The randomness of rational expectations: a perspective on Sargent's early incentivesFootnote^*

^*I am very thankful to Kenneth Arrow, Orazio Attanasio, John Dupre, Timothy Lenoir, Philip Mirowski, and an anonymous referee for helpful comments. I would like to thank participants of seminars at Michigan State University, University of Notre Dame, Stanford University, and Tinbergen Institute for helpful discussions. I am very grateful to Robert Blattberg, Deirdre McCloskey, John Meyer. Richard Roll, Thomas Sargent, and Neil Wallace for spending some time answering my questions.

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