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The Heterogeneous Expectations Hypothesis: Some Evidence from the Lab

  • Hommes, C.H.

    ()

    (University of Amsterdam)

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.

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Paper provided by Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance in its series CeNDEF Working Papers with number 10-06.

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Date of creation: 2010
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Handle: RePEc:ams:ndfwpp:10-06
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