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.
Lars Peter Hansen & Thomas J Sargent
UNCERTAINTY WITHIN ECONOMIC MODELS [EPUB ebook]
UNCERTAINTY WITHIN ECONOMIC MODELS [EPUB ebook]
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Bahasa Inggris ● Format EPUB ● Halaman 484 ● ISBN 9789814578134 ● Ukuran file 20.7 MB ● Penerbit World Scientific Publishing Company ● Kota Singapore ● Negara SG ● Diterbitkan 2014 ● Diunduh 24 bulan ● Mata uang EUR ● ID 5528154 ● Perlindungan salinan Adobe DRM
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