Ignorance and uncertainty /

Ignorance and uncertainty /

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Bibliographic Details
Author / Creator:	Compte, Olivier, author.
Imprint:	Cambridge, United Kingdom ; New York, NY : Cambridge University Press, 2018.
Description:	xiv, 287 pages : illustrations ; 24 cm.
Language:	English
Series:	Econometric society monograph series Econometric Society monographs.
Subject:	Economics -- Mathematical models. Decision making -- Mathematical models. Game theory -- Mathematical models. Decision making -- Mathematical models. Economics -- Mathematical models. Game theory -- Mathematical models.
Format:	Print Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/11753266

Hidden Bibliographic Details
Other authors / contributors:	Postlewaite, A., author.
ISBN:	9781108422024 1108422020 9781108434492 1108434495
Notes:	Includes bibliographical references and index.
Summary:	Born of a belief that economic insights should not require much mathematical sophistication, this book proposes novel and parsimonious methods to incorporate ignorance and uncertainty into economic modeling, without complex mathematics. Economics has made great strides over the past several decades in modeling agents' decisions when they are incompletely informed, but many economists believe that there are aspects of these models that are less than satisfactory. Among the concerns are that ignorance is not captured well in most models, that agents' presumed cognitive ability is implausible, and that derived optimal behavior is sometimes driven by the fine details of the model rather than the underlying economics. Compte and Postlewaite lay out a tractable way to address these concerns, and to incorporate plausible limitations on agents' sophistication. A central aspect of the proposed methodology is to restrict the strategies assumed available to agents.

Description
Summary:	Born of a belief that economic insights should not require much mathematical sophistication, this book proposes novel and parsimonious methods to incorporate ignorance and uncertainty into economic modeling, without complex mathematics. Economics has made great strides over the past several decades in modeling agents' decisions when they are incompletely informed, but many economists believe that there are aspects of these models that are less than satisfactory. Among the concerns are that ignorance is not captured well in most models, that agents' presumed cognitive ability is implausible, and that derived optimal behavior is sometimes driven by the fine details of the model rather than the underlying economics. Compte and Postlewaite lay out a tractable way to address these concerns, and to incorporate plausible limitations on agents' sophistication. A central aspect of the proposed methodology is to restrict the strategies assumed available to agents.
Physical Description:	xiv, 287 pages : illustrations ; 24 cm.
Bibliography:	Includes bibliographical references and index.
ISBN:	9781108422024 1108422020 9781108434492 1108434495