{"product_id":"9789814578134","title":"Uncertainty Within Economic Models","description":"\u003cp\u003eWritten by Lars Peter Hansen (Nobel Laureate in Economics, 2013) and Thomas Sargent (Nobel Laureate in Economics, 2011), \u003ci\u003eUncertainty within Economic Models\u003c\/i\u003e includes articles adapting and applying robust control theory to problems in economics and finance. This book extends rational expectations models by including agents who doubt their models and adopt precautionary decisions designed to protect themselves from adverse consequences of model misspecification. This behavior has consequences for what are ordinarily interpreted as market prices of risk, but big parts of which should actually be interpreted as market prices of model uncertainty. The chapters discuss ways of calibrating agents' fears of model misspecification in quantitative contexts.\u003c\/p\u003e\u003cb\u003eContents:\u003c\/b\u003e\u003cul\u003e\n\u003cli\u003eIntroduction\u003c\/li\u003e\n\u003cli\u003eDiscounted Linear Exponential Quadratic Gaussian Control\u003c\/li\u003e\n\u003cli\u003eRobust Permanent Income and Pricing\u003c\/li\u003e\n\u003cli\u003eA Quartet of Semigroups for Model Specification, Robustness, Prices of Risk, and Model Detection\u003c\/li\u003e\n\u003cli\u003eRobust Control and Model Uncertainty\u003c\/li\u003e\n\u003cli\u003eRobust Control and Model Misspecification\u003c\/li\u003e\n\u003cli\u003eDoubts or Variability?\u003c\/li\u003e\n\u003cli\u003eRobust Estimation and Control without Commitment\u003c\/li\u003e\n\u003cli\u003eFragile Beliefs and the Price of Uncertainty\u003c\/li\u003e\n\u003cli\u003eBeliefs, Doubts and Learning: Valuing Macroeconomic Risk\u003c\/li\u003e\n\u003cli\u003eThree Types of Ambiguity\u003c\/li\u003e\n\u003c\/ul\u003e\u003cbr\u003e\u003cb\u003eReadership:\u003c\/b\u003e Graduate students; researchers and economists interested in Econometrics; Macroeconomics and Dynamic Programming.\u003cbr\u003e\u003cb\u003eKey Features:\u003c\/b\u003e\u003cul\u003e\n\u003cli\u003eA collection of papers adapting and applying robust control theory to problems in economics and finance\u003c\/li\u003e\n\u003cli\u003eBrings together works by two active researchers in the field and their coauthors\u003c\/li\u003e\n\u003cli\u003eIncludes an introduction to link the papers and tell how they fit within broader efforts to improve macroeconomic and finance theories \u003c\/li\u003e\n\u003c\/ul\u003e","brand":"World Scientific Publishing Company, Incorporated","offers":[{"title":"Default Title","offer_id":47143947337968,"sku":"9789814578134","price":39.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/9789814578134_p0.jpg?v=1763691248","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9789814578134","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}