abstract: In the last decade a large literature on heterogeneous expectation models, especially in finance but more recently also in macro, has been developing. This paper summarizes recent evidence from ``learning to forecast'' laboratory experiments with human subjects. Are individual expectations heterogeneous or do subjects learn to coordinate on a common prediction rule? How do individual expectations interact and which aggregate outcome do they co-create? In particular, we will discuss whether the experimental evidence justifies a heterogeneous expectations hypothesis.
hommes