Expectation Formation Under Uninformative Signals

The authors thank the editor, George Wu; an anonymous associate editor; and three anonymous reviewers as well as Brice Corgnet, Reid Hastie, Alex Imas, Jan Müller-Dethard, Pietro Ortoleva, Oliver Spalt, Michael Thaler, Stefan Trautmann, Michael Weber, and Florian Zimmermann for helpful comments and discussion. The authors also thank participants of the Annual Meeting of the American Economic Association; the Economic Science Association; the European Economic Association; the Maastricht Behavioral and Experimental Economics Symposium; the Society for Experimental Finance; the Society for Judgement and Decision Making; and the Subjective Probability, Utility, and Decision Making Conference as well as various seminar participants. Part of this research was done when P. Kieren was visiting the University of Chicago Booth School of Business, for which support and hospitality is gratefully acknowledged.