Download or read book Time Expectations and Uncertainty in Economics written by George Lennox Sharman Shackle and published by Edward Elgar Publishing. This book was released on 1990 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Time, Expectations and Uncertainty in Economics presents in one volume a selection of those papers which best represent Professor Shackle's important and lasting contribution to economics.
Download or read book Time Uncertainty and Information written by Jack Hirshleifer and published by . This book was released on 1989 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Uncertainty in Economics and Other Reflections written by G. L. S. Shackle and published by Cambridge University Press. This book was released on 2010-08-26 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of some of Professor Shackle's papers written between 1939 and 1953 is largely concerned with the problems of 'expectation' and 'uncertainty' and with reducing these universal factors to some sort of plausible rules. Also included are essays on interest rates, on investment and employment, and on the philosophy of economics. This book, by one of the finest economic writers of his time, will appeal to anyone with an interest in the history of economics.
Download or read book Time Ignorance and Uncertainty in Economic Models written by Donald W. Katzner and published by University of Michigan Press. This book was released on 1998 with total page 502 pages. Available in PDF, EPUB and Kindle. Book excerpt: Formal economic analysis using Shackle's ideas of historical time and nonprobabilistic uncertainty
Download or read book Time Uncertainty and Information written by Jack Hirshleifer and published by Wiley-Blackwell. This book was released on 1989-01-01 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Uncertainty Expectations and Financial Instability written by Eric Barthalon and published by Columbia University Press. This book was released on 2014-11-18 with total page 445 pages. Available in PDF, EPUB and Kindle. Book excerpt: Eric Barthalon applies the neglected theory of psychological time and memory decay of Nobel Prize–winning economist Maurice Allais (1911–2010) to model investors' psychology in the present context of recurrent financial crises. Shaped by the behavior of the demand for money during episodes of hyperinflation, Allais's theory suggests economic agents perceive the flow of clocks' time and forget the past at a context-dependent pace: rapidly in the presence of persistent and accelerating inflation and slowly in the event of the opposite situation. Barthalon recasts Allais's work as a general theory of "expectations" under uncertainty, narrowing the gap between economic theory and investors' behavior. Barthalon extends Allais's theory to the field of financial instability, demonstrating its relevance to nominal interest rates in a variety of empirical scenarios and the positive nonlinear feedback that exists between asset price inflation and the demand for risky assets. Reviewing the works of the leading protagonists in the expectations controversy, Barthalon exposes the limitations of adaptive and rational expectations models and, by means of the perceived risk of loss, calls attention to the speculative bubbles that lacked the positive displacement discussed in Kindleberger's model of financial crises. He ultimately extrapolates Allaisian theory into a pragmatic approach to investor behavior and the natural instability of financial markets. He concludes with the policy implications for governments and regulators. Balanced and coherent, this book will be invaluable to researchers working in macreconomics, financial economics, behavioral finance, decision theory, and the history of economic thought.
Download or read book Risk Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Download or read book Time in Economics written by George Lennox Sharman Shackle and published by . This book was released on 1967 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Is Behavioral Economics Doomed written by David K. Levine and published by Open Book Publishers. This book was released on 2012 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, David K. Levine questions the idea that behavioral economics is the answer to economic problems. He explores the successes and failures of contemporary economics both inside and outside the laboratory, and asks whether popular behavioral theories of psychological biases are solutions to the failures. The book not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them.
Download or read book Uncertainty and Expectations in Economics written by J.L. Ford and published by . This book was released on 1990 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimal Control Expectations and Uncertainty written by Sean Holly and published by Cambridge University Press. This book was released on 1989-07-20 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of how the rational expectations revolution and game theory have enhanced the understanding of how an economy functions.
Download or read book Expectation Enterprise and Profit written by G.L.S. Shackle and published by Routledge. This book was released on 2013-10-11 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: G.L.S. Shackle made numerous, pioneering contributions to the study of uncertainty in economic life. This volume studies the production process, where resources must be committed to specific technological purposes long in advance of the ultimate sale of goods to the consumer. The problems of such a system rest on the durability of the instruments it uses, whose huge expense can only be recouped if they can be used for many years. Yet at the time of investment, those years of use are in the future and uncertain. The firm is the essential institutional means of confronting this uncertainty. Expectation, Enterprise and Profit is concerned with the nature and mode of life of the firm as a means of policy formation in the face of uncertainty. Chapters include: The Nature and Matrix of Production, Investment and Expectation, Interdependent Decision-Making and Profit and Equilibrium.
Download or read book Handbook of the Economics of Risk and Uncertainty written by Mark Machina and published by Newnes. This book was released on 2013-11-14 with total page 897 pages. Available in PDF, EPUB and Kindle. Book excerpt: The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance Divides coverage between theoretical, empirical, and experimental findings Makes the economics of risk and uncertainty accessible to scholars in fields outside economics
Download or read book Completing the Forecast written by National Research Council and published by National Academies Press. This book was released on 2006-10-09 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Uncertainty is a fundamental characteristic of weather, seasonal climate, and hydrological prediction, and no forecast is complete without a description of its uncertainty. Effective communication of uncertainty helps people better understand the likelihood of a particular event and improves their ability to make decisions based on the forecast. Nonetheless, for decades, users of these forecasts have been conditioned to receive incomplete information about uncertainty. They have become used to single-valued (deterministic) forecasts (e.g., "the high temperature will be 70 degrees Farenheit 9 days from now") and applied their own experience in determining how much confidence to place in the forecast. Most forecast products from the public and private sectors, including those from the National Oceanographic and Atmospheric Administration's National Weather Service, continue this deterministic legacy. Fortunately, the National Weather Service and others in the prediction community have recognized the need to view uncertainty as a fundamental part of forecasts. By partnering with other segments of the community to understand user needs, generate relevant and rich informational products, and utilize effective communication vehicles, the National Weather Service can take a leading role in the transition to widespread, effective incorporation of uncertainty information into predictions. "Completing the Forecast" makes recommendations to the National Weather Service and the broader prediction community on how to make this transition.
Download or read book The Economics of Time and Ignorance written by Gerald P O'Driscoll Jnr and published by Routledge. This book was released on 2002-09-11 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Economics of Risk and Time written by Christian Gollier and published by MIT Press. This book was released on 2001 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: Updates and advances the theory of expected utility as applied to risk analysis and financial decision making.
Download or read book The Analytics of Uncertainty and Information written by Jack Hirshleifer and published by Cambridge University Press. This book was released on 1992-09-10 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists have always recognised that human endeavours are constrained by our limited and uncertain knowledge, but only recently has an accepted theory of uncertainty and information evolved. This theory has turned out to have surprisingly practical applications: for example in analysing stock market returns, in evaluating accident prevention measures, and in assessing patent and copyright laws. This book presents these intellectual advances in readable form for the first time. It unifies many important but partial results into a satisfying single picture, making it clear how the economics of uncertainty and information generalises and extends standard economic analysis. Part One of the volume covers the economics of uncertainty: how each person adapts to a given fixed state of knowledge by making an optimal choice among the immediate 'terminal' actions available. These choices in turn determine the overall market equilibrium reflecting the social distribution of risk bearing. In Part Two, covering the economics of information, the state of knowledge is no longer held fixed. Instead, individuals can to a greater or lesser extent overcome their ignorance by 'informational' actions. The text also addresses at appropriate points many specific topics such as insurance, the Capital Asset Pricing model, auctions, deterrence of entry, and research and invention.
