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Different theories of expectation formation and learning usually yield different outcomes for realized market prices in … dynamic models. The purpose of this paper is to investigate expectation formation and learning in a controlled experimental …
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This paper develops a theory of expectations-driven business cycles based on learning. Agents have incomplete knowledge … series is captured, unlike in standard models. Inherited from real business cycle theory, the benchmark model suffers a …
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triggers large asset-price jumps. We show that the learning choice is critically determined by preference parameters and the …
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This paper develops a theory of expectations-driven business cycles based on learning. Agents have incomplete knowledge … series is captured, unlike in standard models. Inherited from real business cycle theory, the benchmark model suffers a …
Persistent link: https://www.econbiz.de/10012464466