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Advanced Studies in Theoretical and Applied Econometrics

Applied Decision Analysis and Economic Behaviour

Editors: Hughes Hallett, Andrew (Ed.)

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About this book

The optimisation of economic systems over time, and in an uncertain environment, is central to the study of economic behaviour. The behaviour of rational decision makers, whether they are market agents, firms, or governments and their agencies, is governed by decisions designed to seeure the best outcomes subject to the perceived information and economic responses (inlcuding those of other agents). Economic behaviour has therefore to be analysed in terms of the outcomes of a multiperiod stochastic optimisation process containing four main components: the economic responses (the dynamic constraints, represented by an economic model); the objec­ tive function (the goals and their priorities); the conditioning information (expected exogenous events and the expected future state of the economy); and risk manage­ ment (how uncertainties are accommodated). The papers presented in this book all analyse some aspect of economic behaviour related to the objectives, information, or risk components of the decision process. While the construction of economic models obviously also has a vital role to play, that component has received much greater (or almost exclusive) attention elsewhere. These papers examine optimising behaviour in a wide range of economic problems, both theoretical and applied. They reflect a variety of concerns: economic responses under rational expectations; the Lucas critique and optimal fiscal or monetary poli­ eies; market management; partly endogenous goals; evaluating government reactions; locational decisions; uncertainty and information structures; and forecasting with endogenous reactions.

Table of contents (15 chapters)

Table of contents (15 chapters)
  • Optimal Stabilisation Policies Under Perfect Foresight

    Pages 3-22

    Stemp, Peter J. (et al.)

  • Toward The Resurrection of Optimal Macroeconomic Policies

    Pages 23-32

    Karp, L. (et al.)

  • Optimal Feedback and Feedforward Stabilisation of Exchange Rates, Money, Prices and Output Under Rational Expectations

    Pages 33-60

    Holly, S. (et al.)

  • Adaptive Econometric Forecasting by an Approximate Filtering-Smoothing Algorithm: The Case of The Israeli Meat Sector

    Pages 63-84

    Shmueli, A. (et al.)

  • Controlling an Econometric Model Using Different Coefficient Sets

    Pages 85-95

    Sandblom, C.-L. (et al.)

Buy this book

eBook $59.99
price for USA in USD
  • ISBN 978-94-009-6161-6
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $99.00
price for USA in USD
  • ISBN 978-90-247-2968-5
  • Free shipping for individuals worldwide
  • Immediate ebook access, if available*, with your print order
  • This title is currently reprinting. You can pre-order your copy now.
Softcover $79.99
price for USA in USD
  • ISBN 978-94-009-6163-0
  • Free shipping for individuals worldwide
  • Immediate ebook access, if available*, with your print order
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Applied Decision Analysis and Economic Behaviour
Editors
  • Andrew Hughes Hallett
Series Title
Advanced Studies in Theoretical and Applied Econometrics
Series Volume
3
Copyright
1984
Publisher
Springer Netherlands
Copyright Holder
Martinus Nijhoff Publishers, Dordrecht
eBook ISBN
978-94-009-6161-6
DOI
10.1007/978-94-009-6161-6
Hardcover ISBN
978-90-247-2968-5
Softcover ISBN
978-94-009-6163-0
Series ISSN
1570-5811
Edition Number
1
Number of Pages
370
Topics

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