Inferential expectations
We propose that the formation of beliefs be treated as statistical hypothesis tests, and we label such beliefs inferential expectations. If a belief is overturned through the build-up of evidence, agents are assumed to switch to the rational expectation. Thus, rational expectations is a special case...
| Hlavní autoři: | , |
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| Médium: | Working paper |
| Vydáno: |
University of Oxford
2004
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