The article refers to a definition of globalisation in three perspectives, namely the development of territorial boarders and in particular the redefinition of regions, the development of the division of labour and distribution of power, and the changed role of culture. The latter is thereby not...

We propose a general framework for studying the evolution ofheterogeneous beliefs in a dynamic feedback setting. Beliefsdistributions are defined on a continuous space representingthe possible strategies agents can choose from. Agents base theirchoices on past performances. As new information...

We propose a new framework for studying the evolution of heterogeneous beliefs in a dynamic feedback setting. Beliefs distributions are defined on a beliefs space representing a continuum of possible strategies agents can choose from. Agents base their choices on past performances, re-evaluating...

Limited memory capacity, retrieval constraints and anchoring are central to expectation formation processes. We develop a model of adaptive expectations where individuals are able to store only a finite number of past experiences of a stochastic state variable. Retrieval of these experiences is...

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...

A recent paper in Management Science titled "Fortune Favors the Prepared Firm" (Cohen and Levinthal [Cohen, W. M., D. A. Levinthal. 1994. Fortune favors the prepared firm. Management Sci. 40(2) 227--251.]) is a pioneering work insofar as it introduces the concept of a firm's absorptive...

Models of dismissals of sports executives frequently ignore the development of expectations regarding performance. The author explores the interplay between these expectations and the coach's tenure by examining dismissals of college football head coaches from 1983 to 2006. Using a discrete-time...

Abstract. In the 1980s and at beginning of the 1990s the debate on expectation formation mechanism was dominated by the rational expectation hypothesis. Later on, more interest was directed towards alternative approaches to expectations analysis, mainly based on the bounded rationality paradigm...

The study at hand deals with the expectations of professional analysts and novices in the context of foreign exchange markets. We analyze the respective forecasting accuracy and our results indicate that there exist substantial differences between professional forecasts and judgmental forecasts...