The heterogeneous expectations hypothesis: Some evidence from the lab
This paper surveys learning-to-forecast experiments (LtFEs) with human subjects to test theories of expectations and learning. Subjects must repeatedly forecast a market price, whose realization is an aggregation of individual expectations. Emphasis is given to how individual forecasting rules interact at the micro-level and which structure they cocreate at the aggregate, macro-level. In particular, we focus on the question wether the evidence from laboratory experiments is consistent with heterogeneous expectations.
Year of publication: |
2011
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Authors: | Hommes, Cars |
Published in: |
Journal of Economic Dynamics and Control. - Elsevier, ISSN 0165-1889. - Vol. 35.2011, 1, p. 1-24
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Publisher: |
Elsevier |
Keywords: | Heterogeneous expectations Bounded rationality Learning Heuristics switching |
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