distortions occurring in oligopoly. Specifically, excessive entry is aggravated and the welfare loss due to market power rises …

Subjective expectations about future policy play an important role in individuals' welfare. We examine how workers …' expectations about pension reform vary with proximity to reforms, information cost, and aggregate information acquisition. We …-level representative survey data on expectations about future reforms and country-level data on online search. We find: (1) Expectations …

incentive compatibility and controls for risk attitude considerably affect inferences on errors in expectations … information, and control for risk attitude. We find that the strength-weight bias affects expectations, but that its magnitude is …

In this paper, we build a new test of rational expectations based on the marginal distributions of realizations and … in two different datasets that cannot be matched. We show that whether one can rationalize rational expectations is … expectations that can be rationalized by the data. In the context of structural models, we build on this concept to propose an easy …

individual-level data on return expectations for a broad index and a single stock, we show that portfolio allocations increase … with the skewness of respondents' return expectations for the respective asset, controlling for other moments of a … respondents' expectations and sociodemographic information. We also show that while an individuals' expectations are correlated …

facilitates the formation of common expectations. We disentangle the effect of training from the effect of its public knowledge …

This study examines short-, medium-, and long-run price expectations in housing markets. We derive and test six … hypothesis about the incidence, formation, and relevance of price expectations. To do so, we use data from a tailored household … expectations exhibit mean reversion in the long-run. Moreover, we do not find evidence for biases related to individual housing …