Encompassing and Rational Expectations: How Sequential Corroboration Can Imply Refutation.
Even though pieces of empirical evidence individually may corroborate an economic theory, their joint existence may refute that same theory. Testing of rational expectations models provides a concrete illustration of this principle. Surprisingly, empirical refutation of a rational expectations model...
| Main Authors: | , |
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| Format: | Journal article |
| Language: | English |
| Published: |
Springer-Verlag
1999
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