Hommes, C.H.; Sonnemans, J.H.; Tuinstra, J.; Velde, H. … - Tinbergen Instituut - 2003
from individual expectations. Subjects have no information about underlying market equilibrium equations, but can learn by … stable treatment, rational expectations (RE) yield a good description of observed aggregate price fluctuations: prices remain …, agents' forecasts are boundedly rational in the sense that fluctuations in aggregate prices are unpredictable and exhibit no …