The Grunberg/Modigliani and Simon possibility theorem: A social psychological critique

@inproceedings{Henshel1995TheGA,
  title={The Grunberg/Modigliani and Simon possibility theorem: A social psychological critique},
  author={Richard L. Henshel},
  year={1995}
}
Abstract The venerable “possibility theorem” of Grunberg and Modigliani (1954) and Simon (1954) continues to excite interest, not only in its original domainwhether or not self-altering prophecies automatically rule out accurate social and economic prediction—but, more recently, as a supposed precursor of rational expectations theory. It has survived several attacks on its logic and mathematics. The present critique focuses on the expressly stated assumption —essential for the theorem—that the… CONTINUE READING

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