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Learning to Become Rational
Markus Zenner
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Description for Learning to Become Rational
Paperback. This is a study on the asymptotic behaviour of boundedly rational learning procedures in self-referential models. It reports important results of current research on this topic, results which extend the boundedly rational learning appraoch. Series: Lecture Notes in Economics and Mathematical Systems. Num Pages: 212 pages, biography. BIC Classification: KCA; PBWH. Category: (P) Professional & Vocational. Dimension: 297 x 210 x 12. Weight in Grams: 578.
1. 1 Rational Expectations and Learning to Become Rational A characteristic feature of dynamic economic models is that, if future states of the economy are uncertain, the expectations of agents mat ter. Producers have to decide today which amount of a good they will produce not knowing what demand will be tomorrow. Consumers have to decide what they spend for consumption today not knowing what prices will prevail tomorrow. Adopting the neo-classical point of view that economic agents are 'rational' in the sense that they behave in their own best interest given their expectations about future states of the ecomomy ... Read more
1. 1 Rational Expectations and Learning to Become Rational A characteristic feature of dynamic economic models is that, if future states of the economy are uncertain, the expectations of agents mat ter. Producers have to decide today which amount of a good they will produce not knowing what demand will be tomorrow. Consumers have to decide what they spend for consumption today not knowing what prices will prevail tomorrow. Adopting the neo-classical point of view that economic agents are 'rational' in the sense that they behave in their own best interest given their expectations about future states of the ecomomy ... Read more
Product Details
Format
Paperback
Publication date
1996
Publisher
Springer-Verlag Berlin and Heidelberg GmbH & Co. KG Germany
Number of pages
212
Condition
New
Series
Lecture Notes in Economics and Mathematical Systems
Number of Pages
205
Place of Publication
Berlin, Germany
ISBN
9783540612797
SKU
V9783540612797
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
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