A Quote by Thomas J. Sargent
The first and most optimistic response was complete rational expectations econometrics. A rational expectations equilibrium is a likelihood function. Maximize it.
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Have rational expectations for future returns and avoid changing those expectations in response to the ephemeral noise coming from Wall Street.
When you look at any experimental work not directly related to economics, but trying to test rational behavior in other ways, experiments have conspicuously failed to show rational behavior. Macro evidence certainly suggests deviations from rationality, but I don't want to say the rationality hypothesis is completely wrong. If you have any introspective idea or experimental idea about people's behavior, it seems to be incompatible with the really full scale rational expectations.
Perceived value is paramount for most diners; a feeling of satisfaction that what you've paid for is commensurate with what you've received. That is, provided your expectations are rational.
No rational argument will have a rational effect on a man who does not want to adopt a rational attitude.
If I fulfill YOUR expectations, how am I going to transform you? I have to DESTROY your expectations. I have to destroy the very mind that creates those expectations. If you come to me, never come with expectations, otherwise you will be disappointed - because I have no obligation to fulfill your expectations in any way. In fact, if I see that there are some expectations, I do things DELIBERATELY to destroy those expectations. That is the price you have to pay to be with me.
It seems to me that at least as far as the financial markets are concerned, there is increasing evidence against rational expectations, even at the macro level.
I want to say, and this is very important: at the end we lucked out. It was luck that prevented nuclear war. We came that close to nuclear war at the end. Rational individuals: Kennedy was rational; Khrushchev was rational; Castro was rational. Rational individuals came that close to total destruction of their societies. And that danger exists today.
Do you think that we're products of our environments? I think so, or maybe products of our expectations. Others' expectations of us or our expectations. I mean others' expectations that you take on as your own. I realize how difficult it is to seperate the two. The expectations that others place on us help us form our expectations of ourselves.
Lucas attended a conference on rational expectations at the University of Minnesota in the spring of 1973. The day after the conference, I received a call from Pittsburgh.
It's all emotion. But there's nothing wrong with emotion. When we are in love, we are not rational; we are emotional. When we are on vacation, we are not rational; we are emotional. When we are happy, we are not [rational]. In fact, in more cases than not, when we are rational, we're actually unhappy. Emotion is good; passion is good. Being into what we're into, provided that it's a healthy pursuit, it's a good thing.
The soul has two parts, one rational and the other irrational. Let us now similarly divide the rational part, and let it be assumed that there are two rational faculties, one whereby we contemplate those things whose first principles are invariable, and one whereby we contemplate those things which admit of variation.
Sociotropic voters with biased economic beliefs are more likely to produce severe political failures than are selfish voters with rational expectations.
Frustration is a function of our expectations, and our expectations are often a reflection of the social mirror rather than our own values and priorities.
The challenge we face as a government is meeting expectations - not specific expectations, but the larger expectations: things that need to be changed and that Narendra Modi will do it as though he has a magic wand.
Happiness is a state of non-contradictory joy . . . Happiness is possible only to a rational man, the man who desires nothing but rational goals,
seeks nothing but rational values, and finds his joy in nothing but rational actions.
The first step in exceeding your customer's expectations is to know those expectations.
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