The heterogeneous expectations hypothesis: Some evidence from the lab

Cars Hommes

Journal of Economic Dynamics and Control, 2011, vol. 35, issue 1, 1-24

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.

Keywords: Heterogeneous; expectations; Bounded; rationality; Learning; Heuristics; switching (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (354)

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Working Paper: The Heterogeneous Expectations Hypothesis: Some Evidence from the Lab (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:dyncon:v:35:y:2011:i:1:p:1-24

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