Expectations in Experiments

Florian Wagener

No 13-07, CeNDEF Working Papers from Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance

Abstract: The rational expectations hypothesis is one of the cornerstones of current economic theorising. this review discusses a number of experiments that focus on expectation formation by human subjects and analyses the implications for the rational expectations hypothesis. The experiments show that most agents are weakly rational and that their expectations coordinate quickly; but the strong rational expectations hypothesis poorly describes the expectational dynamics and is outperformed by other hypotheses

Date: 2013
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Journal Article: Expectations in Experiments (2014)
Working Paper: Expectations in Experiments (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:ams:ndfwpp:13-07

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