The empirical performance of macroeconomic exchange rate models is more than disappointing. This dismal result is also reflected in the forecasting capabilities of professional analysts: all in all, analysts are not in a position to beat native random walk forecasts. The root for this deficient...

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...

Using coordination games, we study whether social norm perception differs between inexperienced and experienced participants in economic laboratory experiments. We find substantial differences between the two groups, both regarding injunctive and descriptive social norms in the context of...