Whenever it is snowing when Joe Commuter gets up in the morning, he misjudges how long it

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‘Whenever it is snowing when Joe Commuter gets up in the morning, he misjudges how long it will take him to drive to work. Otherwise, his expectations of the driving time are perfectly accurate. Considering that it snows only once every ten years where Joe lives, Joe’s expectations are almost always perfectly accurate.’ Are Joe’s expectations rational? Why or why not?

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The Economics Of Money, Banking & Financial Markets

ISBN: 126161

1st Edition

Authors: Massimo Giuliodori, Frederic S. Mishkin Kent Matthews

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