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Expectations in Micro Data: Rationality Revisited
by Hugo A. Benítez-Silva, Debra Sabatini Dwyer, Wayne-Roy Gayle and Thomas J. Muench
WP 2003-059
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An increasing number of longitudinal data sets collect expectations information regarding
a variety of future individual level events and decisions, providing researchers with the
opportunity to explore expectations over micro variables in detail. We provide a
theoretical framework and an econometric methodology to use that type of information to
test the Rational Expectations hypothesis in models of individual behavior, and present
tests using two different panel data sets.
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