{"title":"Roman Frydman","description":null,"products":[{"product_id":"imperfect-knowledge-economics-book-roman-frydman-9780691121604","title":"Imperfect Knowledge Economics","description":"Posing a challenge to economic orthodoxy, this title asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. It argues that longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior.","brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":49576999026961,"sku":"GOR006254666","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ GOOD \/ SBYB","offer_id":50356970684689,"sku":"CIN0691121605G","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0691121605.jpg?v=1751447022"},{"product_id":"privatization-process-in-russia-ukraine-and-the-baltic-states-book-roman-frydman-9781858660011","title":"Privatization Process in Russia, Ukraine and the Baltic States","description":"In this work, comprehensive comparative information on five former Soviet republics has been collected by teams of researchers from both within the region and from the West. Following an introduction to the economic environment in each country, it provides an overview of the privatization process, including an account of the legal framework of ownership, institutions for state regulation, an overview of privatization programmes and the initial transformation of enterprises. A key feature of the book is the authors' access to hitherto unavailable information and their ability to present a vast amount of material in an easily available format. Aimed at policy makers and business people, the work should provide a strong foundation for future research.","brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":49602482143505,"sku":"GOR009384695","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ VERY_GOOD \/ SBYB","offer_id":51331534618897,"sku":"CIN1858660017VG","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/1858660017.jpg?v=1751281290"},{"product_id":"privatization-in-eastern-europe-book-roman-frydman-9781858660042","title":"Privatization in Eastern Europe","description":"These six papers deal with a variety of aspects of mass privatization. Previously published in less accessible form, they have been brought up to date and a final chapter has been added to provide a coherent account of the problems and opportunities that privatization on such a scale produces.","brand":"WoB","offers":[{"title":"US \/ VERY_GOOD \/ SBYB","offer_id":49799132119313,"sku":"CIN1858660041VG","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/1858660041.jpg?v=1763040035"},{"product_id":"beyond-mechanical-markets-book-roman-frydman-9780691145778","title":"Beyond Mechanical Markets","description":"In the wake of the global financial crisis that began in 2007, faith in the rationality of markets has lost ground to a new faith in their irrationality. The problem, Roman Frydman and Michael Goldberg argue, is that both the rational and behavioral theories of the market rest on the same fatal assumption - that markets act mechanically and economic change is fully predictable. In \"Beyond Mechanical Markets\", Frydman and Goldberg show how the failure to abandon this assumption hinders our understanding of how markets work, why price swings help allocate capital to worthy companies, and what role government can and can't play. The financial crisis, Frydman and Goldberg argue, was made more likely, if not inevitable, by contemporary economic theory, yet its core tenets remain unchanged today. In response, the authors show how imperfect knowledge economics, an approach they pioneered, provides a better understanding of markets and the financial crisis. Frydman and Goldberg deliver a withering critique of the widely accepted view that the boom in equity prices that ended in 2007 was a bubble fueled by herd psychology. They argue, instead, that price swings are driven by individuals' ever-imperfect interpretations of the significance of economic fundamentals for future prices and risk. Because swings are at the heart of a dynamic economy, reforms should aim only to curb their excesses. Showing why we are being dangerously led astray by thinking of markets as predictably rational or irrational, Beyond Mechanical Markets presents a powerful challenge to conventional economic wisdom that we can't afford to ignore.","brand":"WoB","offers":[{"title":"US \/ GOOD \/ SBYB","offer_id":50357610643729,"sku":"CIN0691145776G","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ LIKE_NEW \/ INTERNAL","offer_id":51158216048913,"sku":"GOR014190098","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ VERY_GOOD \/ SBYB","offer_id":53262278983953,"sku":"CIN0691145776VG","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0691145776.jpg?v=1751361049"},{"product_id":"jenseits-rationaler-markte-die-neue-marktwirtschaft-nach-keynes-und-hayek-book-roman-frydman-9783527506651","title":"Jenseits rationaler Markte - Die neue Marktwirtschaft nach Keynes und Hayek","description":"Frydman und  Goldberg glauben nicht an die Rationalität der Märkte und haben deshalb ein neues Erklärungsmodell für Marktveränderungen entwickelt.  Volkswirtschaftliche Modelle gehen davon aus, dass der Markt vollkommenes Wissen besitzt. Dass sich deshalb die Kurse auf den Finanzmärkten wie von einer unsichtbaren Hand gelenkt immer wieder in ein Gleichgewicht einpendeln.  Alle volkswirtschaftlichen Modelle basieren auf der sog. ceteris paribus Bedingung: \"unter sonst gleichen Bedingungen\" , d.h. in einem Experiment wird immer nur eine Einflussgröße verändert, während alle anderen konstant gehalten werden, um genau deren Einfluss bestimmen zu können. Doch in der Realität müssen wir ständig mit unvorhergesehenen Ereignissen, also mit Unsicherheit rechnen. Dies kann zu einem Versagen dieser volkswirtschaftlichen Modelle führen.  Das Entstehen von Spekulationsblasen lässt aber an der Rationalität der Märkte zweifeln. Volkswirtschaftliche Modelle sind eben nur bedingt geeignet, die Zukunft vorherzusagen.  Und hier setzen Frydman und Goldberg an.  Sie haben die sog. Ökonomie des unvollkommenen Wissens (Imperfect Knowledge Economics Ansatz) entwickelt. Dieser stellt unvorhergesehene Veränderungen und unvollkommenes Wissen ins Zentrum der ökonomischen Analyse und ermöglicht es, Reformvorschlägen und einen neuen Handlungsrahmen für staatliche Regelungen zu entwickeln und somit rechtzeitig auf den Finanzmärkten einzugreifen, bevor alles einbricht.","brand":"WoB","offers":[{"title":"- \/ - \/ INTERNAL","offer_id":52386211037457,"sku":null,"price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ GARDNERS","offer_id":52386211266833,"sku":"NGR9783527506651","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783527506651.jpg?v=1758321445"},{"product_id":"individual-forecasting-and-aggregate-outcomes-book-roman-frydman-9780521310956","title":"Individual Forecasting and Aggregate Outcomes","description":"Growing out of a conference on Expectations Formation and Economic Disequilibrium held in New York City in 1981, the papers in this volume provide a complex view of market processes in which individual rationality is no guarantee of convergence to the 'correct' model and the equilibrium coordination of agents' plans. 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