aspects, stakeholder's preferences and long time horizon uncertainty. Relying on the MAMCA methodology developed by Macharis … worst one depending on its performance uncertainty in the long run. The range based MAMCA provides a wide range of possible …

expectations in the sense that any other expectations justifying his choices imply a smaller likelihood for the history he observes … with limited memory, then there are rationally formed expectations equilibria exhibiting an excess volatility that no … rational expectations equilibrium can match. Given that the limited records or finite memory case may arguably be the relevant …

rules and institutions they face. This allows to proxy the bailout expectations in both countries and their role in … determining soft budget spending behaviors. A larger impact of expectations is taken as evidence of greater discretion in fiscal … soft budget constraints and bailing out expectations are a quantitatively important component of local government spending …

This paper is dedicated to the empirical exploration of the welfare effect of expectations and progress per se. Using …

setting, where agents may forecast prices with some private uncertainty. This new model drops both Radner's (1972 …-1979) classical, but restrictive, assumptions of rational expectations and perfect foresight. It deals with sequential financial … equilibrium, when agents, unaware of how equilibrium prices or quantities are determined, are prone to uncertainty between …

form adaptive expectations, based on an evolving individual mental model, their behaviour becomes much more interesting in … indicate that assumptions on bounded rationality, and on adaptive expectations are perfectly compatible with sound and …