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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 |
Tabla de Contenidos:
- 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.