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Uncertainty, expectations, and financial instability : reviving Allais's lost theory of psychological time /
Eric Barthalon applies the neglected theory of psychological time and memory decay of Nobel Prize-winning economist Maurice Allais (1911-2010) to model investors' psychology in the present context of recurrent financial crises. Shaped by the behavior of the demand for money during episodes of h...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
New York :
Columbia University Press,
2014.
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| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 100 | 1 | |a Barthalon, Eric. | |
| 245 | 1 | 0 | |a Uncertainty, expectations, and financial instability : |b reviving Allais's lost theory of psychological time / |c Eric Barthalon. |
| 260 | |a New York : |b Columbia University Press, |c 2014. | ||
| 300 | |a 1 online resource (xlvi, 396 pages) : |b illustrations | ||
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| 588 | 0 | |a Print version record. | |
| 504 | |a Includes bibliographical references and index. | ||
| 520 | |a Eric Barthalon applies the neglected theory of psychological time and memory decay of Nobel Prize-winning economist Maurice Allais (1911-2010) to model investors' psychology in the present context of recurrent financial crises. Shaped by the behavior of the demand for money during episodes of hyperinflation, Allais's theory proves economic agents perceive the flow of clocks' time and forget the past at a context-dependent pace: rapidly in the presence of persistent and accelerating inflation and slowly in the event of the opposite situation. Barthalon recasts Allais's work as a general theory. | ||
| 505 | 0 | |a Expectations before the rational expectations revolution -- Rational expectations are endogenous to and abide by "the" model -- Macrofoundations of monetary dynamics -- Microfoundations of monetary dynamics: the HRL formulation of the demand for money -- The fundamental equation of monetary dynamics -- Joint testing of the HRL formulation of the demand for money and of the fundamental equation of monetary dynamics -- Allais's HRL formulation: illustration of its dynamic properties by an example of hyperinflation (Zimbabwe 2000-2008) -- The HRL formulation and nominal interest rates -- Perceived returns and the modeling of financial behavior -- Downside potential under risk: the Allais paradox and its conflicting interpretations -- Downside potential under uncertainty: the perceived risk of loss -- Conclusion -- Appendixes: A. How to compute Z(n) and z(n) -- B. Nominal interest rates and the perceived rate of nominal growth -- C. Proofs -- D. Comparison between the Kalman filter and Allais's HRL algorithm -- E.A note on the theory of intertemporal choice -- F. Allais's cardinal utility function. | |
| 590 | |a JSTOR |b Books at JSTOR Evidence Based Acquisitions | ||
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| 590 | |a JSTOR |b Books at JSTOR Demand Driven Acquisitions (DDA) | ||
| 600 | 1 | 0 | |a Allais, Maurice. |
| 600 | 1 | 7 | |a Allais, Maurice. |2 fast |0 (OCoLC)fst00039554 |
| 650 | 0 | |a Investments |x Psychological aspects. | |
| 650 | 6 | |a Investissements |x Aspect psychologique. | |
| 650 | 7 | |a POLITICAL SCIENCE |x Essays. |2 bisacsh | |
| 650 | 7 | |a POLITICAL SCIENCE |x Government |x General. |2 bisacsh | |
| 650 | 7 | |a POLITICAL SCIENCE |x Government |x National. |2 bisacsh | |
| 650 | 7 | |a POLITICAL SCIENCE |x Reference. |2 bisacsh | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Finance. |2 bisacsh | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Decision-Making & Problem Solving. |2 bisacsh | |
| 650 | 7 | |a Investments |x Psychological aspects. |2 fast |0 (OCoLC)fst00978283 | |
| 776 | 0 | 8 | |i Print version: |a Barthalon, Eric. |t Uncertainty, expectations, and financial instability. |d New York : Columbia University Press, ©2014 |z 0231166281 |w (DLC) 2014936226 |w (OCoLC)880565928 |
| 856 | 4 | 0 | |u https://jstor.uam.elogim.com/stable/10.7312/bart16628 |z Texto completo |
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