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Expectations in Experiments
Wagener, Florian - In: Annual Review of Economics 6 (2014) 1, pp. 421-443
The rational expectations hypothesis is one of the cornerstones of current economic theorizing. This review discusses a number of experiments that focus on expectation formation by human subjects in a number of learning-to-forecast experiments and analyzes the implications for the rational...
Persistent link: https://www.econbiz.de/10010886204
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Expectation Formation and Monetary DSGE Models: Beyond the Rational Expectations Paradigm
Milani, Fabio; Rajbhandari, Ashish - Department of Economics, University of California-Irvine - 2012
Empirical work in macroeconomics almost universally relies on the hypothesis of rational expectations. This paper departs from the literature by considering a variety of alternative expectations formation models. We study the econometric properties of a popular New Keynesian monetary DSGE model...
Persistent link: https://www.econbiz.de/10010959982
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Monetary Policy with Imperfect Knowledge
Williams, Athanasios Orphanides amd John - Society for Computational Economics - SCE - 2001
This paper studies the formulation of monetary policy in a changing environment when knowledge regarding some aspects of the structure of the economy is imperfect and an adaptive learning technology is available to the policymaker and economic agents. As a benchmark, we develop a simple model of...
Persistent link: https://www.econbiz.de/10005170604
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Experiments on predictions
Brennscheidt, Gunnar - University of Bonn, Germany
Persistent link: https://www.econbiz.de/10005028369
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Expectations in Experiments
Wagener, Florian - Tinbergen Instituut - 2013
The rational expectations hypothesis is one of the cornerstones of current economic theorising. This review discusses a number of experiments that focus on expectation formation by human subjects and analyses the implications for the rational expectations hypothesis. The experiments show that...
Persistent link: https://www.econbiz.de/10011257595
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Wirtschaftsnobelpreis 1995 für Robert E. Lucas
Schreiber, Carsten - In: ifo Dresden berichtet 02 (1995) 06, pp. 34-35
Der Bericht stellt den Wirtschaftsnobelpreis 1995 für Robert E. Lucas zur Diskussion. Dabei wird die Entwicklung der Forschungsinhalte des Preisträgers gewürdigt. Bekanntgeworden ist Robert Lucas in den siebziger Jahren neben der Übertragung der rationalen Erwartungen auf die Makroökonomik...
Persistent link: https://www.econbiz.de/10005037085
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Risk and Choice: A Research Saga
Gollier, Christian; Hammitt, James; Treich, Nicolas - Institut d'Économie Industrielle (IDEI), Toulouse … - 2013
As in any research field, risk theory has its important questions, results, and paradoxes, as well as its seminal … papers and key authors. Louis Eeckhoudt has been a key author in the field of risk theory. To celebrate his many … contributions to the literature, and provides some illustrations of the remarkable research saga in risk theory over the last 50 …
Persistent link: https://www.econbiz.de/10010968958
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Buying and selling price for risky lotteries and expected utility theory with gambling wealth
Lewandowski, Michal - In: Journal of Risk and Uncertainty 48 (2014) 3, pp. 253-283
I analyze two expected utility models which abandon the consequentialist assumption of terminal wealth positions. In the expected utility of gambling wealth model, in which initial wealth is allowed to be small, I show that a large WTA/WTP gap is possible and the (Rabin in Econometrica, 68(5),...
Persistent link: https://www.econbiz.de/10010987818
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Risk and choice: A research saga
Gollier, Christian; Hammitt, James; Treich, Nicolas - In: Journal of Risk and Uncertainty 47 (2013) 2, pp. 129-145
The economic theory of decision making under risk has seen remarkable advances over the 50 years since Pratt’s (1964 …
Persistent link: https://www.econbiz.de/10010987821
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Estimating individual and group preference functionals using experimental data
Morone, A.; Morone, P. - In: Theory and Decision 77 (2014) 3, pp. 403-422
experimental data. We investigate if there is a risky choice theory that fits group decisions better than alternative theories, and …
Persistent link: https://www.econbiz.de/10010988769