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Learning in Economic Systems with Expectations Feedback
Paperback
Series: Lecture Notes in Economic and Mathematical Systems, Book 555
ISBN13: 9783540243229
Publisher: Springer Nature
Published: Aug 14 2006
Pages: 176
Weight: 0.61
Height: 0.41 Width: 6.14 Depth: 9.21
Language: English
Recently economists have more and more focussed on scenarios in which agents' views of the world may be erroneous.
These notes introduce the concept of perfect forecasting rules which provide best least-squares predictions along the evolution of an economic system.
The framework for nonparametric adaptive learning schemes is developed and it is argued that plausible learning schemes should aim at estimating a perfect forecasting rule taking into account the correct feedback structure of an economy.
A link is provided between the traditional rational-expectations view and recent behavioristic approaches.
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