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Expectations Data in Structural Microeconomic Models

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Abstract

A growing literature uses now widely available data on beliefs and expectations in the estimation of structural models. In this chapter, we review this literature, with an emphasis on models of individual and household behavior. We first show how expectations data have been used to relax strong assumptions about beliefs and outline how they can be used in estimation to substitute for, or as a complement to, data on choices. Next, we discuss the literature that uses different types of expectations data in the estimation of structural models. We conclude by noting directions for future research.

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  • Gizem Koşar & Cormac O'Dea, 2022. "Expectations Data in Structural Microeconomic Models," Staff Reports 1018, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednsr:94270
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    2. Maximilian Blesch & Philipp Eisenhauer & Peter Haan & Boryana Ilieva & Annekatrin Schrenker & Georg Weizsäcker, 2023. "Biased Wage Expectations and Female Labor Supply," Rationality and Competition Discussion Paper Series 411, CRC TRR 190 Rationality and Competition.

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    More about this item

    Keywords

    expectations data; beliefs; household surveys; structural models; hypotheticals; choice expectations; stated-preference data;
    All these keywords.

    JEL classification:

    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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