Expectations, Rationality and Economic Performance: Models and Experiments - Couverture souple

Rötheli, Tobias F.

Couverture souple

ISBN 10 : 1848444680 ISBN 13 : 9781848444683

Editeur : Edward Elgar Publishing Ltd, 2009

Synopsis

This book offers a broad perspective on the economics of expectations. Experimental studies are used to analyse how human bounded rationality affects economic performance. The challenges posed for policy making are also addressed.

Tobias Rotheli begins by presenting the basic tools and theoretical models necessary to our understanding of rational and boundedly rational expectations and their role in economic life. Key topics discussed include expectations in general equilibrium theory, probabilities and expected utility, heterogeneity of economic agents, behavioural alternatives to forecasting and the effects of expectations heuristics, particularly in financial markets. The author then goes on to explore the fascinating insights behavioural economics - the empirical analysis of economic decision making - has to offer. Here experimental studies illustrate the effects of costly information, the role of pattern recognition as basis of expectations, anticipation and coordination failures, and the role of expectations in determining the general price level. The book also addresses the implications of the experimental findings for applied economics.

Aiming to achieve the accessibility of a textbook, this research monograph will appeal to economic researchers interested in economic behaviour and theory, as well as students taking upper-level undergraduate and graduate courses. It will also be of interest to economists working in business and government.

A propos du livre

À propos de l?auteur

Tobias F. Rötheli, Professor of Economics, University of Erfurt, Germany

Détails de l'édition

• Éditeur: Edward Elgar Publishing Ltd
• Date d'édition: 2009
• Langue: anglais
• ISBN 10: 1848444680
• ISBN 13: 9781848444683
• Reliure: Broché
• Nombre de pages: 224
• Coordonnées du fabricant: non disponible
• Personne responsable: non disponible