Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/87266
Authors: 
Wagener, Florian
Year of Publication: 
2013
Series/Report no.: 
Tinbergen Institute Discussion Paper 13-125/II
Abstract: 
The rational expectations hypothesis is one of the cornerstones of current economic theorising. This review discusses a number of experiments that focus on expectation formation by human subjects and analyses the implications for the rational expectations hypothesis. The experiments show that most agents are weakly rational and that their expectations coordinate quickly; but the strong rational expectations hypothesis poorly describes the expectational dynamics and is outperformed by other hypotheses.
Subjects: 
Rational expectations
expectation formation
laboratory experiments
human subjects
JEL: 
D84
Document Type: 
Working Paper

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