Understanding expectational coordination as a major intellectual challenge: The “eductive” guide line

Comprendre la coordination des anticipations comme un défi intellectuel majeur: La ligne directrice « divinatoire »

Roger Guesnerie ()

PSE-Ecole d'économie de Paris (Postprint) from HAL

Abstract: The paper puts emphasis on the so-called "eductive" approach for a critical assessment of the Rational Expectations hypothesis. Section 2 makes an intuitive unformal presentation, aimed at comparing the approach and the results of "eductive" learning and "real time" learning in two polar models, (a two period partial equilibrium model and a simple Real Business Cycle mode). A segment of theoretical literature, taking an eductive view of stability in the fields of finance, trade, general equilibrium, short term or long term macroeconomics, is reviewed in Section 3.

Keywords: Rational expectation; “Real time” learning vs “eductive” stability; Intuition and results across fields; Anticipations Rationnelles; Apprentissage en « temps réel » et stabilité « divinatoire »; Intuition et résultats : une revue (search for similar items in EconPapers)
Date: 2021-07
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Published in Revue d'économie politique, 2021, 131 (3), pp.461-484. ⟨10.3917/redp.313.0143⟩

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Related works:
Journal Article: Understanding expectational coordination as a major intellectual challenge: The “eductive” guide line (2021)
Working Paper: Understanding expectational coordination as a major intellectual challenge: The “eductive” guide line (2021)
Working Paper: Understanding expectational coordination as a major intellectual challenge: the “eductive” guide line (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:halshs-03673244

DOI: 10.3917/redp.313.0143

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