Time, Ignorance, and Uncertainty in Economic Models
Title | Time, Ignorance, and Uncertainty in Economic Models PDF eBook |
Author | Donald W. Katzner |
Publisher | University of Michigan Press |
Total Pages | 502 |
Release | 1998 |
Genre | Business & Economics |
ISBN | 0472109383 |
Formal economic analysis using Shackle's ideas of historical time and nonprobabilistic uncertainty
Economics and the Antagonism of Time
Title | Economics and the Antagonism of Time PDF eBook |
Author | Douglas Vickers |
Publisher | University of Michigan Press |
Total Pages | 286 |
Release | 1994 |
Genre | Business & Economics |
ISBN | 9780472104970 |
A careful reconsideration of time in economics leads to a new paradigm of choice
The Economics of Time and Ignorance
Title | The Economics of Time and Ignorance PDF eBook |
Author | Gerald P O'Driscoll Jnr |
Publisher | Routledge |
Total Pages | 389 |
Release | 2002-09-11 |
Genre | Business & Economics |
ISBN | 1134808887 |
The Economics of Time and Ignorance is one of the seminal works in modern Austrian economics. Its treatment of historical time and of uncertainty helped set the agenda for the remarkable revival of work in the Austrian tradition which has led to an ever wider interest in the once heretical ideas of Austrian economics. It is here reprinted with a substantial new introductory essay, outlining the major developments in the area since its original publication a decade ago.
Ignorance and Uncertainty
Title | Ignorance and Uncertainty PDF eBook |
Author | Olivier Compte |
Publisher | Cambridge University Press |
Total Pages | 320 |
Release | 2018-08-31 |
Genre | Business & Economics |
ISBN | 9781108434492 |
Born of a belief that economic insights should not require much mathematical sophistication, this book proposes novel and parsimonious methods to incorporate ignorance and uncertainty into economic modeling, without complex mathematics. Economics has made great strides over the past several decades in modeling agents' decisions when they are incompletely informed, but many economists believe that there are aspects of these models that are less than satisfactory. Among the concerns are that ignorance is not captured well in most models, that agents' presumed cognitive ability is implausible, and that derived optimal behavior is sometimes driven by the fine details of the model rather than the underlying economics. Compte and Postlewaite lay out a tractable way to address these concerns, and to incorporate plausible limitations on agents' sophistication. A central aspect of the proposed methodology is to restrict the strategies assumed available to agents.
Uncertainty Within Economic Models
Title | Uncertainty Within Economic Models PDF eBook |
Author | Hansen Lars Peter |
Publisher | World Scientific |
Total Pages | 484 |
Release | 2014-09-09 |
Genre | Business & Economics |
ISBN | 9814578134 |
Written by Lars Peter Hansen (Nobel Laureate in Economics, 2013) and Thomas Sargent (Nobel Laureate in Economics, 2011), Uncertainty within Economic Models includes articles adapting and applying robust control theory to problems in economics and finance. This book extends rational expectations models by including agents who doubt their models and adopt precautionary decisions designed to protect themselves from adverse consequences of model misspecification. This behavior has consequences for what are ordinarily interpreted as market prices of risk, but big parts of which should actually be interpreted as market prices of model uncertainty. The chapters discuss ways of calibrating agents' fears of model misspecification in quantitative contexts.
The Economics of Time and Ignorance
Title | The Economics of Time and Ignorance PDF eBook |
Author | Gerald P. O'Driscoll |
Publisher | |
Total Pages | 265 |
Release | 2002 |
Genre | Austrian school of economics |
ISBN |
Austrian Economics Re-examined
Title | Austrian Economics Re-examined PDF eBook |
Author | Gerald P O'Driscoll Jr |
Publisher | Routledge |
Total Pages | 315 |
Release | 2014-12-05 |
Genre | Business & Economics |
ISBN | 1317691369 |
Austrian Economics Re-examined: The Economics of Time and Ignorance is an expanded version of the 1996 edition of The Economics of Time and Ignorance. This work is a classic statement of the role of subjectivism, radical uncertainty and change through real time in Austrian economics specifically, and in modern economics more generally. The new book contains the full text and Introductions of the earlier edition as well as the comprehensive previously-unpublished essay "What is Austrian Economics?" and a new Introduction. The essay is a comprehensive overview of the central themes of the book from a somewhat different perspective than in the book itself. It supplements the analysis in the book. The new Introduction explains that the 2007-8 financial crisis and recent developments in behavioural economics have made the book more relevant than ever before. Austrian Economic Re-examined develops and systematizes the fundamental principles of the Austrian tradition to the analysis of rational expectations, business cycles, monetary theory competition and monopoly, and capital theory. The Open Access version of this book, available at https://www.taylorfrancis.com/books/oa-edit/10.4324/9781315776736, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.