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Institut für Weltwirtschaft (IfW), Kiel >
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http://hdl.handle.net/10419/24861
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| Title: | | Individual expectations and aggregate behavior in learning to forecast experiments  |
| Authors: | | Hommes, Cars Lux, Thomas |
| Issue Date: | | 2008 |
| Citation: | | [Series:] Kiel working paper [No.:] 1466 [Editor:] Kiel Inst. for the World Economy, Kiel |
| Series/Report no.: | | Kiel working paper 1466 |
| Abstract: | | Models with heterogeneous interacting agents explain macro phenomena through interactions at the micro level. We propose genetic algorithms as a model for individual expectations to explain aggregate market phenomena. The model explains all stylized facts observed in aggregate price fluctuations and individual forecasting behaviour in recent learning to forecast laboratory experiments with human subjects (Hommes et al. 2007), simultaneously and across different treatments. |
| Subjects: | | Learning heterogeneous expectations genetic algorithms experimental economics |
| JEL: | | C91 C92 D83 D84 E3 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Kieler Arbeitspapiere, IfW Economists Online
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