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Endogenous Economic Fluctuations

Studies in the Theory of Rational Beliefs
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Description

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.
Release date Australia
February 9th, 2011
Audience
  • Professional & Vocational
Contributor
  • Edited by Mordecai Kurz
Edition
Softcover reprint of hardcover 1st ed. 1997
Illustrations
XIV, 356 p.
Pages
356
Dimensions
156x234x19
ISBN-13
9783642082955
Product ID
11032543

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