Uncertainty within Economic Models Hansen Lars Peter
Uncertainty within Economic Models Hansen Lars Peter Uncertainty within Economic Models is a collection of papers adapting and applying robust control theory to problems in economics and finance.…
Specifikacia Uncertainty within Economic Models Hansen Lars Peter
Uncertainty within Economic Models Hansen Lars Peter
Uncertainty within Economic Models is a collection of papers adapting and applying robust control theory to problems in economics and finance. 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. 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.
The chapters discuss ways of calibrating agents' fears of model misspecification in quantitative contexts.