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Expectations in Experiments


  • Wagener, F.O.O.

    (University of Amsterdam)


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

Suggested Citation

  • Wagener, F.O.O., 2013. "Expectations in Experiments," CeNDEF Working Papers 13-07, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
  • Handle: RePEc:ams:ndfwpp:13-07

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    Cited by:

    1. Le Van, Cuong & Navrouzoglou, Paulina & Vailakis, Yiannis, 2019. "On endogenous formation of price expectations," Games and Economic Behavior, Elsevier, vol. 115(C), pages 436-458.

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    JEL classification:

    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations


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