Imperfect Knowledge Economics: Exchange Rates and Risk
Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Princeton, NJ
Princeton University Press
[2023]
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| Schlagworte: | |
| Online-Zugang: | FAW01 FAB01 FCO01 FHA01 FKE01 FLA01 UPA01 UBG01 Volltext |
| Zusammenfassung: | Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of ";irrational"; human behavior.Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades.Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors |
| Beschreibung: | Description based on online resource; title from PDF title page (publisher's Web site, viewed 01. Dez 2023) |
| Beschreibung: | 1 Online-Ressource (366 Seiten) 35 line illus. 14 tables |
| ISBN: | 9780691261157 |
| DOI: | 10.1515/9780691261157 |
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| spelling | Frydman, Roman Verfasser aut Imperfect Knowledge Economics Exchange Rates and Risk Roman Frydman, Michael D. Goldberg Princeton, NJ Princeton University Press [2023] © 2008 1 Online-Ressource (366 Seiten) 35 line illus. 14 tables txt rdacontent c rdamedia cr rdacarrier Description based on online resource; title from PDF title page (publisher's Web site, viewed 01. Dez 2023) Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of ";irrational"; human behavior.Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades.Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors In English BUSINESS & ECONOMICS / Economics / Theory bisacsh Equilibrium (Economics) Foreign exchange Microeconomics Rational expectations (Economic theory) Goldberg, Michael D. Sonstige oth Phelps, Edmund S. Sonstige oth https://doi.org/10.1515/9780691261157?locatt=mode:legacy Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Frydman, Roman Imperfect Knowledge Economics Exchange Rates and Risk BUSINESS & ECONOMICS / Economics / Theory bisacsh Equilibrium (Economics) Foreign exchange Microeconomics Rational expectations (Economic theory) |
| title | Imperfect Knowledge Economics Exchange Rates and Risk |
| title_auth | Imperfect Knowledge Economics Exchange Rates and Risk |
| title_exact_search | Imperfect Knowledge Economics Exchange Rates and Risk |
| title_exact_search_txtP | Imperfect Knowledge Economics Exchange Rates and Risk |
| title_full | Imperfect Knowledge Economics Exchange Rates and Risk Roman Frydman, Michael D. Goldberg |
| title_fullStr | Imperfect Knowledge Economics Exchange Rates and Risk Roman Frydman, Michael D. Goldberg |
| title_full_unstemmed | Imperfect Knowledge Economics Exchange Rates and Risk Roman Frydman, Michael D. Goldberg |
| title_short | Imperfect Knowledge Economics |
| title_sort | imperfect knowledge economics exchange rates and risk |
| title_sub | Exchange Rates and Risk |
| topic | BUSINESS & ECONOMICS / Economics / Theory bisacsh Equilibrium (Economics) Foreign exchange Microeconomics Rational expectations (Economic theory) |
| topic_facet | BUSINESS & ECONOMICS / Economics / Theory Equilibrium (Economics) Foreign exchange Microeconomics Rational expectations (Economic theory) |
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