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On Rational Belief Equilibria
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Book Synopsis On Rational Belief Equilibria by : Mordecai Kurz
Download or read book On Rational Belief Equilibria written by Mordecai Kurz and published by . This book was released on 1991 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rational Belief Structures and Rational Belief Equilibria by : Carsten Krabbe Nielsen
Download or read book Rational Belief Structures and Rational Belief Equilibria written by Carsten Krabbe Nielsen and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Coordination and Correlation in Markov Rational Belief Equilibria by : Mordecai Kurz
Download or read book Coordination and Correlation in Markov Rational Belief Equilibria written by Mordecai Kurz and published by . This book was released on 1996 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Continuous-time Rational Beliefs Equilibrium by : Arturo Ricardo Gonzalez de la Mota
Download or read book Continuous-time Rational Beliefs Equilibrium written by Arturo Ricardo Gonzalez de la Mota and published by . This book was released on 2003 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rational Belief Structures and Rational Belief Equilibrium by : Carsten Krabbe Nielsen
Download or read book Rational Belief Structures and Rational Belief Equilibrium written by Carsten Krabbe Nielsen and published by . This book was released on 1995 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Collective Rationality by : Paul Weirich
Download or read book Collective Rationality written by Paul Weirich and published by Oxford University Press. This book was released on 2009-12-01 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: Groups of people perform acts that are subject to standards of rationality. A committee may sensibly award fellowships, or may irrationally award them in violation of its own policies. A theory of collective rationality defines collective acts that are evaluable for rationality and formulates principles for their evaluation. This book argues that a group's act is evaluable for rationality if it is the products of acts its members fully control. It also argues that such an act is collectively rational if the acts of the group's members are rational. Efficiency is a goal of collective rationality, but not a requirement, except in cases where conditions are ideal for joint action and agents have rationally prepared for joint action. The people engaged in a game of strategy form a group, and the combination of their acts yields a collective act. If their collective act is rational, it constitutes a solution to their game. A theory of collective rationality yields principles concerning solutions to games. One principle requires that a solution constitute an equilibrium among the incentives of the agents in the game. In a cooperative game some agents are coalitions of individuals, and it may be impossible for all agents to pursue all incentives. Because rationality is attainable, the appropriate equilibrium standard for cooperative games requires that agents pursue only incentives that provide sufficient reasons to act. The book's theory of collective rationality supports an attainable equilibrium-standard for solutions to cooperative games and shows that its realization follows from individuals' rational acts. By extending the theory of rationality to groups, this book reveals the characteristics that make an act evaluable for rationality and the way rationality's evaluation of an act responds to the type of control its agent exercises over the act. The book's theory of collective rationality contributes to philosophical projects such as contractarian ethics and to practical projects such as the design of social institutions.
Book Synopsis Collective Rationality by : Paul Weirich
Download or read book Collective Rationality written by Paul Weirich and published by OUP USA. This book was released on 2010 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: Groups of people perform acts that are subject to standards of rationality. The book's theory of collective rationality explains how to evaluate collective acts. The people engaged in a game of strategy collectively produce an outcome, and the theory reveals what makes some outcomes solutions. It generates new equilibrium standards for solutions to cooperative games.
Book Synopsis Endogenous Economic Fluctuations by : Mordecai Kurz
Download or read book Endogenous Economic Fluctuations written by Mordecai Kurz and published by Studies in Economic Theory. This book was released on 1997-08-21 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Weakly Rational Beliefs, Structural Independence and Rational Belief Structures by : Carsten Krabbe Nielsen
Download or read book Weakly Rational Beliefs, Structural Independence and Rational Belief Structures written by Carsten Krabbe Nielsen and published by . This book was released on 1994 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Coordination and correlation in Markov rational belief equilibria by : Mordecai Kurz
Download or read book Coordination and correlation in Markov rational belief equilibria written by Mordecai Kurz and published by . This book was released on 1996 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Cordination and Correlation in Markov Rational Belief Equilibria by : Mordecai Kurz
Download or read book Cordination and Correlation in Markov Rational Belief Equilibria written by Mordecai Kurz and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rationality and Coordination by : Cristina Bicchieri
Download or read book Rationality and Coordination written by Cristina Bicchieri and published by CUP Archive. This book was released on 1997-03-28 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: . This major new book will be of particular interest not only to philosophers but to decision theorists, political scientists, economists, and researchers in artificial intelligence.
Author :Charalambos D. Aliprantis Publisher :Springer Science & Business Media ISBN 13 :3662058588 Total Pages :733 pages Book Rating :4.6/5 (62 download)
Book Synopsis Assets, Beliefs, and Equilibria in Economic Dynamics by : Charalambos D. Aliprantis
Download or read book Assets, Beliefs, and Equilibria in Economic Dynamics written by Charalambos D. Aliprantis and published by Springer Science & Business Media. This book was released on 2013-11-11 with total page 733 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of papers dealing with a broad range of topics in mathematical economics, game theory and economic dynamics. The contributions present both theoretical and applied research. The volume is dedicated to Mordecai Kurz. The papers were presented in a special symposium co-hosted by the Stanford University Department of Economics and by the Stanford Institute of Economic Policy Research in August 2002.
Book Synopsis Induction, Acceptance, and Rational Belief by : M. Swain
Download or read book Induction, Acceptance, and Rational Belief written by M. Swain and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers collected in this volume were originally presented at a sym posium held at the University of Pennsylvania in December of 1968. Each of the papers has been revised in light of the discussions that took place during this symposium. None of the papers has appeared in print previously. The extensive bibliography that appears at the end of the volume was originally distributed during the symposium and was revised on the basis of many helpful suggestions made by those who participated. The symposium was made possible by a grant from The National Science Foundation and funds contributed by the Philosophy Depart ment of the University of Pennsylvania. On behalf of the contributors to this volume, I would like to express my thanks to these organizations for their generous support. In addition, I would like to express my gratitude to the members of the Graduate Philosophy Students Organization at the University of Penn sylvania for the considerable assistance they gave me during the sym posium. My thanks, also, to Judith Sofranko and Lynn Luckett for their very responsible efforts in the preparation of the manuscript. Finally, I would like to thank Professor James Cornman for his invaluable advice and encouragement.
Book Synopsis The Oxford Handbook of Rationality by : Alfred R. Mele
Download or read book The Oxford Handbook of Rationality written by Alfred R. Mele and published by Oxford University Press. This book was released on 2004-01-08 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rationality has long been a central topic in philosophy, crossing standard divisions and categories. It continues to attract much attention in published research and teaching by philosophers as well as scholars in other disciplines, including economics, psychology, and law. The Oxford Handbook of Rationality is an indispensable reference to the current state of play in this vital and interdisciplinary area of study. Twenty-two newly commissioned chapters by a roster of distinguished philosophers provide an overview of the prominent views on rationality, with each author also developing a unique and distinctive argument.
Book Synopsis Equilibrium Beliefs and Non-uniqueness in a Rational Expectations Model of Inflation by : Kenneth J. Matheny
Download or read book Equilibrium Beliefs and Non-uniqueness in a Rational Expectations Model of Inflation written by Kenneth J. Matheny and published by . This book was released on 1993 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Asset Prices with Rational Beliefs by : Mordecai Kurz
Download or read book Asset Prices with Rational Beliefs written by Mordecai Kurz and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces the concept of Rational Belief Equilibrium (RBE) as a basis for a new theory of asset pricing. Rational Beliefs are probability beliefs about future economic variables which cannot be contradicted by the data generated by the economy. RBE is an equilibrium in which the diverse beliefs of all the agents induce an equilibrium stochastic process of prices and quantities and these beliefs are, in general, wrong in the sense that they are different from the true probability of the equilibrium process. These beliefs are, however, Rational. Consequently, in an RBE agents use the wrong forecasting functions and their forecasting mistakes play a crucial role in the analysis. First, we show that these mistakes are the reason why stock returns are explainable in retrospect and forecastable whenever the environment remains unchanged over a long enough time interval for agents to learn the forecasting function. Second, the aggregation of these mistakes generates Endogenous Uncertainty: it is that component of the variability of stock prices and returns which is endogenously induced by the beliefs and actions of the agents rather than by the standard exogenous state variables. The paper develops some basic propositions and empirical implications of the theory of RBE. Based on the historical background of the post world war II era, we formulate an econometric model of stock returns which allows non-stationarity in the form of changing environments (quot;regimesquot;). A sequence of econometric hypotheses are then formulated as implications of the theory of RBE and tested utilizing data on common stock returns in the post war period. Apart from confirming the validity of our theory, the empirical analysis shows that (i) common stock returns are forecastable within each environment but it takes time for agents to learn and approximate the forecasting functions. For some agents the time is too short so that it is too late to profit from such learning; (ii) the equilibrium forecasting functions change from one environment to the other in an unforecastable manner so that learning the parameters of one environment does not improve the ability to forecast in the subsequent environments. (iii) more than 2/3 of the variability of stock returns is due to endogenous uncertainty rather than exogenous causes. The paper analyzes one example of a gross market overvaluation which was induced in the 1960's by an aggregation of agent's Mistakes.