Uncertainty Within Economic Models EPUB
by Hansen Lars Peter Hansen, Sargent Thomas J Sargent
Part of the World Scientific Series In Economic Theory series
EPUB
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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.
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- Format:EPUB
- Pages:484 pages
- Publisher:World Scientific Publishing Company
- Publication Date:09/09/2014
- Category:
- ISBN:9789814578134
Information
-
Download Now
- Format:EPUB
- Pages:484 pages
- Publisher:World Scientific Publishing Company
- Publication Date:09/09/2014
- Category:
- ISBN:9789814578134
