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Coordination of Expectations in Asset Pricing Experiments

Hommes, Cars; Sonnemans, Joep; Tuinstra, Jan; van de … - 2003

We investigate expectation formation in a controlled experimental en-vironment. Subjects are asked to predict the price in a standard asset pricingmodel. They do not have knowledge of the underlying market equilibrium equa-tions, but they know all past realized prices and their own predictions....

Persistent link: https://www.econbiz.de/10010324831

Individual Expectations and Aggregate Macro Behavior

Assenza, Tiziana; Heemeijer, Peter; Hommes, Cars; … - 2013

The way in which individual expectations shape aggregate macroeconomic variables is crucial for the transmission and … effectiveness of monetary policy. We study the individual expectations formation process and the interaction with monetary policy … heterogeneous expectations model with a performance-based evolutionary selection among heterogeneous forecasting heuristics to the …

Persistent link: https://www.econbiz.de/10010326142

From self-fulfilling mistakes to behavioral learning equilibria

Hommes, Cars - 2017

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 …

Persistent link: https://www.econbiz.de/10011662516

Individual Expectations and Aggregate Macro Behavior

Assenza, Tiziana; Heemeijer, Peter; Hommes, Cars; … - Tinbergen Instituut - 2013

Persistent link: https://www.econbiz.de/10011257145

Coordination of Expectations in Asset Pricing Experiments

Hommes, Cars; Sonnemans, Joep; Tuinstra, Jan; Velden, … - Tinbergen Instituut - 2003

Persistent link: https://www.econbiz.de/10011257391

Coordination of Expectations in Asset Pricing Experiments

Hommes, Cars; Sonnemans, Joep; Tuinstra, Jan; Velden, … - Tinbergen Institute - 2003

expectations. Each market is populated by six subjects and a small fraction of fun- damentalist traders. Realized prices differ …

Persistent link: https://www.econbiz.de/10005137028

What People Believe about Monetary Finance and What We Can('t) Do about It: Evidence from a Large-Scale, Multi-Country Survey Experiment

Hommes, Cars; Pinter, Julien; Salle, Isabelle - 2023

inflation and tax expectations associated to these policies. …

Persistent link: https://www.econbiz.de/10014377548

Individual Expectations and Aggregate Macro Behavior

Assenza, Tiziana; Heemeijer, Peter; Hommes, Cars; … - de Nederlandsche Bank - 2011

The way in which individual expectations shape aggregate macroeconomic variables is crucial for the transmission and … effectiveness of monetary policy. We study the individual expectations formation process and the interaction with monetary policy … heterogeneous forecasting heuristics, to explain coordination of individual expectations and aggregate macro behavior observed in …

Persistent link: https://www.econbiz.de/10009144151

Individual expectations and aggregate behavior in learning to forecast experiments

Hommes, Cars; Lux, Thomas - 2008

propose genetic algorithms as a model for individual expectations to explain aggregate market phenomena. The model explains …

Persistent link: https://www.econbiz.de/10010263533

Heterogeneous Agent Models: Two Simple Case Studies

Hommes, Cars - 2005

These notes review two simple heterogeneous agent models in economics and finance. The first is a cobweb model with rational versus naive agents introduced in Brock and Hommes (1997). The second is an asset pricing model with fundamentalists versus technical traders introduced in Brock and...

Persistent link: https://www.econbiz.de/10010325164