ExSIDE · Expectations and Social Influence Dynamics in Economics

Expectations and Social Influence Dynamics in Economics

Expectations influence the behavior of decision makers in many economic contexts. The financial and economic crisis 10 years ago has highlighted again the importance of expectation dynamics for economic development as well as for the success of firm strategies and public policies. However, many aspects of the formation and implication expectations in Economics are still not well understood. The Innovative Training Network ExSIDE aims at improving our understanding of the role of expectation formation and social influence for economic dynamics and for the optimal design of economic policy. ExSIDE is driven by the several main research and training objectives. With respect to research work is structured in several closely interlinked research goals: a) Gain a better understanding of expectation formation processes relying on insights from behavioural (experimental) Economics and Psychology. b) Explore the role of social networks for the diffusion of opinions. c) Integrate expectation formation and social influence dynamics in market models in order to gain a better understanding of the feedback between real dynamics and expectation dynamics. Extend further to macroeconomic models. d) Explore effects of different policies (and firm strategies) in dynamic (macro-) economic frameworks with adaptive expectation dynamics. This research agenda is combined with a structured training program for Early Stage Researchers (ESR) adressing the following main objectives: a) Provide doctoral fellows with the necessary interdisciplinary background to and perfect environment to carry out research of highest level in the area of expectation formation and social influence. b) Complement the focussed training in the key areas of ExSIDE with a solid general graduate education in Economics. c) Facilitate the early development of an own research profile as well as the ability for critical reflection on own and others’ research. d) Foster the interaction of doctoral fellows with different research environments as well as with non-academic environments and integrate them in the relevant international communities. e) Provide doctoral fellows with crucial transferrable skills needed to pursue a successful career in the academic and non-academic sector or to launch their own company. In particular, time management, presentation skills, academic writing, effective communication, as well as the necessary self-reflection and management of self-confidence. f) Facilitate female career perspectives. ExSIDE aims to strengthen the higher education system in Europe and at the same time will boost research on different approaches for the analysis of expectation formation and social influence dynamics and will provide guidance for policy design. Furthermore, ExSIDE generates the largest network of European universities pursuing a joint structured doctoral program in Economics with a common research and training agenda delivering joint respectively double degrees.

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