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Author: Edward J. Nell
Publisher: Edward Elgar Publishing
Published: 2013-09-30
Total Pages: 576
ISBN-13: 1849809623
DOWNLOAD EBOOK →•If you are interested in understanding the underlying philosophical reasons why structural econometrics seems dead, read this book. Not only do the authors provide a comprehensive, stimulating, and provocative account of the debate and literature, the
Author: Robert E. Lucas
Publisher: U of Minnesota Press
Published: 1988
Total Pages: 335
ISBN-13: 1452908281
DOWNLOAD EBOOK →Assumptions about how people form expectations for the future shape the properties of any dynamic economic model. To make economic decisions in an uncertain environment people must forecast such variables as future rates of inflation, tax rates, governme.
Author: Michel Zouboulakis
Publisher: Routledge
Published: 2014-01-21
Total Pages: 188
ISBN-13: 1317817494
DOWNLOAD EBOOK →The concept of economic rationality is important for the historical evolution of Economics as a scientific discipline. The common idea about this concept -even between economists- is that it has a unique meaning which is universally accepted. This new volume argues that "economic rationality" is not not a universal concept with one single meaning, and that it in fact has different, if not conflicting, interpretations in the evolution of discourse on economics. In order to achieve this, the book traces the historical evolution of the concept of economic rationality from Adam Smith to the present, taking in thinkers from Mill to Friedman, and encompassing approaches from neoclassical to behavioural economics. The book charts this history in order to reveal important instances of conceptual transformation of the meaning of economic rationality. In doing so, it presents a uniquely detailed study of the historical change of the many faces of the homo oeconomicus .
Author: Lars Peter Hansen
Publisher: CRC Press
Published: 2019-09-05
Total Pages: 294
ISBN-13: 1000237087
DOWNLOAD EBOOK →At the core of the rational expectations revolution is the insight that economic policy does not operate independently of economic agents' knowledge of that policy and their expectations of the effects of that policy. This means that there are very complicated feedback relationships existing between policy and the behaviour of economic agents, and these relationships pose very difficult problems in econometrics when one tries to exploit the rational expectations insight in formal economic modelling. This volume consists of work by two rational expectations pioneers dealing with the "nuts and bolts" problems of modelling the complications introduced by rational expectations. Each paper deals with aspects of the problem of making inferences about parameters of a dynamic economic model on the basis of time series observations. Each exploits restrictions on an econometric model imposed by the hypothesis that agents within the model have rational expectations.
Author: Richard H. Thaler
Publisher: Russell Sage Foundation
Published: 1994-01-04
Total Pages: 396
ISBN-13: 9780871548474
DOWNLOAD EBOOK →Standard economics theory is built on the assumption that human beings act rationally in their own self interest. But if rationality is such a reliable factor, why do economic models so often fail to predict market behavior accurately? According to Richard Thaler, the shortcomings of the standard approach arise from its failure to take into account systematic mental biases that color all human judgments and decisions.
Author: Colin P. Elliott
Publisher: Cambridge University Press
Published: 2020-02-20
Total Pages: 225
ISBN-13: 1108418600
DOWNLOAD EBOOK →Reconceptualizes economic theory as a tool for understanding the Roman monetary system and its social and cultural contexts.
Author: Richard B. McKenzie
Publisher: Springer Science & Business Media
Published: 2009-10-21
Total Pages: 319
ISBN-13: 3642015867
DOWNLOAD EBOOK →Mainstream economists everywhere exhibit an "irrational passion for dispassionate rationality." Behavioral economists, and long-time critic of mainstream economics suggests that people in mainstrean economic models "can think like Albert Einstein, store as much memory as IBM’s Big Blue, and exercise the will power of Mahatma Gandhi," suggesting that such a view of real world modern homo sapiens is simply wrongheaded. Indeed, Thaler and other behavioral economists and psychology have documented a variety of ways in which real-world people fall far short of mainstream economists' idealized economic actor, perfectly rational homo economicus. Behavioral economist Daniel Ariely has concluded that real-world people not only exhibit an array of decision-making frailties and biases, they are "predictably irrational," a position now shared by so many behavioral economists, psychologists, sociologists, and evolutionary biologists that a defense of the core rationality premise of modedrn economics is demanded.
Author: Econometric Society. World Congress
Publisher: Cambridge University Press
Published: 2006-11-13
Total Pages: 413
ISBN-13: 0521871530
DOWNLOAD EBOOK →Publisher description
Author: Peter J. Phillips
Publisher: Routledge
Published: 2016-03-10
Total Pages: 212
ISBN-13: 1317267338
DOWNLOAD EBOOK →Brutality is the defining characteristic of terrorism. It is despairing to learn that this brutality is the outcome of purposeful, rational, human behaviour. In this purposefulness, however, there lies the key to the interpretation, explanation and understanding of terrorist behaviour. Ultimately, it is in this purposefulness that we shall also find the key to overcoming terrorism. Economic analysis highlights this purposefulness, this rationality, and in doing so provides a different perspective from which to approach the threat of terrorism and the task of pre-empting and pursuing its perpetrators. This book develops this economic perspective within a series of important contexts, each characterised by particular types of terrorist behaviour, choices and strategies. The Economics of Terrorism brings new insights on how to deal with such challenges as the terrorist group’s choice of attack method and target location, terrorist financing and ‘copycat’ behaviour.
