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organize data well in previous experiments meant to test other concepts. This experiment provides the first systematic test of …
Persistent link: https://www.econbiz.de/10011256353
the size of credible deviations. In our experiment, we find support for the relevance of credible deviations. In addition …
Persistent link: https://www.econbiz.de/10011256700
In the past, many refinements have been proposed to select equilibria in cheap talk games. Usually, these refinements were motivated by a discussion of how rational agents would reason in some particular cheap talk games. In this paper, we propose a new refinement and stability measure that is...
Persistent link: https://www.econbiz.de/10011257267
by an experiment. Finally, we show how partial information transmission can lead to communication failure, and show how …
Persistent link: https://www.econbiz.de/10011256036
likely not to result in interdependent voting behaviour.Therefore, and in contrast to earlier literature, we find that …
Persistent link: https://www.econbiz.de/10011256224
Rational expectations assumes perfect, model consistency between beliefs and market realizations. Here we discuss behaviorally rational expectations, characterized by an observable, parsimonious and intuitive form of consistency between beliefs and realizations. We discuss three case-studies....
Persistent link: https://www.econbiz.de/10011255795
We discuss recent work on bounded rationality and learning in relation to Soros' principle of reflexivity and stress the empirical importance of non-rational, almost self-fulfilling equilibria in positive feedback systems. As an empirical example, we discuss a behavioral asset pricing model with...
Persistent link: https://www.econbiz.de/10011255872
voting, where voters choose from three options. We are interested in the occurrence of strategic voting in an environment … experimental data. Our results indeed show that strategic voting arises, the extent of which depends on (i) the availability of … results show that information serves as a coordination device where strategic voting does not harm the plurality …
Persistent link: https://www.econbiz.de/10011255903
This discussion paper led to a publication in the 'European Economic Review' (2013). Vol. 61, pp. 186-204.<P> Rational Expectations (RE) models have two crucial dimensions: 1) agents correctly forecast future prices given all available information, and 2) given expectations, agents solve...</p>
Persistent link: https://www.econbiz.de/10011256912
whether the market can learn the rational fundamental price. We present an experiment where the fundamental price experiences …
Persistent link: https://www.econbiz.de/10011257529