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Evolution and Market Behavior in Economics and Finance

The Heterogeneous Expectations Hypothesis: Some Evidence from the Lab

speaker: Cars Hommes (CeNDEF, University of Amsterdam)

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.

timetable:
Fri 2 Oct, 11:30 - 12:30, Aula 3
documents:

hommes

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