Expectations Data in Structural Microeconomic Models

Gizem Kosar and Cormac O'Dea

No 1018, Staff Reports from Federal Reserve Bank of New York

Abstract: A growing literature uses now widely available data on beliefs and expectations in the estimation of structural models. In this chapter, we review this literature, with an emphasis on models of individual and household behavior. We first show how expectations data have been used to relax strong assumptions about beliefs and outline how they can be used in estimation to substitute for, or as a complement to, data on choices. Next, we discuss the literature that uses different types of expectations data in the estimation of structural models. We conclude by noting directions for future research.

Keywords: expectations data; beliefs; household surveys; structural models; hypotheticals; choice expectations; stated-preference data (search for similar items in EconPapers)
JEL-codes: C13 C51 D83 D84 (search for similar items in EconPapers)
Pages: 39
Date: 2022-05-01
New Economics Papers: this item is included in nep-ecm
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Citations: View citations in EconPapers (1)

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Working Paper: Expectations Data in Structural Microeconomic Models (2022)
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