Economics

Robustness

Name: Robustness
Brand: Princeton University Press
SKU: 9780691170978
Price: 6321.00 INR
Availability: InStock
ISBN: 9780691170978

Contributor(s): Hansen, Lars Peter Author , Sargent, Thomas J. Author Format: Paperback

Paperback · ISBN 9780691170978

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Key Specifications

ISBN	9780691170978
Publisher	Princeton University Press
Publication date	June 2016
Language	English
MRP	£45.00 GBP
Page count	454
Item weight	173 g

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.

Robustness

Key Specifications

Hansen, Lars Peter Author

Sargent, Thomas J. Author

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