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Ignorance and uncertainty /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Ignorance and uncertainty // Olivier Compte, Andrew Postlewaite.
Author:	Compte, Olivier,
other author:	Postlewaite, Andrew,
Description:	1 online resource (xiv, 287 pages) :digital, PDF file(s). :
Notes:	Title from publisher's bibliographic system (viewed on 11 Dec 2018).
Subject:	Economics - Mathematical models. -
Online resource:	https://doi.org/10.1017/9781108379991
ISBN:	9781108379991 (ebook)

Ignorance and uncertainty /
Compte, Olivier,

Ignorance and uncertainty /Olivier Compte, Andrew Postlewaite. - 1 online resource (xiv, 287 pages) :digital, PDF file(s). - Econometric society monograph series. - Econometric society monograph series..

Title from publisher's bibliographic system (viewed on 11 Dec 2018).

Born of a belief that economic insights should not require much mathematical sophistication, this book proposes novel and parsimonious methods to incorporate ignorance and uncertainty into economic modeling, without complex mathematics. Economics has made great strides over the past several decades in modeling agents' decisions when they are incompletely informed, but many economists believe that there are aspects of these models that are less than satisfactory. Among the concerns are that ignorance is not captured well in most models, that agents' presumed cognitive ability is implausible, and that derived optimal behavior is sometimes driven by the fine details of the model rather than the underlying economics. Compte and Postlewaite lay out a tractable way to address these concerns, and to incorporate plausible limitations on agents' sophistication. A central aspect of the proposed methodology is to restrict the strategies assumed available to agents.

ISBN: 9781108379991 (ebook)Subjects--Topical Terms:

560849
Economics
--Mathematical models.

LC Class. No.: HB135 / .C63164 2019

Dewey Class. No.: 330.01/5195

Ignorance and uncertainty /
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520 $a Born of a belief that economic insights should not require much mathematical sophistication, this book proposes novel and parsimonious methods to incorporate ignorance and uncertainty into economic modeling, without complex mathematics. Economics has made great strides over the past several decades in modeling agents' decisions when they are incompletely informed, but many economists believe that there are aspects of these models that are less than satisfactory. Among the concerns are that ignorance is not captured well in most models, that agents' presumed cognitive ability is implausible, and that derived optimal behavior is sometimes driven by the fine details of the model rather than the underlying economics. Compte and Postlewaite lay out a tractable way to address these concerns, and to incorporate plausible limitations on agents' sophistication. A central aspect of the proposed methodology is to restrict the strategies assumed available to agents.
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