Uncertainty, conventions and short-term expectations
ABSTRACT Contrasting different views on the topic, this article examines whether short-term expectations involve uncertainty, arguing in favour of an affirmative answer and thus invalidating any association with the rational or adaptive expectations hypothesis. It is then argued that the presence of...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Editora 34
2022-04-01
|
| Series: | Brazilian Journal of Political Economy |
| Subjects: | |
| Online Access: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31571999000300470&tlng=en |
| _version_ | 1811339353320849408 |
|---|---|
| author | DAVID DEQUECH |
| author_facet | DAVID DEQUECH |
| author_sort | DAVID DEQUECH |
| collection | DOAJ |
| description | ABSTRACT Contrasting different views on the topic, this article examines whether short-term expectations involve uncertainty, arguing in favour of an affirmative answer and thus invalidating any association with the rational or adaptive expectations hypothesis. It is then argued that the presence of uncertainty precludes any tendency towards equilibrium. After the notion of the state of short-term expectations is introduced, this conclusion is affirmed to be valid even if one considers that producers often follow conventional behaviour. Defending the view that uncertainty should be considered as gradable, the article maintains that conventions reduce but do not eliminate uncertainty. |
| first_indexed | 2024-04-13T18:25:19Z |
| format | Article |
| id | doaj.art-0dcf04c0754f48c3834273543a084294 |
| institution | Directory Open Access Journal |
| issn | 1809-4538 |
| language | English |
| last_indexed | 2024-04-13T18:25:19Z |
| publishDate | 2022-04-01 |
| publisher | Editora 34 |
| record_format | Article |
| series | Brazilian Journal of Political Economy |
| spelling | doaj.art-0dcf04c0754f48c3834273543a0842942022-12-22T02:35:15ZengEditora 34Brazilian Journal of Political Economy1809-45382022-04-0119347048410.1590/0101-31571999-1050Uncertainty, conventions and short-term expectationsDAVID DEQUECHABSTRACT Contrasting different views on the topic, this article examines whether short-term expectations involve uncertainty, arguing in favour of an affirmative answer and thus invalidating any association with the rational or adaptive expectations hypothesis. It is then argued that the presence of uncertainty precludes any tendency towards equilibrium. After the notion of the state of short-term expectations is introduced, this conclusion is affirmed to be valid even if one considers that producers often follow conventional behaviour. Defending the view that uncertainty should be considered as gradable, the article maintains that conventions reduce but do not eliminate uncertainty.http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31571999000300470&tlng=enUncertaintypost-Keyesianismequilibrium |
| spellingShingle | DAVID DEQUECH Uncertainty, conventions and short-term expectations Brazilian Journal of Political Economy Uncertainty post-Keyesianism equilibrium |
| title | Uncertainty, conventions and short-term expectations |
| title_full | Uncertainty, conventions and short-term expectations |
| title_fullStr | Uncertainty, conventions and short-term expectations |
| title_full_unstemmed | Uncertainty, conventions and short-term expectations |
| title_short | Uncertainty, conventions and short-term expectations |
| title_sort | uncertainty conventions and short term expectations |
| topic | Uncertainty post-Keyesianism equilibrium |
| url | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31571999000300470&tlng=en |
| work_keys_str_mv | AT daviddequech uncertaintyconventionsandshorttermexpectations |