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Review Symposium on Cars Hommes' Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems

A reply to Rosser and Kirman

References

  • Anufriev, M., Assenza, T., Hommes, C. H., & Massaro, D. (2013). Interest rate rules with heterogeneous expectations. Macroeconomic Dynamics, 17, 1574–1604.
  • Assenza, T., Heemeijer, P., Hommes, C. H., & Massaro, D. (2012). Individual expectations and aggregate macro behavior. Amsterdam: Universiteit van Amsterdam. CeNDEF working paper.
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  • Bao, T., Hommes, C., & Makarewicz, T. (2014). Bubble formation and (in)efficient markets in learning-to-forecast and -optimize experiments. Amsterdam: University of Amsterdam. CeNDEF working paper.
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  • Hommes, C. H., & in't Veld, D. (2014). Booms, busts and behavioral heterogeneity in stock prices. Amsterdam: University of Amsterdam. CeNDEF working paper.
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  • Juselius, K. (2013). Imperfect knowledge, asset price swings and structural slumps. In R.Frydman & E. S.Phelps (Eds.), Rethinking expectations: The way forward for Macroeconomics (pp. 328–350). Princeton, NJ: Princeton University Press.
  • Kirman, A. (1983). Mistaken beliefs and resultant equilibria. In R.Frydman & E.Phelps (Eds.), Individual forecasting and collective outcomes. Cambridge: Cambridge University Press.
  • Marimon, R., & Sunder, S. (1993). Indeterminacy of equilibria in a hyperinflationary world: Experimental evidence. Econometrica, 61, 1073–1107.
  • Massaro, D. (2012). Bounded rationality and heterogeneous expectations in macroeconomics (PhD thesis), University of Amsterdam, Amsterdam.
  • Massaro, D. (2013). Heterogeneous expectations in monetary DSGE models. Journal of Economic Dynamics and Control, 37, 680–692.
  • Rosser, B.Jr (2000). From catastrophe to Chaos: A general theory of economic discontinuities. Dordrecht: Kluwer.
  • Soros, G. (2013). Reflexivity, fallibility and the human uncertainty principle. Journal of Economic Methodology, 20, 309–329.
  • Woodford, M. (1990). Learning to believe in sunspots. Econometrica, 58, 277–307.

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