Endogenous Economic Fluctuations

Name: Endogenous Economic Fluctuations
Author: Mordecai Kurz

Studies in the Theory of Rational Beliefs

Specificaties

Gebonden, 356 blz. | Engels

Springer Berlin Heidelberg | 1997e druk, 1997

ISBN13: 9783540626121

Rubricering

Juridisch :

Springer Berlin Heidelberg 1997e druk, 1997 9783540626121

Onderdeel van serie Studies in Economic Theory

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Samenvatting

The book presents a new theory of expectations called "rational beliefs". Contrary to the standard theory which views the origin of uncertainty as being exogenous to the economic system, the theory of rational beliefs holds that a crucial component of social risk and economic fluctuations is endogenously propagated by variations in the state of beliefs of market participants. One part of the book provides an exposition of the foundation of the theory of rational beliefs. A second part explores the structure of general equilibrium models in which market participants hold rational beliefs. The "Applications" part of the book studies the behavior of asset prices and rates of return on financial assets. It demonstrates that endogenous uncertainty provides a uniform paradigm for the study of economic fluctuations.

Specificaties

ISBN13:9783540626121

Taal:Engels

Bindwijze:gebonden

Aantal pagina's:356

Uitgever:Springer Berlin Heidelberg

Druk:1997

Hoofdrubriek:Economie

Serie:Studies in Economic Theory

Inhoudsopgave

From the contents: Theory.- Foundations: The Theory of Rational Beliefs.- Rational Belief Equilibria and the Endogenous Formation of the State Space.- Applications.