Individual Expectations and Aggregate Behavior in Learning-to-Forecast Experiments
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comunitat-uji-handle2:10234/8643
comunitat-uji-handle3:10234/8644
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INVESTIGACIONMetadata
Title
Individual Expectations and Aggregate Behavior in Learning-to-Forecast ExperimentsDate
2013Publisher
Cambridge University PressISSN
1365-1005; 1469-8056Type
info:eu-repo/semantics/articleVersion
info:eu-repo/semantics/publishedVersionAbstract
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. ... [+]
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. [-]
Is part of
Macroeconomic Dynamics (2013) 17(2) , pp 373-401Rights
Copyright © Cambridge University Press 2011
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- ECO_Articles [693]