Item description for Endogenous Economic Fluctuations: Studies in the Theory of Rational Beliefs (Studies in Economic Theory) by Mordecai Kurz...
The book presents a new theory of expectations called "rational beliefs". Contrary to the standard theory which views the origin of uncertainty as being exogenous to the economic system, the theory of rational beliefs holds that a crucial component of social risk and economic fluctuations is endogenously propagated by variations in the state of beliefs of market participants. One part of the book provides an exposition of the foundation of the theory of rational beliefs. A second part explores the structure of general equilibrium models in which market participants hold rational beliefs. The "Applications" part of the book studies the behavior of asset prices and rates of return on financial assets. It demonstrates that endogenous uncertainty provides a uniform paradigm for the study of economic fluctuations.
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Est. Packaging Dimensions: Length: 9.3" Width: 6.4" Height: 1.2" Weight: 1.15 lbs.
Release Date Jan 15, 1997
ISBN 3540626123 ISBN13 9783540626121
Availability 109 units. Availability accurate as of May 28, 2017 12:37.
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Reviews - What do customers think about Endogenous Economic Fluctuations: Studies in the Theory of Rational Beliefs (Studies in Economic Theory)?
A looking-forward book on economics Jun 7, 2000
Mordecai Kurz offers one of the most important contributions to recent macroeconomics. The book provides a genuine research highway towards the building up of a theory of expectations with both rigour and practical usefulness. The idea or "paradigm" of Rational Beliefs is present in all the papers of this volume. They combine rigourous modelling with insigthful conclusions and provocative questions that look more ambitious than the Rational Expectations research program.This book highlights how important are agents' beliefs and their reactions to observed contradictions between observed values and ex-ante estimates of observable economic variables. With no doubt, this volume is an important tool for academic and non-academic economists. It provides sophisticatesd modelling with insightful interrogants and conclusions that invite to re-think the usefulness of mainstream macroeconomic theory. Its reading is a "must" for every economist or social scientist focused on the analysis of the limitations of human knowledge for decision-making in dynamic and changing environments.