Optimal expectations and the extreme information assumptions of ‘rational expectations’ macromodels |
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| Authors: | Benjamin M Friedman |
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| Institution: | Harvard University, Cambridge, MA 02138, USA |
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| Abstract: | ‘One might reply that the rationality of a person's choice does not depend upon how much he knows, but only upon how well he reasons from whatever information he has, however incomplete. Our decision is perfectly rational provided that we face up to our circumstances and do the best we can.’ (John Rawls, A Theory of Justice) |
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