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dc.contributor.authorRoos, Michael W. M.en
dc.contributor.authorLuhan, Wolfgang J.en
dc.date.accessioned2008-08-15-
dc.date.accessioned2009-08-06T09:02:16Z-
dc.date.available2009-08-06T09:02:16Z-
dc.date.issued2008-
dc.identifier.isbn978-3-86788-058-9en
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
dc.language.isoengen
dc.publisher|aRheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI) |cEssenen
dc.relation.ispartofseries|aRuhr Economic Papers |x55en
dc.subject.jelD01en
dc.subject.jelD83en
dc.subject.jelD84en
dc.subject.jelB41en
dc.subject.jelC91en
dc.subject.ddc330en
dc.subject.keywordMethodologyen
dc.subject.keywordmacroeconomic experimenten
dc.subject.keywordperceptionsen
dc.subject.keywordoptimizationen
dc.subject.keywordexpectationsen
dc.subject.stwErwartungstheorieen
dc.subject.stwWahrnehmungen
dc.subject.stwMakroökonomiken
dc.subject.stwTesten
dc.titleAs if or What? – Expectations and Optimization in a Simple Macroeconomic Environment-
dc.typeWorking Paperen
dc.identifier.ppn574455396en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:rwirep:55en

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