Robustness

The standard theory of decision making under uncertainty advises the decision maker to form a statistical model...
€94,94 EUR
€94,94 EUR
SKU: 9780691170978
Product Type: Books
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Author: Lars Peter Hansen
Format: Paperback
Language: English
Subtotal: €94,94
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Robustness by Hansen, Lars Peter

Robustness

€94,94

Robustness

€94,94
Author: Lars Peter Hansen
Format: Paperback
Language: English

The standard theory of decision making under uncertainty advises the decision maker to form a statistical model linking outcomes to decisions and then to choose the optimal distribution of outcomes. This assumes that the decision maker trusts the model completely. But what should a decision maker do if the model cannot be trusted?

Lars Hansen and Thomas Sargent, two leading macroeconomists, push the field forward as they set about answering this question. They adapt robust control techniques and apply them to economics. By using this theory to let decision makers acknowledge misspecification in economic modeling, the authors develop applications to a variety of problems in dynamic macroeconomics.

Technical, rigorous, and self-contained, this book will be useful for macroeconomists who seek to improve the robustness of decision-making processes.

Author: Lars Peter Hansen, Thomas J. Sargent
Publisher: Princeton University Press
Published: 06/28/2016
Pages: 464
Binding Type: Paperback
Weight: 1.72lbs
Size: 10.00h x 7.00w x 0.92d
ISBN: 9780691170978

About the Author
Lars Peter Hansen is the Homer J. Livingston Distinguished Service Professor in the Department of Economics at the University of Chicago. Thomas J. Sargent is professor of economics at New York University and senior fellow at the Hoover Institution. He is the author of The Conquest of American Inflation and the coauthor of The Big Problem of Small Change (both Princeton).

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