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Testing of the Rational Expectations Hypothesis
Econometrica, 1980This paper develops a test of the rational expectations hypothesis advanced by Muth [18]. The framework considered here allows for multiperiod expectations of several endogenous variables, with or without lagged exogenous variables. In conventional (linear) models, the hypothesis implies that the expectations are linear in certain relevant variables ...
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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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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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ON THE RATIONALITY OF THE RATIONAL EXPECTATIONS HYPOTHESIS
Australian Economic Papers, 1985This note argues that the claim that the rational expectations hypothes is is a method of endogenizing the process of expectations formation, which is based on the principles of optimization, is not justified. The essential model-in dependent property of the rational expectations hypothesis is that forecasts are unbiased.
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Rational behavior and rational expectations
Journal of Economic Theory, 1990zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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Rational Choice and Rational Expectations
2017The theory of rational choice assumes that when people make decisions they do so in order to maximize their utility. In order to achieve this goal they ought to use all the information available and consider all the options available to select an optimal choice.
Tshilidzi Marwala, Evan Hurwitz
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Is it rational to have rational expectations?
Mind & Society, 2014In economics in situations where there is uncertainty one has to attribute some attitude to handling this uncertainty to individuals. The original idea was to assume that "people do not make systematic mistakes" for which Muth coined the term "rational expectations".
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Rational Learning and Rational Expectations
1987Much recent work in the economics of information has stemmed from the observation that demand functions, and therefore prices, reflect agents’ private information. Given an adequate understanding of the relationship between private information and equilibrium prices, it is possible to infer some or all of the private information.
Margaret Bray, David M. Kreps
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