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| Author: | Kurz, M. |
| Title: | On the structure and diversity of rational beliefs |
| Journal: | Economic Theory
1994 : VOL. 4:6, p. 877-900 |
| Index terms: | STRUCTURAL ANALYSIS EXPECTATIONS ECONOMIC CONDITIONS |
| Language: | eng |
| Abstract: | The paper proposes that the theory of expectations be reformulated under the assumption that agents do not know the structural relations of the economy. Instead, the author postulates that they can observe past data of the economy and form probability beliefs based on the data generated by the economy. Using past data agents can compute relative frequencies and the basic assumption of the theory is that the system which generates the data is stable in the sense that the empirically computed relative frequencies converge. |
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