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Persistent link: https://www.econbiz.de/10004976695
Unpredictability arises from intrinsic stochastic variation, unexpected instances of outliers, and unanticipated extrinsic shifts of distributions. We analyze their properties, relationships, and different effects on the three arenas in the title, which suggests considering three associated...
Persistent link: https://www.econbiz.de/10010785285
Almost no economic time series is either weakly or strictly stationary: distributions of economic variables shift over time.  Thus, the present treatment of expectations in economic theories of inter-temporal optimization is inappropriate.  It cannot be proved that conditional expectations...
Persistent link: https://www.econbiz.de/10008489379
Unpredictability arises from intrinsic stochastic variation, unexpected instances of outliers, and unanticipated extrinsic shifts of distributions. We analyze their properties, relationships, and different effects on the three arenas in the title, which suggests considering three associated...
Persistent link: https://www.econbiz.de/10010618386
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