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Irrationality or Efficiency of Macroeconomic Survey Forecasts?
Implications from the Anchoring Bias Test
We analyze the quality of macroeconomic survey forecasts. Recent findings indicate that they are anchoring biased. This irrationality would challenge the results of a wide range of empirical studies, e.g., in asset pricing, volatility clustering or market liquidity, which rely on survey data to capture market participants’…
Added by John A Morrison on February 21, 2012 at 7:00am — No Comments