This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of … JMG's ideas of self-fulfilling mistakes. Some of our learning-to-forecast laboratory experiments with human subjects have …

above the expected growth rate of the economy and when thegovernment has a lifetime perspective of the risk exposure. The …

We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the … increases with risk aversion and financial market uncertainty. We find that it is likely that mandatory participation is … necessary to sustain a funded pension pillar and to let participants benefit from intergenerational risk sharing. …

This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in … thus lowers the benefits of risk-sharing. Higher illiquidity then may justify higher levels of risk sharing to compensate …

Different theories of expectation formation and learning usually yield different outcomes for realized market prices in … dynamic models. The purpose of this paper is to investigate expectation formation and learning in a controlled experimental …

We study social learning in a social network setting where agents receive independent noisy signals about the truth …