Uncertainty Outside and Inside Economic Models

Lars Hansen

No 20394, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We must infer what the future situation would be without our interference, and what changes will be wrought by our actions. Fortunately, or unfortunately, none of these processes is infallible, or indeed ever accurate and complete. Knight (1921)

JEL-codes: D84 G00 G12 (search for similar items in EconPapers)
Date: 2014-08
Note: AP
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Published as Nobel Lecture: Uncertainty Outside and Inside Economic Models Lars Peter Hansen Journal of Political Economy 2014 122:5, 945-987

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Working Paper: Uncertainty Outside and Inside Economic Models (2013)
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