A guide to the economic modeling of household preferences, from two leaders in the fieldA common set of mathematical tools underlies dynamic optimization, dynamic estimation, and filtering. In Recursive Models of Dynamic Linear Economies, Lars Peter Hansen and Thomas Sargent use these tools to create a class of econometrically tractable models of prices and quantities. They present examples from microeconomics, macroeconomics, and asset pricing. The models...

At the core of the rational expectations revolution is the insight that economic policy does not operate independently of economic agents' knowledge of that policy and their expectations of the effects of that policy. This means that there are very complicated feedback relationships existing between policy and the behaviour of economic agents, and these relationships pose very difficult problems in econometrics when one tries to exploit the rational expectations insight in formal economic ...

Written by Lars Peter Hansen (Nobel Laureate in Economics, 2013) and Thomas Sargent (Nobel Laureate in Economics, 2011), Uncertainty within Economic Models includes articles adapting and applying robust control theory to problems in economics and finance. This book extends rational expectations models by including agents who doubt their models and adopt precautionary decisions designed to protect themselves from adverse consequences of model misspecification. This behavior has consequences...

Handbook of Econometrics, Volume 7A, examines recent advances in foundational issues and "hot" topics within econometrics, such as inference for moment inequalities and estimation of high dimensional models. With its world-class editors and contributors, it succeeds in unifying leading studies of economic models, mathematical statistics and economic data. Our flourishing ability to address empirical problems in economics by using economic theory and statistical methods has driven the field...

This collection of original articles—8 years in the making—shines a bright light on recent advances in financial econometrics. From a survey of mathematical and statistical tools for understanding nonlinear Markov processes to an exploration of the time-series evolution of the risk-return tradeoff for stock market investment, noted scholars Yacine Aït-Sahalia and Lars Peter Hansen benchmark the current state of knowledge while contributors build a framework for its growth. Whether in the p...

Lars Bo Hansen er i mere end én forstand splitternøgen, første gang han møder Joe & The Juice-stifteren Kaspar Basse. I omklædningsrummet efter træning bliver de enige om, at Lars Bo Hansen skal give en hånd med i udviklingen af en ny strategifor juicekæden. Den erfarne strategirådgiver tror, han har set det meste, men han bliver klogere.Han erfarer, at hemmeligheden bag kædens succes er et konstant krav om at være anderledes, præcis styring, nærhed til detder virkeli...

Gorbatjovs selvbiografi er en rørende fortælling om den fattige bondedreng, der blev leder af etaf verdens største imperier. Om hans barndom under Anden Verdenskrig og hans livslange kærlighed til sin kone, filosoffen Raisa. Om hans forsøg på at reformere kommunismen indefra, og hans indsats for at bringe en ende på det våbenkapløb, der i en årrække truede med at sprænge verden til atomer.Med Gorbatjov sluttede Den Kolde Krig – en indsats, der i 1990 indbragte ham Nobels Fre...

Er der noget som en biltur med børn, der kravler rundt i loftet eller slås på bagsædet? Nej, vel? ’Bagsædehistorier. Korte historier til lange bilture’ er en blanding af skøre og tænksomme historier, der garanterer, at børnene har noget bedre at tage sig til.Hør fx om dengang, Pelle Haleløs kun med nød og næppe undgik en dukkert, om en monsterprins, der ligner en skraldespand og lugter af mug, og om manden og damen, der får en ret så mærkelig baby.Og de voksne kan også være...

Applied financial econometrics subjects are featured in this second volume, with papers that survey important research even as they make unique empirical contributions to the literature. These subjects are familiar: portfolio choice, trading volume, the risk-return tradeoff, option pricing, bond yields, and the management, supervision, and measurement of extreme and infrequent risks. Yet their treatments are exceptional, drawing on current data and evidence to reflect recent events and sch...