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Robustness by Thomas J. Sargent and Lars Peter Hansen (2007, Hardcover)
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Located in: Salisbury, North Carolina, United States
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About this item
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eBay item number:353929987394
Item specifics
- Condition
- ISBN
- 9780691114422
About this product
Product Identifiers
Publisher
Princeton University Press
ISBN-10
0691114420
ISBN-13
9780691114422
eBay Product ID (ePID)
60190761
Product Key Features
Number of Pages
464 Pages
Publication Name
Robustness
Language
English
Publication Year
2007
Subject
Economics / Macroeconomics, Economics / Theory
Type
Textbook
Subject Area
Business & Economics
Format
Hardcover
Dimensions
Item Height
1.4 in
Item Weight
39.1 Oz
Item Length
10.2 in
Item Width
7.4 in
Additional Product Features
Intended Audience
College Audience
Dewey Edition
23
Reviews
The book is self-contained and rigorous and may be interesting not only for macroeconomists who seek to improve the robustness of decision making process but also for control engineers interested in different applications of their professional abilities. -- A. Swierniak, Zentralblatt MATH, "The book is self-contained and rigorous and may be interesting not only for macroeconomists who seek to improve the robustness of decision making process but also for control engineers interested in different applications of their professional abilities." --A. Swierniak, Zentralblatt MATH, "Best policies can be evaluated, in theory at least, given an economy. But macroeconomists have only model economies at their disposal and necessarily these economies are abstractions. A concern then is that the model economy used to evaluate policy will provide poor guidance in practice. This leads to the search for policy that performs well for a broad class of economies. This is what robust control theory is all about. In this book, Hansen and Sargent greatly extend robust control theory to make it useful in the macro policy setting. This is a major contribution to macroeconomics." --Edward C. Prescott, Nobel Prize-winning economist, The book is self-contained and rigorous and may be interesting not only for macroeconomists who seek to improve the robustness of decision making process but also for control engineers interested in different applications of their professional abilities. ---A. Swierniak, Zentralblatt MATH, The book is self-contained and rigorous and may be interesting not only for macroeconomists who seek to improve the robustness of decision making process but also for control engineers interested in different applications of their professional abilities., "The pathbreaking work of Hansen and Sargent extends macroeconomic theory beyond the Bayesian paradigm. They retain the analytical power of the classical mathematical models while adding to them the subtleties of an uncertain world. Using tools from robust control theory, they present a model in which an individual's probabilistic belief is subject to noise, or to uncertainty, and redo much of macroeconomic theory under this assumption." --Itzhak Gilboa, Tel Aviv University, "Hansen and Sargent were among the cadre of macroeconomists who challenged conventional (Keynesian) wisdom, and they are at it again, in a book that sparkles with ideas and analysis of fundamental problems in dynamic macroeconomics. The specific results reported here are, of course, interesting but this book is so much more: for young and ambitious economic theorists, this book is like the California gold fields in 1848." --David Kreps, Stanford University, "The book is self-contained and rigorous and may be interesting not only for macroeconomists who seek to improve the robustness of decision making process but also for control engineers interested in different applications of their professional abilities."-- A. Swierniak, Zentralblatt MATH
Illustrated
Yes
Dewey Decimal
330.015118
Table Of Content
Preface xv Acknowledgments xvii Part I: Motivation and main ideas Chapter 1: Introduction 3 Chapter 2: Basic ideas and methods 25 Chapter 3: A stochastic formulation 53 Part II: Standard control and filtering Chapter 4: Linear control theory 67 Chapter 5: The Kalman filter 103 Part III: Robust control Chapter 6: Static multiplier and constraint games 119 Chapter 7: Time domain games for attaining robustness 139 Chapter 8: Frequency domain games and criteria for robustness 173 Chapter 9: Calibrating misspecification fears with detection error probabilities 213 Chapter 10: A permanent income model 223 Part IV: Multi-agent problems Chapter 11: Competitive equilibria without robustness 253 Chapter 12: Competitive equilibria with robustness 271 Chapter 13: Asset pricing 295 Chapter 14: Risk sensitivity, model uncertainty, and asset pricing 307 Chapter 15: Markov perfect equilibria with robustness 327 Chapter 16: Robustness in forward-looking models 333 Part V: Robust estimation and filtering Chapter 17: Robust filtering with commitment 359 Chapter 18: Robust filtering without commitment 383 Part VI: Extensions Chapter 19: Alternative approaches 403 References 413 Index 427 Author Index 431 Matlab Index 435
Synopsis
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.
LC Classification Number
HB135
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- e***o (6)- Feedback left by buyer.Past 6 monthsVerified purchaseItem came as described, works without an issue. Packaging is damaged, but that was apparent on the product images - I have expected those defects. Disc isn't damaged. Delivery took a lot longer than any other service. This is not seller's fault, but if you can - please aboid ebay's delivery service. The package has been travelling the US across multiple states with very vague descriptions on what was being done to it. Overall great experience, just send via regular mail next time, if possible.The Sims 4 Plus Island Living Bundle - Xbox One (#357359134492)
- n***f (129)- Feedback left by buyer.Past 6 monthsVerified purchaseAUDIOBOOK ARRIVED IN PERFECTLY NEW CONDITION AS DESCRIBED. PRICED REASONABLY AND SHIPPED QUICKLY. SECURELY PACKAGED. HIGHLY RECOMMENDED SELLER! (NOT SHOUTING—VISION ISSUES.)
- m***i (733)- Feedback left by buyer.Past monthVerified purchaseGreat Value..Super Fast Shipper!! The Packaging was Very Safe and Item Arrived in Excellent Condition as Described!! Awesome Seller :)
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Seller feedback (42,699)
- e***o (6)- Feedback left by buyer.Past 6 monthsVerified purchaseItem came as described, works without an issue. Packaging is damaged, but that was apparent on the product images - I have expected those defects. Disc isn't damaged. Delivery took a lot longer than any other service. This is not seller's fault, but if you can - please aboid ebay's delivery service. The package has been travelling the US across multiple states with very vague descriptions on what was being done to it. Overall great experience, just send via regular mail next time, if possible.The Sims 4 Plus Island Living Bundle - Xbox One (#357359134492)
- n***f (129)- Feedback left by buyer.Past 6 monthsVerified purchaseAUDIOBOOK ARRIVED IN PERFECTLY NEW CONDITION AS DESCRIBED. PRICED REASONABLY AND SHIPPED QUICKLY. SECURELY PACKAGED. HIGHLY RECOMMENDED SELLER! (NOT SHOUTING—VISION ISSUES.)
- m***i (733)- Feedback left by buyer.Past monthVerified purchaseGreat Value..Super Fast Shipper!! The Packaging was Very Safe and Item Arrived in Excellent Condition as Described!! Awesome Seller :)