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The Robbins – Monro Algorithm: an Application in Macroeconomics

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  • Amaresh Das

Abstract

The paper is a journey into the dilemmas faced by economists attempting to justify and expand the scope of the theory in the direction of bounded rationality. The Robbins-Monro Algorithm that introduces stochastic approximation could be applied to more rational decisions making. Some of the methodological issues regarding the construction of new models on hypothesis other than that of rationality are discussed.

Suggested Citation

  • Amaresh Das, 2014. "The Robbins – Monro Algorithm: an Application in Macroeconomics," International Journal of Financial Economics, Research Academy of Social Sciences, vol. 2(3), pages 122-128.
    • Handle: RePEc:rss:jnljfe:v2i3p3
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