Uncertainty, expectations, and financial instability : reviving Allais's lost theory of psychological time

Uncertainty, expectations, and financial instability : reviving Allais's lost theory of psychological time

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LF/273752/R
Англійська
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Eric Barthalon applies the neglected theory of psychological time and memory decay of Nobel Prize-winning economist Maurice Allais (1911-2010) to model investors' psychology in the present context of recurrent financial crises. Shaped by the behavior of the demand for money during episodes of hyperinflation, Allais's theory proves economic agents perceive the flow of clocks' time and forget the past at acontext-dependent pace: rapidly in the presence of persistent and accelerating inflation and slowly in the event of the opposite situation. Barthalon recasts Allais's work as a general theory.Abstract: Eric Barthalon applies the neglected theory of psychological time and memory decay of Nobel Prize-winning economist Maurice Allais (1911-2010) to model investors' psychology in the present context of recurrent financial crises. Shaped by the behavior of the demand for money during episodes of hyperinflation, Allais's theory proves economic agents perceive the flow of clocks' time and forget the past at a context-dependent pace: rapidly in the presence of persistent and accelerating inflation and slowly in the event of the opposite situation. Barthalon recasts Allais's work as a general theory
LF/273752/R

Характеристики

ФІО Автора
Allais
Barthalon
Eric
Maurice
Мова
Англійська
ISBN
9781322545530
Дата виходу
2014

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Uncertainty, expectations, and financial instability : reviving Allais's lost theory of psychological time

Eric Barthalon applies the neglected theory of psychological time and memory decay of Nobel Prize-winning economist Maurice Allais (1911-2010) to model inves...

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