of equilibria in economies having a measured space of agents and a continuum of agents and commodities. Excessive homogeneity with respect to agent productivity leads to instability and non-uniqueness of a given stationary state and the indeterminacy of the corresponding stationary state equilibrium. Sufficient heterogeneity leads to global saddle-path stability, uniqueness of a given stationary state and the global uniqueness of the corresponding equilibrium.
Preferences In Negotiations
DOWNLOAD
Author : Henner Gimpel
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-06-13
Preferences In Negotiations written by Henner Gimpel 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 2007-06-13 with Science categories.
The attachment effect can hinder effective negotiation. Parties are influenced by their subjective expectations formed on account of the exchange of offers, they form reference points, and loss aversion potentially leads to a change of preferences when expectations change. This book presents a motivation, formalization, and substantiation of the attachment effect. The results can be used for prescriptive advice to negotiators.
Financial Risk Management With Bayesian Estimation Of Garch Models
DOWNLOAD
Author : David Ardia
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-05-08
Financial Risk Management With Bayesian Estimation Of Garch Models written by David Ardia 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 2008-05-08 with Business & Economics categories.
This book presents in detail methodologies for the Bayesian estimation of sing- regime and regime-switching GARCH models. These models are widespread and essential tools in n ancial econometrics and have, until recently, mainly been estimated using the classical Maximum Likelihood technique. As this study aims to demonstrate, the Bayesian approach o ers an attractive alternative which enables small sample results, robust estimation, model discrimination and probabilistic statements on nonlinear functions of the model parameters. The author is indebted to numerous individuals for help in the preparation of this study. Primarily, I owe a great debt to Prof. Dr. Philippe J. Deschamps who inspired me to study Bayesian econometrics, suggested the subject, guided me under his supervision and encouraged my research. I would also like to thank Prof. Dr. Martin Wallmeier and my colleagues of the Department of Quantitative Economics, in particular Michael Beer, Roberto Cerratti and Gilles Kaltenrieder, for their useful comments and discussions. I am very indebted to my friends Carlos Ord as Criado, Julien A. Straubhaar, J er ^ ome Ph. A. Taillard and Mathieu Vuilleumier, for their support in the elds of economics, mathematics and statistics. Thanks also to my friend Kevin Barnes who helped with my English in this work. Finally, I am greatly indebted to my parents and grandparents for their support and encouragement while I was struggling with the writing of this thesis.
Expectation Formation In Dynamic Market Experiments
DOWNLOAD
Author : Peter Heemeijer
language : en
Publisher: Rozenberg Publishers
Release Date : 2009
Expectation Formation In Dynamic Market Experiments written by Peter Heemeijer and has been published by Rozenberg Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.