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 …

The paper moves from a discussion of the challenges posed by the crisis to standard
macroeconomics and the solutions adopted within the DSGE community. Although several …

Since the survey by Windrum et al.(Journal of Artificial Societies and Social Simulation 10: 8,
2007), research on empirical validation of agent-based models in economics has made …

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 …

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 …

Macroeconomic theories have traditionally been tested using nonexperimental field data,
most often national income account data on GDP and its components. This practice follows …

We analyze the individual and macroeconomic impacts of heterogeneous expectations and
action rules within an agent‐based model populated by heterogeneous, interacting firms …