What Do Rational Expectations Believe? What Is Their Critics' Point

question 105

Essay

What do rational expectations believe? What is their critics' point of view?

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Definitions:

Classical Conditioning

is a learning process where a neutral stimulus becomes associated with a meaningful stimulus, producing a similar response, originally identified by Ivan Pavlov.

Operant Conditioning

A process of teaching in which a behavior's force is adjusted through the use of incentives or consequences.

Reinforcements

In psychology, it refers to anything that strengthens or increases the likelihood of a behavior by following it with a desirable outcome or reward.

Law Of Effect

A principle that states behaviors are selected and reinforced based on their outcomes or effects, leading to the likelihood of that behavior being repeated.