The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Beliefs, Doubts and Learning: Valuing Macroeconomic Risk
Open accessAbstract
This essay examines the problem of inference within a rational expectations model from two perspectives: that of an econometrician and that of the economic agents within the model.The assumption of rational expectations has been and remains an important component to quantitative research.It endows economic decision makers with knowledge of the probability law implied by the economic model.As such, it is an equilibrium concept.Imposing rational expectations removed from consideration the need for separately specifying beliefs or subjective components of uncertainty.Thus, it simplified model specification and implied an array of testable implications that are different from those considered previously.It reframed policy analysis by questioning the effectiveness of policy levers that induce outcomes that differ systematically from individual beliefs.I consider two related problems.The first is the problem of an econometrician who follows John F. Muth (1961),
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Cites
CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*
Sharpe, W. F. (1964) · The Journal of Finance · doi:10.1111/j.1540-6261.1964.tb02865.x · Cited by 19,441
By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior
Campbell, J. Y., & Cochrane, J. H. (1999) · Journal of Political Economy · doi:10.1086/250059 · Cited by 5,210
Cited by
The Economics and Psychology of Personality Traits
Borghans, L., Duckworth, A. L., Heckman, J. J., & ter Weel, B. (2008) · Journal of Human Resources · doi:10.1353/jhr.2008.0017 · Cited by 1,049
The economics and psychology of personality traits
L., B., A.L., D., J., H., & B.J., T. W. (2008) · Research Publications (Maastricht University) · doi:10.26481/umaror.2008001 · Cited by 960
Measuring and Modeling Variation in the Risk-Return Trade-off
Lettau, M., & Ludvigson, S. C. (2010) · Handbook of Financial Econometrics: Tools and Techniques · doi:10.1016/b978-0-444-50897-3.50014-6 · Cited by 409
Epstein, L. G., & Schneider, M. (2010) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-120209-133940 · Cited by 332
The Economics and Psychology of Personality Traits
Borghans, L., Duckworth, A., Heckman, J. J., & ter Weel, B. (2008) · SSRN Electronic Journal · doi:10.2139/ssrn.1135909 · Cited by 283
Metadata
- Authors
- Hansen, L. P.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2007-04-01
- Volume
- 97
- Issue
- 2
- Pages
- 1-30
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2170986688
- Cited by
- 263
- References
- 2
- FWCI
- 37.34
- Type
- journal article
- Language
- en
- Open access
- bronze
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
