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Bounded Rationality in Macroeconomics Thomas J. Sargent (David Rockefeller Professor of Economics, University of Chicago; and Senior Fellow, David Rockefeller Professor of Economics, University of Chicago; and Senior Fellow, Hoover Institution, Stanford, California)

Bounded Rationality in Macroeconomics By Thomas J. Sargent (David Rockefeller Professor of Economics, University of Chicago and Senior Fellow, David Rockefeller Professor of Economics, University of Chicago and Senior Fellow, Hoover Institution, Stanford, California)

Bounded Rationality in Macroeconomics by Thomas J. Sargent (David Rockefeller Professor of Economics, University of Chicago; and Senior Fellow, David Rockefeller Professor of Economics, University of Chicago; and Senior Fellow, Hoover Institution, Stanford, California)

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Summary

Focusing on a new development in economic theory which involves bounded or limited rationality, the author describes two laboratory experiments that test versions of his macroeconomic models. He analyzes some promising applications of the methods surveyed, as well as their limitations.

Bounded Rationality in Macroeconomics Summary

Bounded Rationality in Macroeconomics: The Arne Ryde Memorial Lectures by Thomas J. Sargent (David Rockefeller Professor of Economics, University of Chicago; and Senior Fellow, David Rockefeller Professor of Economics, University of Chicago; and Senior Fellow, Hoover Institution, Stanford, California)

This is a survey of bounded rationality, an area of theoretical macroeconomics which is receiving increased attention. The book is written by a leading macroeconomist who outlines the issues involved, describes some of the analytic tools that are being used, and shows how they can be applied in a range of models. It points to further potential positive developments of the theory as well as some of its limitations.

Bounded Rationality in Macroeconomics Reviews

The presentation is lucid and concise ... Those willing to join the search will find no better technical introduction than Sargent's book. * Journal of Economic Literature *
A lucid review of recent developments in the theory of "bounded rationality" ... a commendably concise, informative and, above all, interesting account of the very recent literature in dynamic economic theory. * JRSS *
The presentation is lucid and concise. Most macroeconomist readers will find the chapter on neural networks, genetic algorithms, and artificial intelligence particularly instructive ... Those willing to join the search will find no better technical introduction than Sargent's book. * Journal of Economic Literature *

Additional information

NPB9780198288695
9780198288695
0198288697
Bounded Rationality in Macroeconomics: The Arne Ryde Memorial Lectures by Thomas J. Sargent (David Rockefeller Professor of Economics, University of Chicago; and Senior Fellow, David Rockefeller Professor of Economics, University of Chicago; and Senior Fellow, Hoover Institution, Stanford, California)
Thomas J. Sargent (David Rockefeller Professor of Economics, University of Chicago; and Senior Fellow, David Rockefeller Professor of Economics, University of Chicago; and Senior Fellow, Hoover Institution, Stanford, California)
Clarendon Paperbacks
New
Paperback
Oxford University Press
1993-10-21
200
Winner of Thomas J. Sargent is the recipient (with Christopher Sims) of the Nobel Prize in Economics 2011.
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
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Customer Reviews - Bounded Rationality in Macroeconomics