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

may or may not coordinate on the rational equilibrium outcome. A general finding is that under positive expectations … feedback (strategic complementarity) - where optimistic (pessimistic) expectations can cause a boom (bust) - coordination … by coordination on trend-following behavior leading to (almost-)self-fulfilling equilibria. Heterogeneous expectations …

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 …

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 …

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 …

The adaptive learning approach has been fruitfully employed to model the formation of aggregate expectations at the … macroeconomic level, as an alternative to rational expectations. This paper uses adaptive learning to understand, instead, the … formation of expectations at the micro-level, by focusing on individual expectations and, in particular, trying to account for …

The adaptive learning approach has been fruitfully employed to model the formation of aggregate expectations at the … macroeconomic level, as an alternative to rational expectations. This paper uses adaptive learning to understand, instead, the … formation of expectations at the micro-level, by focusing on individual expectations and, in particular, trying to account for …