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The Development of Expectations Generating Schemes Which Are Asymptotically Rational

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  • Patterson, Kerry David

Abstract

As an alternative to the hypothesis of fully rational expectations, this study develops the concept of asymptotically rational expectations, and applies it in the problem of model design. Easily applied conditions are derived to ensure asymptotic rationality and several models are developed which satisfy these conditions. The connections are shown between developments of the adaptive expectations hypothesis and, interalia, error-correction mechanisms. The ideas are illustrated with the Livingston price-expectations data. Copyright 1987 by Scottish Economic Society.

Suggested Citation

  • Patterson, Kerry David, 1987. "The Development of Expectations Generating Schemes Which Are Asymptotically Rational," Scottish Journal of Political Economy, Scottish Economic Society, vol. 34(1), pages 1-18, February.
    • Handle: RePEc:bla:scotjp:v:34:y:1987:i:1:p:1-18
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    Cited by:

    1. Silva Lopes, Artur C. & M. Monteiro, Olga Susana, 2007. "The expectations hypothesis of the term structure: some empirical evidence for Portugal," MPRA Paper 3437, University Library of Munich, Germany.
    2. Silva Lopes, Artur, 1994. "A "hipótese das expectativas racionais": teoria e realidade (uma visita guiada à literatura até 1992) [The "rational expectations hypothesis": theory and reality (a guided tour ," MPRA Paper 9699, University Library of Munich, Germany, revised 23 Jul 2008.
    3. Olga Susana M. Monteiro & Artur C. B. da Silva Lopes, 2010. "Short- and Long-Run Tests of the Expectations Hypothesis: The Portuguese Case," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot, Berlin, vol. 56(3), pages 257-280.

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