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| Author | : Roman Frydman |
| Publisher | : Princeton University Press |
| Total Pages | : 368 |
| Release | : 2023-09-26 |
| Genre | : Business & Economics |
| ISBN | : 0691261156 |
Download Imperfect Knowledge Economics Book in PDF, ePub and Kindle
Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of "irrational" human behavior. Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades. Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors.
| Author | : Roman Frydman |
| Publisher | : Princeton University Press |
| Total Pages | : 374 |
| Release | : 2007 |
| Genre | : Business & Economics |
| ISBN | : 9780691121604 |
Download Imperfect Knowledge Economics Book in PDF, ePub and Kindle
Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of "irrational" human behavior. Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades. Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors.
| Author | : G. B. Richardson |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 232 |
| Release | : 1998-01-01 |
| Genre | : Business & Economics |
| ISBN | : 9781782542872 |
Download The Economics of Imperfect Knowledge Book in PDF, ePub and Kindle
G.B. Richardson's writings, although from 1953 to 1972, are still very relevant to modern economics. The central theme of this book of his papers is that the knowledge upon which business decisions are taken is limited and uncertain and that the availability of it is affected by market structure.
| Author | : Joseph E. Stiglitz |
| Publisher | : MIT Press |
| Total Pages | : 722 |
| Release | : 2003 |
| Genre | : Business & Economics |
| ISBN | : 9780262012058 |
Download Economics for an Imperfect World Book in PDF, ePub and Kindle
The focus of Joseph Stiglitz's work in economics throughout his long and distinguished career has been on the real world, with all of its imperfections.
| Author | : Thomas-Olivier Leautier |
| Publisher | : MIT Press |
| Total Pages | : 413 |
| Release | : 2019-03-19 |
| Genre | : Business & Economics |
| ISBN | : 0262039281 |
Download Imperfect Markets and Imperfect Regulation Book in PDF, ePub and Kindle
The first textbook to present a comprehensive and detailed economic analysis of electricity markets, analyzing the tensions between microeconomics and political economy. The power industry is essential in our fight against climate change. This book is the first to examine in detail the microeconomics underlying power markets, stemming from peak-load pricing, by which prices are low when the installed generation capacity exceeds demand but can rise a hundred times higher when demand is equal to installed capacity. The outcome of peak-load pricing is often difficult to accept politically, and the book explores the tensions between microeconomics and political economy. Understanding peak-load pricing and its implications is essential for designing robust policies and making sound investment decisions. Thomas-Olivier Léautier presents the model in its simplest form, and introduces additional features as different issues are presented. The book covers all segments of electricity markets: electricity generation, under perfect and imperfect competition; retail competition and demand response; transmission pricing, transmission congestion management, and transmission constraints; and the current policy issues arising from the entry of renewables into the market and capacity mechanisms. Combining anecdotes and analysis of real situations with rigorous analytical modeling, each chapter analyzes one specific issue, first presenting findings in nontechnical terms accessible to policy practitioners and graduate students in management or public policy and then presenting a more mathematical analytical exposition for students and researchers specializing in the economics of electricity markets and for those who want to understand and apply the underlying models.
| Author | : Magdalena Osińska |
| Publisher | : Springer |
| Total Pages | : 247 |
| Release | : 2019-02-25 |
| Genre | : Business & Economics |
| ISBN | : 3030056066 |
Download Economic Miracles in the European Economies Book in PDF, ePub and Kindle
This book undertakes a theoretical and econometric analysis of intense economic growth in selected European countries during the end of the twentieth century and the beginning of the twenty first. Focusing on the accelerated economic growth that occurred in Ireland, the Netherlands, Spain, and Turkey, this book investigates the determinants and consequences of this “miracle” growth and discusses them in context of growth and development processes observed in European market-type economies after the World War II. Using imperfect knowledge economics (IKE) as a theoretical framework to interpret the empirical results, this book provides a fresh theoretical perspective in comparison with current Neo-classical, Keynesian and institutional paradigms. With this systematic approach, the authors seek to provide a unified methodology for evaluating the phenomenon of intense economic growth that has heretofore been missing from the discipline. Combining diverse theoretical and methodological strategies to provide a holistic understanding of the historical process of economic change, this volume will be of interest to students and scholars of economic growth, econometrics, political economy, and the new institutional economics as well as policymakers.
| Author | : Jean-Jacques Laffont |
| Publisher | : MIT Press |
| Total Pages | : 312 |
| Release | : 1989 |
| Genre | : Business & Economics |
| ISBN | : 9780262121361 |
Download Economie de L'incertain Et de L'information Book in PDF, ePub and Kindle
The Economics of Uncertainty and Information may be used in conjunction with Loffont's Fundamentals of Economics in an advanced course in microeconomics.
| Author | : Roman Frydman |
| Publisher | : Princeton University Press |
| Total Pages | : 304 |
| Release | : 2011-02-07 |
| Genre | : Business & Economics |
| ISBN | : 1400838185 |
Download Beyond Mechanical Markets Book in PDF, ePub and Kindle
A powerful challenge to contemporary economics and a new agenda for global finance In the wake of the global financial crisis that began in 2007, faith in the rationality of markets has lost ground to a new faith in their irrationality. The problem, Roman Frydman and Michael Goldberg argue, is that both the rational and behavioral theories of the market rest on the same fatal assumption—that markets act mechanically and economic change is fully predictable. In Beyond Mechanical Markets, Frydman and Goldberg show how the failure to abandon this assumption hinders our understanding of how markets work, why price swings help allocate capital to worthy companies, and what role government can and can't play. The financial crisis, Frydman and Goldberg argue, was made more likely, if not inevitable, by contemporary economic theory, yet its core tenets remain unchanged today. In response, the authors show how imperfect knowledge economics, an approach they pioneered, provides a better understanding of markets and the financial crisis. Frydman and Goldberg deliver a withering critique of the widely accepted view that the boom in equity prices that ended in 2007 was a bubble fueled by herd psychology. They argue, instead, that price swings are driven by individuals' ever-imperfect interpretations of the significance of economic fundamentals for future prices and risk. Because swings are at the heart of a dynamic economy, reforms should aim only to curb their excesses. Showing why we are being dangerously led astray by thinking of markets as predictably rational or irrational, Beyond Mechanical Markets presents a powerful challenge to conventional economic wisdom that we can't afford to ignore.
| Author | : John Eatwell |
| Publisher | : Springer |
| Total Pages | : 275 |
| Release | : 1989-09-01 |
| Genre | : Business & Economics |
| ISBN | : 1349201812 |
Download Game Theory Book in PDF, ePub and Kindle
This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. It concentrates on the topic of game theory.
| Author | : Giorgio Calcagnini |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 237 |
| Release | : 2009-10-22 |
| Genre | : Business & Economics |
| ISBN | : 3790821314 |
Download The Economics of Imperfect Markets Book in PDF, ePub and Kindle
This book is a collection of eleven papers concerned with the effects of market imperfections on the decision-making of economic agents and on economic policies that try to correct the inefficient market outcomes due to those imperfections. As a consequence, real and financial imperfections are related : economic decisions are simultaneously affected by imperfections present both in real and financial markets. Notwithstanding the obvious fact that market interdependence is not novel, scholar interests are typically concentrated on the specific relationship among economic decisions originating from particular imperfections. This explains why, in the case of perfect financial markets, we can speak of "the" us.
