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 … JMG's ideas of self-fulfilling mistakes. Some of our learning-to-forecast laboratory experiments with human subjects have …

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 … from individual expectations. Subjects have no information about underlying market equilibrium equations, but can learn by …

roles. First, it provides a boundedly rational model of how rational expectations can be achieved. Secondly, learning acts … as a selection device in models with multiple REE (rational expectations equilibria). Third, the learning dynamics …This chapter provides a survey of the recent work on learning in the context of macroeconomics. Learning has several …

Rational expectations do not require beliefs to be consistent with history and with what agents can conclude from it …. Actually, at a rational expectations equilibrium agents may hold beliefs that explain poorly the history they observe, even … expectations instead —in the sense of following from beliefs that explain history better than any other beliefs justifying their …