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"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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Exlpore more Expectation quotes
"Long ago, before I had ever seen a diamond, I read about them and I tried to imagine what they would be like ... When I saw a real diamond in a lady's ring one day I was so disappointed I cried. Of course, it was very lovely but it wasn't my idea of a diamond."
"Everyone wants everyone to be perfect for them, but they don't want themselves to be perfect for others..."
"Expectation wasn't just about what people expected of you. It was about what you expected of yourself."
"Expectations hurt, be it sorry, be it thank you."
"Assuming what people want is about as controlled as using fireworks to start a fire."
"I can establish the expectation of retributive justice. Have we done that? No."
"We live in an era of revolution, the revolution of rising expectations."
"Don't live down to expectations. Go out there and do something remarkable."
"The school was prone to dishing out punishments for anything creative that didn't fit with expectation - I just followed the logic and figured the folk club was probably much the same."
Explore more quotes by Thomas J. Sargent
"There was a danger that skeptics and opponents would misread those likelihood ratio tests as rejections of an entire class of models, which of course they were not."
"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."
"The first and most optimistic response was complete rational expectations econometrics. A rational expectations equilibrium is a likelihood function. Maximize it."
"In the 1980s, there were occasions when it made sense to say, 'it is too difficult to maximize the likelihood function, and besides if we do, it will blow our model out of the water.'"
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