Learning in Economic Systems with Expectations Feedback

Name: Learning in Economic Systems with Expectations Feedback
Availability: InStock
ISBN: 9783540380504

ISBN-10: 3540380507

ISBN-13: 9783540380504

Edition: 2006

Authors: Jan Wenzelburger

List price: $119.00

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Description:

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.

Book details

List price: $119.00
Copyright year: 2006
Publisher: Springer London, Limited
Publication date: 9/22/2006
Binding: E-Book
Pages: 176
Language: English