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This is a survey of bounded rationality, an area of theoretical macroeconomics which is receiving increased attention. The book is written by a leading macroeconomist who outlines the issues involved, describes some of the analytic tools that are being used, and shows how they can be applied in a range of models. It points to further potential positive developments of the theory as well as some of its limitations.
Readership: Graduate students of macroeconomics and academic economists.
Thomas J. Sargent, David Rockefeller Professor of Economics, University of Chicago; and Senior Fellow, Hoover Institution, Stanford, California
"The presentation is lucid and concise ... Those willing to join the search will find no better technical introduction than Sargent's book." - Journal of Economic Literature
"A lucid review of recent developments in the theory of "bounded rationality" ... a commendably concise, informative and, above all, interesting account of the very recent literature in dynamic economic theory." - JRSS
"The presentation is lucid and concise. Most macroeconomist readers will find the chapter on neural networks, genetic algorithms, and artificial intelligence particularly instructive ... Those willing to join the search will find no better technical introduction than Sargent's book." - Journal of Economic Literature