We use novel survey data to estimate how personal experiences affect household expectations about aggregate economic … systematically extrapolate from recent locally experienced home prices when asked for their expectations about US house price changes … distribution over expected future national house price movements. We find similar results for labor market expectations, where we …

This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of …

, while they are in line with recent models that focus on anger as the result of the frustration of expectations. …

, while they are in line with recent models that focus on anger as the result of the frustration of expectations. …

How do households adjust their spending behavior in response to changes in home price expectations? We conduct a field … experiment with a sample of Americans that links survey data on home price expectations to actual spending behaviour as measured … in a rich home-scanner dataset. In the experiment we exogenously vary households' home price expectations by providing …

We study the effect of communicating student-specific teacher expectations on academic performance. We randomize … whether students (a) receive high-performance expectations, (b) are additionally paired with a classmate for encouragement, (c …) receive information about past performance, or (d) receive no message. Expectations increase math scores by 0.19σ, with …

We study the emergence of bubbles in a laboratory experiment with large groups of individuals. The realized price is … the aggregation of the forecasts of a group of individuals, with positive expectations feedback through speculative demand … findings are: (i) large asset bubbles occur in large groups, (ii) information contagion through news affects behaviour and may …

, recurring bubbles arise, where the price is 3 times larger than the fundamental value, which were not seen in former experiments. …

We experimentally investigate how price expectations are formed in a large asset market where subjects' only task is to … forecast the future price of a risky asset. The realized prices depend on these expectations. We observe small (6 participants …". We observe both stable markets and large bubbles for both small and large markets. The data analysis shows no differences …

, recurring bubbles arise, where the price is 3 times larger than the fundamental value, which were not seen in former experiments …