TY  - BOOK
AU  - Compte,Olivier
AU  - Postlewaite,Andrew
TI  - Ignorance and uncertainty
T2  - Econometric society monograph series
SN  - 9781108379991 (ebook)
AV  - HB135 .C63164 2019
U1  - 330.01/5195 23
PY  - 2019///
CY  - Cambridge
PB  - Cambridge University Press
KW  - Economics
KW  - Mathematical models
KW  - Decision making
KW  - Game theory
N1  - Title from publisher's bibliographic system (viewed on 11 Dec 2018)
N2  - 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
UR  - https://doi.org/10.1017/9781108379991
ER  -