realistic expectations later on. This paper shows that the costs induced by high aspirations are not trivial. We first develop a …The higher our aspirations, the higher the probability that we have to adjust them downwards when forming more … theoretical framework to identify the factors that determine the effect of aspirations on expected utility. Then we present …

The paper introduces the concept of adjustment utility, that is, reference-dependent utility from expectations. It …

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 …, within a standard New Keynesian model, by means of laboratory experiments with human subjects. Three aggregate outcomes are …

This paper proposes a measure of real-time inflation expectations based on metadata, i.e., data about data, constructed … Search Index (GISI) is assessed relative to 37 other indicators of inflation expectations – 36 survey measures and the TIPS … spread. For decades, the academic literature has focused on three measures of inflation expectations: the Livingston Survey …

This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them …

candidate is expectations: what people expect could affect how they feel about what actually occurs. In a real-effort experiment …, we manipulate the rational expectations of subjects and check whether this manipulation influences their effort provision …-based reference-dependent preferences: if expectations are high, subjects work longer and earn more money than if expectations are low. …

We report and analyze the results of a series of classroom experiments on the voluntary provision of public goods …

candidate is expectations: what people expect could affect how they feel about what actually occurs. In a real-effort experiment …, we manipulate the rational expectations of subjects and check whether this manipulation influences their effort provision …-based reference-dependent preferences: if expectations are high, subjects work longer and earn more money that if expectations are low. …