Das, Marcel; van soest, arthur - Tilburg University, Center for Economic Research - 2000
maximum likelihood using the Geweke-Hajivassilou-Keane (GHK) method.The hypothesis of rational expectations is rejected … two different nonparametric assumptions on how respondents form their predictions, that respondents have rational … expectations, that there are no common unexpected shocks, and that reported expectations are best predictions of future outcomes …