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The Potentials and Limits of Economic Analysis: The Contributions of Kenneth J. Arrow Read chapter Read first chapter

1987 | OriginalPaper | Chapter

Arrow-Bayes Equilibria: A New Theory of Price Forecasting

Author : Horace W. Brock

Published in: Arrow and the Ascent of Modern Economic Theory

Publisher: Palgrave Macmillan UK

Included in: Professional Book Archive

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‘It’s Back to the Doghouse for Economists — Their Predictions are Turning out to be Wrong’. Thus begins a report in the 4 February, 1985 issue of U.S. News and World Report. This, and many other articles, bespeak serious difficulties besetting the economics profession at the time of writing. For better or worse, economists are expected to make forecasts, and we are judged by the ‘correctness’ of our forecasts.

previous chapter Von Neumann-Morgenstern Utilities, Risk Taking, and Welfare
next chapter Rational Learning and Rational Expectations
Metadata
Title
Arrow-Bayes Equilibria: A New Theory of Price Forecasting
Author
Horace W. Brock
Copyright Year
1987
Publisher
Palgrave Macmillan UK
Book
Arrow and the Ascent of Modern Economic Theory

Print ISBN: 978-1-349-07241-5

Electronic ISBN: 978-1-349-07239-2

Copyright Year: 1987

DOI
https://doi.org/10.1007/978-1-349-07239-2_18