The Heterogeneous Expectations Hypothesis: Some Evidence from the Lab

Cars Hommes

No 10-06, CeNDEF Working Papers from Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance

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 forecasts. Emphasis is given to how individual forecasting rules interact at the micro level and which structure they co-create at the aggregate, macro level. In particular, we focus on the question wether the evidence from laboratory experiments is consistent with heterogeneous expectations.

Date: 2010
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Citations: View citations in EconPapers (9)

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Journal Article: The heterogeneous expectations hypothesis: Some evidence from the lab (2011)
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