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Nonparametric Adaptive Learning With Feedback
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Book Synopsis Learning in Economic Systems with Expectations Feedback by : Jan Wenzelburger
Download or read book Learning in Economic Systems with Expectations Feedback written by Jan Wenzelburger and published by Springer Science & Business Media. This book was released on 2006-09-22 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently economists have more and more focussed on scenarios in which agents' views of the world may be erroneous. These notes introduce the concept of perfect forecasting rules which provide best least-squares predictions along the evolution of an economic system. The framework for nonparametric adaptive learning schemes is developed and it is argued that plausible learning schemes should aim at estimating a perfect forecasting rule taking into account the correct feedback structure of an economy. A link is provided between the traditional rational-expectations view and recent behavioristic approaches.
Book Synopsis Handbook of Econometrics by : Zvi Griliches
Download or read book Handbook of Econometrics written by Zvi Griliches and published by Elsevier. This book was released on 1983 with total page 1057 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook is a definitive reference source and teaching aid for econometricians. It examines models, estimation theory, data analysis and field applications in econometrics.
Book Synopsis Handbook of Econometrics by : James J. Heckman
Download or read book Handbook of Econometrics written by James J. Heckman and published by Elsevier. This book was released on 2009-01-13 with total page 1057 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Recent Advances and Future Directions in Causality, Prediction, and Specification Analysis by : Xiaohong Chen
Download or read book Recent Advances and Future Directions in Causality, Prediction, and Specification Analysis written by Xiaohong Chen and published by Springer Science & Business Media. This book was released on 2012-08-01 with total page 582 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of articles that present the most recent cutting edge results on specification and estimation of economic models written by a number of the world’s foremost leaders in the fields of theoretical and methodological econometrics. Recent advances in asymptotic approximation theory, including the use of higher order asymptotics for things like estimator bias correction, and the use of various expansion and other theoretical tools for the development of bootstrap techniques designed for implementation when carrying out inference are at the forefront of theoretical development in the field of econometrics. One important feature of these advances in the theory of econometrics is that they are being seamlessly and almost immediately incorporated into the “empirical toolbox” that applied practitioners use when actually constructing models using data, for the purposes of both prediction and policy analysis and the more theoretically targeted chapters in the book will discuss these developments. Turning now to empirical methodology, chapters on prediction methodology will focus on macroeconomic and financial applications, such as the construction of diffusion index models for forecasting with very large numbers of variables, and the construction of data samples that result in optimal predictive accuracy tests when comparing alternative prediction models. Chapters carefully outline how applied practitioners can correctly implement the latest theoretical refinements in model specification in order to “build” the best models using large-scale and traditional datasets, making the book of interest to a broad readership of economists from theoretical econometricians to applied economic practitioners.
Book Synopsis Handbook of Macroeconomics by : Michael Woodford
Download or read book Handbook of Macroeconomics written by Michael Woodford and published by Elsevier. This book was released on 1999 with total page 822 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Dynamics and Information by : Jaroslav Zajac
Download or read book Economic Dynamics and Information written by Jaroslav Zajac and published by Springer Science & Business Media. This book was released on 2007-08-01 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the existence of equilibria in economies having a measured space of agents and a continuum of agents and commodities. Excessive homogeneity with respect to agent productivity leads to instability and non-uniqueness of a given stationary state and the indeterminacy of the corresponding stationary state equilibrium. Sufficient heterogeneity leads to global saddle-path stability, uniqueness of a given stationary state and the global uniqueness of the corresponding equilibrium.
Book Synopsis The Conquest of American Inflation by : Thomas J. Sargent
Download or read book The Conquest of American Inflation written by Thomas J. Sargent and published by Princeton University Press. This book was released on 2018-06-05 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past fifteen years, inflation has been conquered by many advanced countries. History reveals, however, that it has been conquered before and returned. In The Conquest of American Inflation, Thomas J. Sargent presents a groundbreaking analysis of the rise and fall of U.S. inflation after 1960. He examines two broad explanations for the behavior of inflation and unemployment in this period: the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account, but also to codify for the benefit of the next generation the economic forces that cause inflation. Sargent begins with an explanation of how American policymakers increased inflation in the early 1960s by following erroneous assumptions about the exploitability of the Phillips curve--the inverse relationship between inflation and unemployment. In subsequent chapters, he connects a sequence of ideas--self-confirming equilibria, least-squares and other adaptive or recursive learning algorithms, convergence of least-squares learners with self-confirming equilibria, and recurrent dynamics along escape routes from self-confirming equilibria. Sargent synthesizes results from macroeconomics, game theory, control theory, and other fields to extend both adaptive expectations and rational expectations theory, and he compellingly describes postwar inflation in terms of drifting coefficients. He interprets his results in favor of adaptive expectations as the relevant mechanism affecting inflation policy. Providing an original methodological link between theoretical and policy economics, this book will engender much debate and become an indispensable text for academics, graduate students, and professional economists.
Book Synopsis Uncertainty Within Economic Models by : Lars Peter Hansen
Download or read book Uncertainty Within Economic Models written by Lars Peter Hansen and published by World Scientific. This book was released on 2014-09-09 with total page 483 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Institutions, Equilibria and Efficiency by : Christian Schultz
Download or read book Institutions, Equilibria and Efficiency written by Christian Schultz and published by Springer Science & Business Media. This book was released on 2006-04-22 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competition and efficiency is at the core of economic theory. This volume collects papers of leading scholars, which extend the conventional general equilibrium model in important ways: Efficiency and price regulation are studied when markets are incomplete and existence of equilibria in such settings is proven under very general preference assumptions. The model is extended to include geographical location choice, a commodity space incorporating manufacturing imprecision and preferences for club-membership, schools and firms. Inefficiencies arising from household externalities or group membership are evaluated. Core equivalence is shown for bargaining economies. The theory of risk aversion is extended and the relation between risk taking and wealth is experimentally investigated. Other topics include determinacy in OLG with cash-in-advance constraints, income distribution and democracy in OLG, learning in OLG and in games, optimal pricing of derivative securities, the impact of heterogeneity at the individual level for aggregate consumption, and adaptive contracting in view of uncertainty.
Book Synopsis Learning and Expectations in Macroeconomics by : George W. Evans
Download or read book Learning and Expectations in Macroeconomics written by George W. Evans and published by Princeton University Press. This book was released on 2012-01-06 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge on the part of economic actors. Evans and Honkapohja contribute to a growing body of research positing that households and firms learn by making forecasts using observed data, updating their forecast rules over time in response to errors. This book is the first systematic development of the new statistical learning approach. Depending on the particular economic structure, the economy may converge to a standard rational-expectations or a "rational bubble" solution, or exhibit persistent learning dynamics. The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy. This book provides an authoritative treatment of this emerging field, developing the analytical techniques in detail and using them to synthesize and extend existing research.
Book Synopsis Rationality, Bounded Rationality and Microfoundations by : R. Salehnejad
Download or read book Rationality, Bounded Rationality and Microfoundations written by R. Salehnejad and published by Springer. This book was released on 2006-11-28 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book challenges the generally accepted theories of classical economics, explaining why the expected utility theory, even if it were true, fails to be of much help in solving economic controversies.
Book Synopsis Journal of economic theory by : Universidade da Coruña
Download or read book Journal of economic theory written by Universidade da Coruña and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Springer Handbook of Robotics by : Bruno Siciliano
Download or read book Springer Handbook of Robotics written by Bruno Siciliano and published by Springer. This book was released on 2016-07-27 with total page 2259 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of this handbook provides a state-of-the-art overview on the various aspects in the rapidly developing field of robotics. Reaching for the human frontier, robotics is vigorously engaged in the growing challenges of new emerging domains. Interacting, exploring, and working with humans, the new generation of robots will increasingly touch people and their lives. The credible prospect of practical robots among humans is the result of the scientific endeavour of a half a century of robotic developments that established robotics as a modern scientific discipline. The ongoing vibrant expansion and strong growth of the field during the last decade has fueled this second edition of the Springer Handbook of Robotics. The first edition of the handbook soon became a landmark in robotics publishing and won the American Association of Publishers PROSE Award for Excellence in Physical Sciences & Mathematics as well as the organization’s Award for Engineering & Technology. The second edition of the handbook, edited by two internationally renowned scientists with the support of an outstanding team of seven part editors and more than 200 authors, continues to be an authoritative reference for robotics researchers, newcomers to the field, and scholars from related disciplines. The contents have been restructured to achieve four main objectives: the enlargement of foundational topics for robotics, the enlightenment of design of various types of robotic systems, the extension of the treatment on robots moving in the environment, and the enrichment of advanced robotics applications. Further to an extensive update, fifteen new chapters have been introduced on emerging topics, and a new generation of authors have joined the handbook’s team. A novel addition to the second edition is a comprehensive collection of multimedia references to more than 700 videos, which bring valuable insight into the contents. The videos can be viewed directly augmented into the text with a smartphone or tablet using a unique and specially designed app. Springer Handbook of Robotics Multimedia Extension Portal: http://handbookofrobotics.org/
Book Synopsis Macroeconomic Theory by : Volker Böhm
Download or read book Macroeconomic Theory written by Volker Böhm and published by Springer. This book was released on 2017-10-30 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook offers a unique approach to macroeconomic theory built on microeconomic foundations of monetary macroeconomics within a unified framework of an intertemporal general equilibrium model extended to a sequential and dynamic analysis. It investigates the implications of expectations and of stationary fiscal policies on allocations, on the quantity of money, and on the dynamic evolution of the economy with and without noise. The text contrasts and compares the two main competing approaches in macroeconomics within the same intertemporal model of a closed monetary economy: the one postulating full price flexibility to guarantee equilibrium in all markets at all times under perfect foresight or rational expectations, versus the so called disequilibrium approach where trading occurs at non- market-clearing prices and wages when these adjust sluggishly from period to period in response to market disequilibrium signals.
Book Synopsis Journal of Economic Dynamics & Control by :
Download or read book Journal of Economic Dynamics & Control written by and published by . This book was released on 2000 with total page 1296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Legacy of Herbert Simon in Economic Analysis by : Peter E. Earl
Download or read book The Legacy of Herbert Simon in Economic Analysis written by Peter E. Earl and published by Edward Elgar Publishing. This book was released on 2001 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt: Herbert A. Simon has been a leading contributor to cognitive psychology, computer science, public administration, philosophy and statistics, and is the winner of the 1978 Nobel Memorial Prize in economics. As this collection demonstrates, his impact on economics has been felt in areas as diverse as the theory of the firm and economic organization, consumer behaviour, law and economics, and environmental economics. Central to his work is the notion of bounded rationality - the mismatch between human decision-making capacities and the scale of the decision problems that people face, which results in satisficing rather than optimizing behaviour - and his belief that economic research should start from the study of actual behaviour rather than being based on convenient but unrealistic assumptions. Peter Earl's choice of articles shows both the kind of economics that emerges when Simon's philosophy is followed comprehensively, and what happens when neo-classical economists partially adopt his ideas.
Book Synopsis Iterative Learning Control for Nonlinear Time-Delay System by : Jianming Wei
Download or read book Iterative Learning Control for Nonlinear Time-Delay System written by Jianming Wei and published by Springer Nature. This book was released on 2023-01-01 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on adaptive iterative learning control problem for nonlinear time-delay systems.A universal adaptive learning control scheme is provided for a wide classes of nonlinear systems with time-varying delay and input nonlinearity. Proceeding from easy to difficult, this book deals with the adaptive iterative learning control problems for parameterized nonlinear time-delay systems, non-parameterized nonlinear time-delay systems, nonlinear time-delay systems with unknown control direction and nonlinear time-delay systems with un-measurable states. The proposed control schemes can be extended to the adaptive learning control problem for wider classes of nonlinear systems revelent to abovementioned nonlinear systems.The topics presented in this book are research hot spots of iterative learning control. This book will be a valuable reference for researchers and students working or studying in this area.
