When making decisions under uncertainty, economists typically assume that individuals form probabilistic expectations for unknown quantities and maximize expected utility. Probabilistic measurement of expectations in surveys and experimental settings has become a very active area of economic research. The online course (which will be taught over two mornings) will introduce you to recent developments in the measurement and use of data on subjective expectations.
The one day course (taught over two mornings) will cover different methods for the elicitation of subjective expectations through probabilistic questions in surveys or experimental settings, using examples drawn from recent work in this area. The course discusses the different methods used for eliciting such information in both high and low income-countries contexts, the key methodological issues involved, and the open research questions. Several hands-on exercises will be proposed, where students could explore different ways of collecting the data through standard survey software, such as Qualtrics.
The second part of the course will focus on the value of subjective expectations data in the analysis of economic behaviour. Here we will show the way in which expectation data can be used in choice models to understand economic behaviour. Several examples will be discussed from the recent literature in economics, focusing on educational choices and choice related to risky behaviours.
Presented by:
Professor Adeline Delavande and Professor Emilia Del Bono
Date & time:
March 9, 2021 9:00 am - March 10, 2021 1:00 pm
Venue:
Online