Roman Frydman

"Early critics pointed out REH’s fundamental epistemological flaws. … They argued that REH, even if viewed as a bold abstraction or approximation, is grossly inadequate for representing how even minima…"

"In the early 1970s,... economists began to embrace the Rational Expectations Hypothesis , according to which market participants’ expectations are “essentially the same as the predictions of the relev…"

"Nowhere have REH’s epistemological flaws and empirical disappointments been more apparent than in efforts to model financial market outcomes, which are largely driven by participants’ expectations. Be…"