Hess, Dieter; Orbe, Sebastian - Institut für Finanzmarktforschung, Wirtschafts- und … - 2011
We analyze the quality of macroeconomic survey forecasts. Recent findings indicate that they are anchoring biased. This irrationality would challenge the results of a wide range of empirical studies, e.g., in asset pricing, volatility clustering or market liquidity, which rely on survey data to...
