Robustness

Lars Peter Hansen

ISBN 10: 0691170975 / ISBN 13: 9780691170978

Verlag: Princeton University Press, 2016

New Book. Shipped from UK. Established seller since 2000. Bestandsnummer des Verkäufers WP-9780691170978

Inhaltsangabe:

The standard theory of decision making under uncertainty advises the decision maker to form a statistical model linking outcomes to decisions and then to choose the optimal distribution of outcomes. This assumes that the decision maker trusts the model completely. But what should a decision maker do if the model cannot be trusted? Lars Hansen and Thomas Sargent, two leading macroeconomists, push the field forward as they set about answering this question. They adapt robust control techniques and apply them to economics. By using this theory to let decision makers acknowledge misspecification in economic modeling, the authors develop applications to a variety of problems in dynamic macroeconomics. Technical, rigorous, and self-contained, this book will be useful for macroeconomists who seek to improve the robustness of decision-making processes.

Über die Autorin bzw. den Autor: Lars Peter Hansen is the Homer J. Livingston Distinguished Service Professor in the Department of Economics at the University of Chicago. Thomas J. Sargent is professor of economics at New York University and senior fellow at the Hoover Institution. He is the author of The Conquest of American Inflation and the coauthor of The Big Problem of Small Change (both Princeton).

Bibliografische Details

Titel: Robustness
Verlag: Princeton University Press
Erscheinungsdatum: 2016
Einband: PAP
Zustand: New