Arrow-Bayes Equilibria: A New Theory of Price Forecasting

Horace W. Brock

Chapter 18 in Arrow and the Ascent of Modern Economic Theory, 1987, pp 559-596 from Palgrave Macmillan

Abstract: Abstract ‘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.

Keywords: Future Price; Spot Market; Price Risk; Price Forecast; Interest Rate Risk (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-07239-2_18

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DOI: 10.1007/978-1-349-07239-2_18

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