Beliefs, learning and economic behavior - Leoni, Patrick
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This book studies the way subjective beliefs are modelled in game theory, asset pricing and monetary economics. We first explicitly provide mathematical foundations for the common prior assumption about nature in repeated games and asset pricing. We then recast the explanatory power of subjective beliefs in monetary economics. Our approach is to show that, in economies with rational agents, the common prior assumption has strong learning foundations in repeated game theory. In asset pricing, even though the learning foundations have been clearly identified, we aim to show that commonly…mehr

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Produktbeschreibung
This book studies the way subjective beliefs are modelled in game theory, asset pricing and monetary economics. We first explicitly provide mathematical foundations for the common prior assumption about nature in repeated games and asset pricing. We then recast the explanatory power of subjective beliefs in monetary economics. Our approach is to show that, in economies with rational agents, the common prior assumption has strong learning foundations in repeated game theory. In asset pricing, even though the learning foundations have been clearly identified, we aim to show that commonly accepted heuristic explanations may be flawed. Finally, we aim at dismissing the importance of subjective and thus possibly irrational, beliefs in explaining failure of banking systems.
Autorenporträt
Patrick Leoni is Professor of Finance at Euromed Management (France), after receiving his Ph.D. from the University of Minnesota. His research is about beliefs and learning effects on asset pricing. He has over 20 publications in leading scholastic journals in Finance, Psychology and Mathematics, and he received many awards for his research.