Expectations, Rationality And Economic Performance
Models and Experiments
Tobias F. Rötheli, Professor of Economics, University of Erfurt, Germany
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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.
Contents: Preface Part I: Models and Tools 1. Markets and Expectations 2. Expected Utility Maximization 3. Effects of Heterogeneous Expectations 4. Forecasting Among Alternative Strategies under Uncertainty 5. Expectations in Time Series Models Part II: Experiments and Applications 6. Costly Information and Decision Making 7. Applied Welfare Economics with Boundedly Rational Expectations 8. Pattern Recognition as the Basis of Expectations 9. Pattern-Based Expectations and Financial Markets 10. Anticipations and Coordination Failures 11. Money, Transactions and Expectations References Index