Individual expectations and aggregate behavior in learning-to-forecast experiments
| Authors |
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| Publication date | 2013 |
| Journal | Macroeconomic Dynamics |
| Volume | Issue number | 17 | 2 |
| Pages (from-to) | 373-401 |
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| Abstract | Models with heterogeneous interacting agents explain macro phenomena through interactions at the micro level. We propose genetic algorithms as a model for individual expectations to explain aggregate market phenomena. The model explains all stylized facts observed in aggregate price fluctuations and individual forecasting behaviour in recent learning-to-forecast laboratory experiments with human subjects (Hommes et al. 2007), simultaneously and across different treatments. |
| Document type | Article |
| Note | Macroeconomic Dynamics, Volume 17, Issue 02, March 2013, pp 373-401. © Cambridge University Press 2011 DOI: http://dx.doi.org/10.1017/S1365100511000162. |
| Language | English |
| Published at | https://doi.org/10.1017/S1365100511000162 |
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