The heterogeneous expectations hypothesis: Some evidence from the lab
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| Publication date | 2011 |
| Journal | Journal of Economic Dynamics & Control |
| Volume | Issue number | 35 | 1 |
| Pages (from-to) | 1-24 |
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| Abstract | This paper surveys learning-to-forecast experiments (LtFEs) with human subjects to test theories of expectations and learning. Subjects must repeatedly forecast a market price, whose realization is an aggregation of individual expectations. Emphasis is given to how individual forecasting rules interact at the micro-level and which structure they cocreate at the aggregate, macro-level. In particular, we focus on the question wether the evidence from laboratory experiments is consistent with heterogeneous expectations. |
| Document type | Article |
| Language | English |
| Published at | https://doi.org/10.1016/j.jedc.2010.10.003 |
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