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Uncertainty Within Economic Models
Language
English
English
Book
Hardback
Uncertainty within Economic Models is a collection of papers adapting and applying robust control th...
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Libristo code: 05071206
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Uncertainty within Economic Models is a collection of papers 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.
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About the book
Full name
Uncertainty Within Economic Models
Author
Thomas J. Sargent, Lars Peter Hansen
Language
English
English
Binding
Book - Hardback
Date of issue
2014
Number of pages
484
EAN
9789814578110
ISBN
9814578118
Libristo code
05071206
Publishers
World Scientific Publishing Co Pte Ltd
Weight
854
Dimensions
157 x 236 x 30
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