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Justifying Rational Expectations [PDF]
SSRN Electronic Journal, 2001 In a static economy with symmetric information, the informational requirements for competitive equilibrium are very weak: markets clear and each agent is rational. With asymmetric information, the solution concept of competitive equilibrium has been generalized to rational expectations equilibrium.
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Journal of Property Investment & Finance, 2012
PurposeExpectations of future market conditions are acknowledged to be crucial for the development decision and hence for shaping the built environment. The purpose of this paper is to study the central London office market from 1987 to 2009 and test for evidence of rational, adaptive and naive expectations.Design/methodology/approachTwo parallel ...
Franz Fuerst, Anna‐Maija Grandy
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PurposeExpectations of future market conditions are acknowledged to be crucial for the development decision and hence for shaping the built environment. The purpose of this paper is to study the central London office market from 1987 to 2009 and test for evidence of rational, adaptive and naive expectations.Design/methodology/approachTwo parallel ...
Franz Fuerst, Anna‐Maija Grandy
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SSRN Electronic Journal, 2006
This brief note discusses the notion of rational expectations and its ...
Menzies, Gordon Douglas +1 more
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This brief note discusses the notion of rational expectations and its ...
Menzies, Gordon Douglas +1 more
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Rational Expectations and Rational Learning [PDF]
, 1998 We provide an overview of the methods of analysis and results obtained, and, most important, an assessment of the success of rational learning dynamics in tying down limit beliefs and limit behavior. We illustrate the features common to rational or Bayesian learning in single agent, game theoretic and equilibrium frameworks.
Lawrence Blume, David Easley
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Reflections on Rational Expectations
Journal of Money, Credit and Banking, 1980The hypothesis of rational expectations has rapidly gained attention because it is so natural and appealing. It must make its opponents furious, because, absurd as they think it is, to attack it is to appear to deny that behavior is rational, an uncomfortable position for an economist.
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1996
Economists have developed models in which individuals form expectations of key variables in a 'rational' manner such that these expectations are consistent with actual economic environments. Professor Sheffrin first explores the logical foundation of the concept and the case for employing it in economic analysis. Subsequent chapters investigate its use
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Economists have developed models in which individuals form expectations of key variables in a 'rational' manner such that these expectations are consistent with actual economic environments. Professor Sheffrin first explores the logical foundation of the concept and the case for employing it in economic analysis. Subsequent chapters investigate its use
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2011
AbstractThis chapter first defines rational expectations, which is an extension to stochastic environments of the idea of perfect foresight. It characterizes the original Muth (1961) model, which exhibits how a number of results on the proliferation of shocks and stability are evaluated.
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AbstractThis chapter first defines rational expectations, which is an extension to stochastic environments of the idea of perfect foresight. It characterizes the original Muth (1961) model, which exhibits how a number of results on the proliferation of shocks and stability are evaluated.
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