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Rational Expectations Are Endogenous to and Abide by “the” Model

Eric Barthalon

in Uncertainty, Expectations, and Financial Instability: Reviving Allais's Lost Theory of Psychological Time

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231166287
eISBN:
9780231538305
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231166287.003.0002
Subject:
Economics and Finance, Behavioural Economics

This chapter examines the main assumptions of the rational expectations hypothesis (REH). REH is a pillar of the neo-Walrasian approach to general equilibrium, a mathematically demanding theory ... More


Microfoundations of Monetary Dynamics: The HRL Formulation of the Demand for Money

Eric Barthalon

in Uncertainty, Expectations, and Financial Instability: Reviving Allais's Lost Theory of Psychological Time

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231166287
eISBN:
9780231538305
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231166287.003.0004
Subject:
Economics and Finance, Behavioural Economics

This chapter examines the microfoundations of Maurice Allais's theory of monetary dynamics, with particular emphasis on his hereditary, relativist, and logistic (HRL) formulation of the demand for ... More


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