neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …

neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …

Macroeconomic expectations of various economic agents are characterized by substantial cross-sectional heterogeneity …. In this paper, we focus on expectations heterogeneity among professional forecasters. We first present stylized facts and … discuss theoretical explanations for heterogeneous expectations. We then provide an overview of the empirical evidence …

Macroeconomic expectations of various economic agents are characterized by substantial crosssectional heterogeneity …. This chapter focuses on heterogeneity in the expectations among professional forecasters, first presenting stylized facts … and discussing theoretical explanations for heterogeneous expectations, before providing an overview of the empirical …

assumption: rationality of economic agents. It discusses role of rationality assumption in neoclassical and evolutionary theories …; importance of expectations; and perspectives for analyzing them within the framework of evolutionary game theory - namely …