Expectation Phantoms in Economic Models

Ivan A. Nechaev, St. Petersburg State University of Economics

Recommended Citation:
Nechaev, Ivan A. (2016) ‘Expectation Phantoms in Economic Models’, Social Phenomena. 2016  3(6), pp. 51-58.

The paper contains the analysis of existing approaches to understanding the influence of expectations upon the decisions made by economic agents. Two interdisciplinary approaches to this issue identified in the paper are termed informational and activity-based. The concepts of expectation phantom and the focus of expectations are introduced. The paper aims at identifying the possibility to apply the activity-based approach to contemporary economic models of expectations.

Keywords: expectations, expectation theory, expectation phantoms, rational expectations hypothesis, expectation as activity, activity-based approach to expectations in economics, focus of expectations.

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