In auctions bidders are usually assumed to have rational expectations with regards to their winning probability …. However, experimental and empirical evidence suggests that agent's expectations depend on direct utility stemming from … expectations, resulting in optimism or pessimism. Optimism increases ex ante savoring, while pessimism leads to less disappointment …

Bubbles are omnipresent in lab experiments with asset markets. Most of these experiments were conducted in environments … effect of algorithmic traders we use a design where we manipulate only the expectations of human traders. We find clearly …

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 …

Bubbles are omnipresent in lab experiments with asset markets. But these experiments were (mostly) conducted in … effect algorithmic traders have we use a clean design where we can manipulate only the expectations of human traders. We find …

In this paper, we investigate the joint influence of empirical and normative expectations on cooperative behavior. We … norms under the form of normative and empirical expectations. In a situation where individuals can decide conditionally on … regarding others' behavior, empirical and normative expectations diverge substantially. While individuals believe that …