Autore:
Waldmann, Robert
Titolo:
Rational stubbornness?Periodico:
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papersAnno:
1995 - Fascicolo:
43 - Pagina iniziale:
1 - Pagina finale:
14Professional forecasters may be reluctant to admit that their opinions have changed. Even if forecasters sole aim is to convince clients that they m ake accurate forecasts, this behavior m ay be rational. The pattern of forecasts may reveal valuable inform ation about the forecasters even before the outcom e is realised, for exampleable forecasters may revise forecasts less than less able forecasters. If so, rational forecasters would compromise between minimizing errors and mimicking prediction patterns typical of able forecasters.
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