from Lars Syll Using simplifying tractability or heuristic assumptions — rational expectations, common knowledge, representative agents, linearity, additivity, ergodicity, and so forth — does not exempt economists from having to justify their modelling choices, even if such assumptions are necessary for them to ‘manipulate’ their models or produce ‘rigorous’ and ‘precise’ predic...
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Real-World Economics Review Blog: Real-World Economics Review Blog | Posts are by authors of papers published in the RWER. Anyone may comment.