Handbook Of Economic Expectations

Expectations lie at the heart of any economic model of decision making under uncertainty. Traditionally, rational, that is, model-internal expectations have been a powerful tool for economic analysis, but increasingly the economics field has engaged in innovative data collection efforts to directly elicit expectations from economic agent. Data on subjective expectations allow us to make progress on fundamental questions around the formation and updating of expectations by economic agents and about the content of their information sets; to study the heterogeneity and potential biases in expectations, analyzing their impact on behavior; and to deepen our understanding of the role expectations play in decision making under uncertainty. This volume aims to discuss the state of the art in the collection, study and use of expectations data in economics, the modeling of expectations formation and updating, as well as open questions and directions for future research. The plan of the volume spans a broad range of fields, approaches and applications. Thus, the volume will position itself as a go-to reference for current and future scholars in this area. Combines information about the creation of economic expectations and their theories, applications, and likely futures Provides a comprehensive summary of economics expectations literature Explores empirical and theoretical dimensions of expectations and their relevance to a wide array of subfields in economics

• | Author: Ruediger Bachmann, Giorgio Topa, Wilbert van der Klaauw
• | Publisher: Academic Press
• | Publication Date: Nov 08, 2022
• | Number of Pages: 1000 pages
• | Language: English
• | Binding: Paperback/Business & Economics
• | ISBN-10: 0128229276
• | ISBN-13: 9780128229279