Learning to Become Rational: The Case of Self-Referential Autoregressive and Non-Stationary Models

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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 ...

Learning to Become Rational: The Case of Self-Referential Autoregressive and Non-Stationary Models 1996, Springer, New York, NY

ISBN-13: 9783540612797

1996 edition

Trade paperback

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