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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Bounded Rationality in Macroeconomics: The Arne Ryde Memorial Lectures

Bounded Rationality in Macroeconomics: The Arne Ryde Memorial Lectures

Sargent, Thomas J.

Paperback

Series: Clarendon Paperbacks

Economics

ISBN10: 0198288697
ISBN13: 9780198288695
Publisher: Clarendon Press
Published: Feb 3 1994
Pages: 200
Weight: 0.57
Height: 0.60 Width: 5.48 Depth: 8.51
Language: English
How do people behave in new situations in which previous experience is not useful? The recent changes in Eastern Europe, for example, are unprecedented and there is not an available model on which to base the mechanisms that will govern the economics in this region. The concept of bounded (or limited) rationality is being developed to analyze behavior in such situations. In this book Thomas Sargent describes and interprets the recent work in the area, especially in statistics, econometrics, networks and artificial intelligence. He focuses on examples designed to illustrate the issues involved and the kinds of questions that are being asked and answered in this research. He points to further potential positive developments of the theory as well as some of its limitations.

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