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dc.contributor.authorRoos, Michael W. M.en_US
dc.contributor.authorLuhan, Wolfgang J.en_US
dc.date.accessioned2008-08-15en_US
dc.date.accessioned2009-08-06T09:02:16Z-
dc.date.available2009-08-06T09:02:16Z-
dc.date.issued2008en_US
dc.identifier.isbn978-3-86788-058-9en_US
dc.identifier.urihttp://hdl.handle.net/10419/26820-
dc.description.abstractIn this paper we report the results of a laboratory experiment, in which we observed the behavior of agents in a simple macroeconomic setting. The structure of the economy was only partially known to the players which is a realistic feature of our experiment. We investigate whether subjects manage to approach optimal behavior even if they lack important information. Furthermore, we analyze subjects' perceptions of the model and whether their behavior is consistent with their perceptions. The full information model predicts changes of employment correctly, but not the level of employment. In the aggregate, subjects have correct perceptions, although individual perceptions are biased. We finally show that deviations from the full information solution are due to optimization failures than than misperceptions.en_US
dc.language.isoengen_US
dc.publisherRWI Essenen_US
dc.relation.ispartofseriesRuhr economic papers 55en_US
dc.subject.jelD01en_US
dc.subject.jelD83en_US
dc.subject.jelD84en_US
dc.subject.jelB41en_US
dc.subject.jelC91en_US
dc.subject.ddc330en_US
dc.subject.keywordMethodologyen_US
dc.subject.keywordmacroeconomic experimenten_US
dc.subject.keywordperceptionsen_US
dc.subject.keywordoptimizationen_US
dc.subject.keywordexpectationsen_US
dc.subject.stwErwartungstheorieen_US
dc.subject.stwWahrnehmungen_US
dc.subject.stwMakroökonomiken_US
dc.subject.stwTesten_US
dc.titleAs if or what?: expectations and optimization in a simple macroeconomic environmenten_US
dc.typeWorking Paperen_US
dc.identifier.ppn574455396en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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Ruhr Economic Papers, RWI

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