This paper surveys learning-to-forecast experiments (LtFEs) with human subjects to test
theories of expectations and learning. Subjects must repeatedly forecast a market price …

This survey discusses behavioral and experimental macroeconomics, emphasizing a
complex systems perspective. The economy consists of boundedly rational heterogeneous …

Recognising that the economy is a complex system with boundedly rational interacting
agents, the book presents a theory of behavioral rationality and heterogeneous expectations …

This paper reviews the recent development and new findings of the literature on learning-to-
forecast experiments (LtFEs). In general, the stylized finding in the typical LtFEs, namely the …

A large body of empirical evidence suggests that beliefs systematically deviate from perfect
rationality. Much of the evidence implies that economic agents tend to form forecasts that are …

We investigate expectation formation in a controlled experimental environment. Subjects are
asked to predict the price in a standard asset pricing model. They do not have knowledge of …

Financial and economic history is strewn with bubbles and crashes, booms and busts, crises
and upheavals of all sorts. Understanding the origin of these events is arguably one of the …

In recent “learning to forecast” experiments (Hommes et al. 2005), three different patterns in
aggregate price behavior have been observed: slow monotonic convergence, permanent …

The causal effects of central bank communication on economic expectations and their
underlying mechanisms are tested in controlled laboratory experiments. We find that central …

We report results of an Internet experiment designed to test the theory of informational
cascades in financial markets (Christopher Avery and Peter Zemsky, 1998). More than 6,400 …