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- Rational_expectations abstract "Rational expectations is a hypothesis in economics which states that agents' predictions of the future value of economically relevant variables are not systematically wrong in that all errors are random. Equivalently, this is to say that agents' expectations equal true statistical expected values. An alternative formulation is that rational expectations are model-consistent expectations, in that the agents inside the model assume the model's predictions are valid. The rational expectations assumption is used in many contemporary macroeconomic models, game theory and applications of rational choice theory.Since most macroeconomic models today study decisions over many periods, the expectations of workers, consumers and firms about future economic conditions are an essential part of the model. How to model these expectations has long been controversial, and it is well known that the macroeconomic predictions of the model may differ depending on the assumptions made about expectations (see Cobweb model). To assume rational expectations is to assume that agents' expectations may be wrong, but are correct on average over time. In other words, although the future is not fully predictable, agents' expectations are assumed not to be systematically biased and use all relevant information in forming expectations of economic variables.This way of modeling expectations was originally proposed by John F. Muth (1961) and later became influential when it was used by Robert Lucas, Jr. and others. Modeling expectations is crucial in all models which study how a large number of individuals, firms and organizations make choices under uncertainty. For example, negotiations between workers and firms will be influenced by the expected level of inflation, and the value of a share of stock is dependent on the expected future income from that stock.".
- Rational_expectations wikiPageExternalLink RationalExpectations.html.
- Rational_expectations wikiPageID "65753".
- Rational_expectations wikiPageRevisionID "587778712".
- Rational_expectations hasPhotoCollection Rational_expectations.
- Rational_expectations subject Category:Macroeconomics.
- Rational_expectations subject Category:New_classical_macroeconomics.
- Rational_expectations subject Category:Rational_choice_theory.
- Rational_expectations comment "Rational expectations is a hypothesis in economics which states that agents' predictions of the future value of economically relevant variables are not systematically wrong in that all errors are random. Equivalently, this is to say that agents' expectations equal true statistical expected values. An alternative formulation is that rational expectations are model-consistent expectations, in that the agents inside the model assume the model's predictions are valid.".
- Rational_expectations label "Anticipation rationnelle".
- Rational_expectations label "Aspettative razionali".
- Rational_expectations label "Expectativas racionais".
- Rational_expectations label "Rational expectations".
- Rational_expectations label "Rationale Erwartung".
- Rational_expectations label "Rationele verwachtingen".
- Rational_expectations label "Teoria racjonalnych oczekiwań".
- Rational_expectations label "Teoría de las expectativas racionales".
- Rational_expectations label "Теория рациональных ожиданий".
- Rational_expectations label "توقعات رشيدة".
- Rational_expectations label "理性预期".
- Rational_expectations sameAs Racionální_očekávání.
- Rational_expectations sameAs Rationale_Erwartung.
- Rational_expectations sameAs Teoría_de_las_expectativas_racionales.
- Rational_expectations sameAs Igurikimen_arrazional.
- Rational_expectations sameAs Anticipation_rationnelle.
- Rational_expectations sameAs Aspettative_razionali.
- Rational_expectations sameAs 합리적_기대.
- Rational_expectations sameAs Rationele_verwachtingen.
- Rational_expectations sameAs Teoria_racjonalnych_oczekiwań.
- Rational_expectations sameAs Expectativas_racionais.
- Rational_expectations sameAs m.0hfhq.
- Rational_expectations sameAs Q853949.
- Rational_expectations sameAs Q853949.
- Rational_expectations wasDerivedFrom Rational_expectations?oldid=587778712.
- Rational_expectations isPrimaryTopicOf Rational_expectations.