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.
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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
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