The economic hypothesis of “rational expectations” suggests that outcomes depend on people’s expectations, which are influenced by past situations and available information. It considers the general public an important economic actor and assumes people act to maximize profits. It contrasts with the concept of “adaptive expectations,” which suggests people gradually adapt after a given situation. […]
Rational Unified Process (RUP) is a web-enabled process used in software development. It provides tools for defining code, determining the final product, creating documents, and more. RUP has four stages: initial, processing, elaboration, and transition. Prototypes and models help guide the programmer through each phase. A Rational Unified Process, or RUP, is a common strategy […]
A rational agent is a computer program that makes independent decisions to achieve goals, using information about its environment. The complexity of the agent depends on the task, and success is measured by the outcome. Rational agents are not omniscient and cannot predict every outcome. Programming courses teach students to create rational agents, which can […]
The rational basis test is used by US judges to determine if a law is constitutional. It is the lowest level of scrutiny and usually favors the legislator. Plaintiffs must prove discrimination and arbitrariness. Legitimate discrimination may cause the test to favor the plaintiff. Rational basis is the scrutiny standard used by judges in the […]
Rational expectations is an economic hypothesis that suggests people’s expectations of future outcomes heavily influence current outcomes. It assumes individuals learn and adapt quickly to economic situations, and their actions shape the outcome. The theory also considers the general public as important economic agents. “Rational expectations” is the name of a hypothesis in economics which […]
