Who is Learning From Whom? A Study of Households Forming Expectations in the US and UK
AbstractThe present paper outlines a theoretical model of agent-based learning. An agent ‘anchors’ his subjective expectations (or forecasts) to another agent’s subjective expectations. The former believes the latter has a better information set and, therefore, able to make better subjective expectations. The dynamic learning model is the basis of the empirical analysis. We investigate how households in the US and UK form their expectations. More specifically: who learns from whom? We find that the US household’s forecasts follow UK household when forming their forecasts.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by Department of Economics, University of Birmingham in its series Discussion Papers with number 06-01.
Length: 28 pages
Date of creation: Jan 2006
Date of revision:
expectations formation; beliefs; reference points; absorbing information; agent-based modeling.;
Find related papers by JEL classification:
- D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
You can help add them by filling out this form.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Colin Rowat).
If references are entirely missing, you can add them using this form.