Final answer:
A social expectation occurs when customer expectations are influenced by others, such as through societal norms or stereotypes. Research shows that expectations can affect real-world outcomes, like student performance. In economics, adaptive expectations describe how experiences shape people's anticipation over time.
Step-by-step explanation:
A social expectation occurs when a customer's expectations are driven by another person or group of people. This typically happens through societal norms or stereotypes where one person's belief about another can influence their behavior, potentially leading to a self-fulfilling prophecy. For instance, if teachers expect certain students to perform well based on their own preconceptions, these students may end up achieving higher grades due to the positive expectations set upon them, as found in research by Rosenthal and Jacobson (1968).
Additionally, the notion of rational versus adaptive expectations in economics reveals that while the former assumes people are perfect predictors and synthesizers of information, the latter takes a more realistic view. Adaptive expectations suggest that people and firms base their expectations on past experiences and gradually adapt as circumstances change, resulting in incremental adjustments over time rather than immediate, perfectly informed responses.