Imperfect Knowledge Economics - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Imperfect Knowledge Economics write by Roman Frydman. This book was released on 2023-09-26. Imperfect Knowledge Economics available in PDF, EPUB and Kindle. 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.
Imperfect Knowledge Economics
Imperfect Knowledge Economics - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Imperfect Knowledge Economics write by Roman Frydman. This book was released on 2007. Imperfect Knowledge Economics available in PDF, EPUB and Kindle. 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 Information
The Economics of Imperfect Information - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Economics of Imperfect Information write by Louis Phlips. This book was released on 1988. The Economics of Imperfect Information available in PDF, EPUB and Kindle. This book provides a systematic presentation of new microeconomic theories of imperfect information.
Imperfect Markets and Imperfect Regulation
Imperfect Markets and Imperfect Regulation - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Imperfect Markets and Imperfect Regulation write by Thomas-Olivier Leautier. This book was released on 2019-03-19. Imperfect Markets and Imperfect Regulation available in PDF, EPUB and Kindle. The first textbook to present a comprehensive and detailed economic analysis of electricity markets, analyzing the tensions between microeconomics and political economy. The power industry is essential in our fight against climate change. This book is the first to examine in detail the microeconomics underlying power markets, stemming from peak-load pricing, by which prices are low when the installed generation capacity exceeds demand but can rise a hundred times higher when demand is equal to installed capacity. The outcome of peak-load pricing is often difficult to accept politically, and the book explores the tensions between microeconomics and political economy. Understanding peak-load pricing and its implications is essential for designing robust policies and making sound investment decisions. Thomas-Olivier Léautier presents the model in its simplest form, and introduces additional features as different issues are presented. The book covers all segments of electricity markets: electricity generation, under perfect and imperfect competition; retail competition and demand response; transmission pricing, transmission congestion management, and transmission constraints; and the current policy issues arising from the entry of renewables into the market and capacity mechanisms. Combining anecdotes and analysis of real situations with rigorous analytical modeling, each chapter analyzes one specific issue, first presenting findings in nontechnical terms accessible to policy practitioners and graduate students in management or public policy and then presenting a more mathematical analytical exposition for students and researchers specializing in the economics of electricity markets and for those who want to understand and apply the underlying models.
The Economics of Imperfect Knowledge
The Economics of Imperfect Knowledge - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Economics of Imperfect Knowledge write by G. B. Richardson. This book was released on 1998-01-01. The Economics of Imperfect Knowledge available in PDF, EPUB and Kindle. 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.
