neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …

neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …

particular violation of the Full Information Rational Expectations hypothesis that requires explanation. In contrast, minor …

Macroeconomic expectations of various economic agents are characterized by substantial cross-sectional heterogeneity …. In this paper, we focus on expectations heterogeneity among professional forecasters. We first present stylized facts and … discuss theoretical explanations for heterogeneous expectations. We then provide an overview of the empirical evidence …

The concept of adaptive rationality as a characteristic of economic behavior viewed in the framework of evolution of … institutions is proposed in the paper. The analysis of the most important approaches to rationality in the economic theory has … allowed identifying the special nature of adaptive rationality and its manifestations at various levels of the economic …

Evolutionary game theory provides a fresh perspective on the prospects that agents with heterogeneous expectations … conditions where agreement on a unique forecast is stable, but also show that persistent heterogeneous expectations can arise if …

The paper explains how workers' expectations of being discriminated against can be self-confirming, accounting for the …