Rationality of economic agents belongs to the basic assumptions of neoclassical economic theory, and for decades it has inspired research on whether expectations are indeed formed rationally. Direct data on expectations are available mainly through business tendency surveys which are subject to...

Expectations concerning key economic variables certainly influence decisions undertaken by economic agents. Since assumption of rationality forms the basis of neoclassical economic theory, question of whether expectations of industrial enterprises are indeed formed rationally deserves careful...

Expectations concerning key economic variables certainly influence decisions undertaken by economic agents. Since assumption of rationality forms the basis of neoclassical economic theory, question of whether expectations of industrial enterprises are indeed formed rationally deserves careful...

Rationality of economic agents belongs to the basic assumptions of neoclassical economic theory, and for decades it has inspired research on whether expectations are indeed formed rationally. Direct data on expectations are available mainly through business tendency surveys which are subject to...

Paper compares two major schools of economic thought – neoclassical and evolutionary – from the perspective of keystone assumption: rationality of economic agents. It discusses role of rationality assumption in neoclassical and evolutionary theories; importance of expectations; and...

A method of analyzing rationality of expectations of economic agents, based on contingency tables, is applied to price expectations of Polish industrial enterprises. The source of data are surveys designed by the Economic Development Institute of the Warsaw School of Economics within the...