Uncertainty Within Economic Models - 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 Uncertainty Within Economic Models write by Lars Peter Hansen. This book was released on 2014-09-09. Uncertainty Within Economic Models available in PDF, EPUB and Kindle. Written by Lars Peter Hansen (Nobel Laureate in Economics, 2013) and Thomas Sargent (Nobel Laureate in Economics, 2011), Uncertainty within Economic Models includes articles adapting and applying robust control theory to problems in economics and finance. This book extends rational expectations models by including agents who doubt their models and adopt precautionary decisions designed to protect themselves from adverse consequences of model misspecification. This behavior has consequences for what are ordinarily interpreted as market prices of risk, but big parts of which should actually be interpreted as market prices of model uncertainty. The chapters discuss ways of calibrating agents' fears of model misspecification in quantitative contexts.
Uncertainty Within Economic Models
Uncertainty Within Economic Models - 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 Uncertainty Within Economic Models write by Lars Peter Hansen. This book was released on 2014. Uncertainty Within Economic Models available in PDF, EPUB and Kindle. "Studying this work in real time taught me a lot, but seeing it laid out in conceptual, rather than chronological, order provides even clearer insights into the evolution of this provocative line of research. Hansen and Sargent are two of the best economists of our time, they are also among the most dedicated teachers in our profession. They have once again moved the research frontier, and with this book provide a roadmap for the rest of us to follow. This is a must-have for anyone interested in modeling uncertainty, ambiguity and robustness."Stanley E ZinWilliam R Berkley Professor of Economics and BusinessLeonard N Stern School of BusinessNew York UniversityWritten by Lars Peter Hansen (Nobel Laureate in Economics, 2013) and Thomas Sargent (Nobel Laureate in Economics, 2011), Uncertainty within Economic Models includes articles adapting and applying robust control theory to problems in economics and finance. This book extends rational expectations models by including agents who doubt their models and adopt precautionary decisions designed to protect themselves from adverse consequences of model misspecification. This behavior has consequences for what are ordinarily interpreted as market prices of risk, but big parts of which should actually be interpreted as market prices of model uncertainty. The chapters discuss ways of calibrating agents' fears of model misspecification in quantitative contexts.
Time, Ignorance, and Uncertainty in Economic Models
Time, Ignorance, and Uncertainty in Economic Models - 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 Time, Ignorance, and Uncertainty in Economic Models write by Donald W. Katzner. This book was released on 1998. Time, Ignorance, and Uncertainty in Economic Models available in PDF, EPUB and Kindle. Formal economic analysis using Shackle's ideas of historical time and nonprobabilistic uncertainty
Economics of Pessimism and Optimism
Economics of Pessimism and Optimism - 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 Economics of Pessimism and Optimism write by Kiyohiko G. Nishimura. This book was released on 2017-11-13. Economics of Pessimism and Optimism available in PDF, EPUB and Kindle. This is the first book to investigate individual’s pessimistic and optimistic prospects for the future and their economic consequences based on sound mathematical foundations. The book focuses on fundamental uncertainty called Knightian uncertainty, where the probability distribution governing uncertainty is unknown, and it provides the reader with methods to formulate how pessimism and optimism act in an economy in a strict and unified way. After presenting decision-theoretic foundations for prudent behaviors under Knightian uncertainty, the book applies these ideas to economic models that include portfolio inertia, indeterminacy of equilibria in the Arrow-Debreu economy and in a stochastic overlapping-generations economy, learning, dynamic asset-pricing models, search, real options, and liquidity preferences. The book then proceeds to characterizations of pessimistic (ε-contaminated) and optimistic (ε-exuberant) behaviors under Knightian uncertainty and people’s inherent pessimism (surprise aversion) and optimism (surprise loving). Those characterizations are shown to be useful in understanding several observed behaviors in the global financial crisis and in its aftermath. The book is highly recommended not only to researchers who wish to understand the mechanism of how pessimism and optimism affect economic phenomena, but also to policy makers contemplating effective economic policies whose success delicately hinges upon people’s mindsets in the market. Kiyohiko Nishimura is Professor at the National Graduate Institute for Policy Studies (GRIPS) and Professor Emeritus and Distinguished Project Research Fellow of the Center for Advanced Research in Finance at The University of Tokyo. Hiroyuki Ozaki is Professor of Economics at Keio University.
Uncertainty in Economic Theory
Uncertainty in Economic Theory - 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 Uncertainty in Economic Theory write by Itzhak Gilboa. This book was released on 2004-08-02. Uncertainty in Economic Theory available in PDF, EPUB and Kindle. This volume brings together important papers, coupled with new introductions, in the massively influential area of uncertainty in economic theory. Seminal papers are available together for the first time in book format, with new introductions and under the steely editorship of Itzhak Gilboa - this book is a useful reference tool for economists all over the globe.
