| 单词 | elasticity of expectations |
| 释义 | elasticity of expectations The ratio of the proportional change in the expected value of a variable to a proportional change in its current value. Let us assume that the current value is altered by a shock. If the elasticity of expectations is less than 1, people expect short-run changes to be at least partly reversed, so the market is likely to be stable. If the elasticity of expectations is actually 1, expectations are myopic, and each new situation is expected to continue. If the elasticity of expectations exceeds 1, short-run changes lead to the expectation of further changes in the same direction. This can lead to bubble, and tends to make markets unstable. |
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