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Published online by Cambridge University Press: 24 July 2020
This chapter details how the laboratory data on expectations are used to generate historical series of expectations.1 In essence, and proceeding on the assumption that economic agents function just like our subjects in the laboratory, we fit the responses of subjects to historical four-year sequences of the price level. In this process of fitting the laboratory expectations to historical data, two important aspects of behavior have to be addressed. The first aspect is the issue of similarity matching and the second concerns the scaling of the elicited data.
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