Information, Learning and Expectations in an Experimental Model Economy
Bibliographic Data
| ID | 9721893 |
|---|---|
| Authors | Merethe Roos (0000-0002-5465-9893, Ruhr University Bochum), Michael W M Roos (Ruhr University Bochum), Wolfgang J Luhan (0000-0002-1026-4339, Ruhr University Bochum) |
| Year | 2013 |
| Volume | 80 |
| Issue | 319 |
| Pages | 513-531 |
| Publication date | 2013-07-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/ecca.12003 |
| OpenAlex | W2089296219 |
| Language | EN |
| References cited | 28 |
The experimental ‘learning‐to‐forecast’ literature finds that subjects use simple linear backward‐looking models when forecasting in environments with little to no inout the economic framework. We study the formation of expectations in a laboratory economy of monopolistic firms and labour unions with almost complete knowledge of the model. We observe simple backward‐looking rules, but also a considerable share of model‐based expectations using information on the economic structure. At least for some subjects, expectations are informed by theory. As in the previous literature, we find individual prediction rules to be heterogeneous
Econometrics · Economic model · Economics · Microeconomics · Monetary economics · Monopolistic competition · Real economy · Simple (philosophy) · Auction Theory and Applications · Complex Systems and Time Series Analysis · Experimental Behavioral Economics Studies
Rational Expectations and the Theory of Price Movements
Z-Tree
Judgment under Uncertainty
Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data
Nonexpert beliefs about the macroeconomic consequences of economic and noneconomic events
Experimental Evidence on the Persistence of Output and Inflation
Availability
| Citation velocity | historical |
|---|---|
| Highly cited | No |