Rational expectations and adaptive expectations

Question

30 Aug 2021

Answer :

Word Count : 298

Rational expectations are said to be rational when they are formed on the basis of all available information. Under this assumption, expectations are never biased.Economic-behavior observation according to which: (1) On average, people can quite correctly predict future conditions and take actions accordingly, even if they do not fully understand the cause-and-effect (causal) relationships underlying theevents and their own thinking. Thus, while they do not have perfect foresights, theyconstruct their expectations in a rational ______ _________ _____ _____ __________ __________ __________ _________ ________ ______.
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