Final answer:
The statement is false; rational expectations are formed by using all available information to predict the future accurately, unlike adaptive expectations, which are informed by past experience without proactive anticipation. These economic theories contradict the idea that expectations are solely based on our perceptions.
Step-by-step explanation:
The statement that expectations are always based on our perceptions is false. Instead, the theory of rational expectations suggests that people use all available information to form the most accurate predictions about the future. This contrasts with adaptive expectations, which are based on past experiences and adjust retrospectively rather than proactively anticipating future events. Gestalt theory adds to this understanding by proposing that our perceptions are based on perceptual hypotheses, which are influenced by a variety of factors, including expectations. Perception can lead to beliefs, but as Bertrand Russell noted, such beliefs are not always true. Furthermore, there's the phenomenon of self-fulfilling prophecies, wherein expectations can lead to behaviors that affirm initial beliefs, as seen in educational settings.
Rational versus Adaptive Expectations In economics, rational expectations theory posits that individuals and institutions will use all available information to forecast future events as accurately as possible, often with the assumption of having profound knowledge about the economic environment. Conversely, adaptive expectations refer to the idea that predictions are formulated based on past trends and information, with less of a forward-looking approach. This distinction is critical in understanding how economic agents anticipate and react to changes within the economy.No, this statement is false. It would be more accurate to say that rational expectations seek to predict the future as accurately as possible, using all of past experience as a guide. Adaptive expectations are largely backward looking; that is, they adapt as experience accumulates, but without attempting to look forward.