Uncertainty Outside and Inside Economic Models

55 Pages Posted: 31 Jul 2014 Last revised: 1 Apr 2015

See all articles by Lars Peter Hansen

Lars Peter Hansen

University of Chicago - Department of Economics; National Bureau of Economic Research (NBER)

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Date Written: July 30, 2014

Abstract

We must infer what the future situation would be without our interference, and what changes will be wrought by our actions. Fortunately, or unfortunately, none of these processes is infallible, or indeed ever accurate and complete. Knight (1921).

Suggested Citation

Hansen, Lars Peter, Uncertainty Outside and Inside Economic Models (July 30, 2014). Journal of Political Economy, Forthcoming, Becker Friedman Institute for Research in Economics Working Paper No. 2014-06, Available at SSRN: https://ssrn.com/abstract=2474227

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