Frydman, Roman; Goldberg, Michael D.; Mangee, Nicholas - In: Economics: The Open-Access, Open-Assessment E-Journal 9 (2015) 2015-24, pp. 1-50
Macroeconomic models that are based on either the rational expectations hypothesis (REH) or behavioral considerations share a core premise: All future market outcomes can be characterized ex ante with a single overarching probability distribution. This paper assesses the empirical relevance of...
