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 …

The paper proves that the Bayesian approach to learning and expectations formation implies no propositions that could … observations, and the assumption of Bayesian rationality. Since no betting strategy is irrational, Bayesianism is useless as a …

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 …

This paper evaluates how the way agents weight information when forming expectations can affect the econometric … lead to substantial biases to estimates of expectations relevance for inflation, and (ii) that these biases can spill over …

realistic expectations later on. This paper shows that the costs induced by high aspirations are not trivial. We first develop a … evidence from a lab experiment on the factor found to be crucial: the adjustment of reference states to changes in expectations …

realistic expectations later on. This paper shows that the costs induced by high aspirations are not trivial. We first develop a … evidence from a lab experiment on the factor found to be crucial: the adjustment of reference states to changes in expectations …

candidate is expectations: what people expect could affect how they feel about what actually occurs. In a real-effort experiment …, we manipulate the rational expectations of subjects and check whether this manipulation influences their effort provision …-based reference-dependent preferences: if expectations are high, subjects work longer and earn more money than if expectations are low. …

candidate is expectations: what people expect could affect how they feel about what actually occurs. In a real-effort experiment …, we manipulate the rational expectations of subjects and check whether this manipulation influences their effort provision …-based reference-dependent preferences: if expectations are high, subjects work longer and earn more money than if expectations are low. …