The Economics Of Imperfect Knowledge PDF Download
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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 | : 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 | : Louis Phlips |
| Publisher | : Cambridge University Press |
| Total Pages | : 302 |
| Release | : 1988 |
| Genre | : Business & Economics |
| ISBN | : 9780521313810 |
Download The Economics of Imperfect Information Book in PDF, ePub and Kindle
This book provides a systematic presentation of new microeconomic theories of imperfect information.
| Author | : Vítor Gaspar |
| Publisher | : Cambridge University Press |
| Total Pages | : 160 |
| Release | : 2006-02-16 |
| Genre | : Business & Economics |
| ISBN | : 9781139448567 |
Download Imperfect Knowledge and Monetary Policy Book in PDF, ePub and Kindle
Based on lectures given as part of The Stone Lectures in Economics, this book discusses the problem of formulating monetary policy in practice, under the uncertain circumstances which characterize the real world. The first lecture highlights the limitations of decision rules suggested by the academic literature and recommends an approach involving, first, a firm reliance on the few fundamental and robust results of monetary economics and, secondly, a pragmatic attitude to policy implementation, taking into consideration lessons from central banking experience. The second lecture revisits Milton Friedman's questions about the effects of active stabilization policies on business cycle fluctuations. It explores the implications of a simple model where the policy maker has imperfect knowledge about potential output and the private sector forms expectations according to adaptive learning. This lecture shows that imperfect knowledge limits the scope for active stabilization policy and strengthens the case for conservatism.
| 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 | : Esteban F. Thomsen |
| Publisher | : Routledge |
| Total Pages | : 159 |
| Release | : 2002-01-22 |
| Genre | : Business & Economics |
| ISBN | : 1134915578 |
Download Prices and Knowledge Book in PDF, ePub and Kindle
The growth of information economics has lead to a substantial re-consideration of the role of prices. Instead of the conventional neo-classical view of prices as straightforward indicators of scarcity, information economics emphasises that prices can be sources from which agents infer information and means by which they communicate. Prices and Knowledge analyses different theoretical approaches to the role of prices in situations of imperfect information. It shows that whilst the `informational efficiency' approach of Grossman and Stiglitz and the `bounded rationality theory' of Nelson and Simon are useful, neither goes far enough in considering situations of disequilibrium.
| 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 | : Joan Robinson |
| Publisher | : Springer |
| Total Pages | : 359 |
| Release | : 1969-07-01 |
| Genre | : Business & Economics |
| ISBN | : 1349153206 |
Download The Economics of Imperfect Competition Book in PDF, ePub and Kindle
| 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 | : 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.
