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The randomness of rational expectations: a perspective on Sargent's early incentives

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  • Esther-Mirjam Sent

Abstract

This paper searches for the story Thomas Sargent is likely to have told when he was trying to use rational expectations economics in the late-1960s and early 1970s. An argument will be made for his interest in achieving what he would regard as conceptual integrity of the determinism in neoclassical economic theory and the randomness in econometrics. This involves providing a narrative of how he came to the idea of rational expectations and what he had to relinquish to be able to put his initial interpretation of the concept to use.

Suggested Citation

  • Esther-Mirjam Sent, 1999. "The randomness of rational expectations: a perspective on Sargent's early incentives," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 6(3), pages 439-471.
    • Handle: RePEc:taf:eujhet:v:6:y:1999:i:3:p:439-471
    DOI: 10.1080/10427719900000075
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    Cited by:

    1. Brisset, Nicolas, 2017. "On Performativity: Option Theory And The Resistance Of Financial Phenomena," Journal of the History of Economic Thought, Cambridge University Press, vol. 39(4), pages 549-569, December.
    2. Palma, Nuno Pedro G., 2008. "History Of Economics Or A Selected History Of Economics?," Journal of the History of Economic Thought, Cambridge University Press, vol. 30(1), pages 93-104, March.
    3. Gerunov, Anton, 2014. "Критичен Преглед На Основните Подходи За Моделиране На Икономическите Очаквания [A Critical Review of Major Approaches for Modeling Economic Expectations]," MPRA Paper 68797, University Library of Munich, Germany.

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