AI meets narratives: the state and future of research on expectation formation in economics and sociology

Abstract This article presents contemporary concepts of economic beliefs in economics and sociology: (a) behavioural accounts; (b) learning; (c) narrative approaches; (d) Science Technology Studies-inflected integrative accounts. The review argues that cutting-edge research on expectations both disciplines has paid insufficient attention to the fact human agents are supported partly substituted by modern technology while forming their beliefs. Thus, this discusses how models, algorithms artificial intelligence co-determine profoundly change theoretical empirical understanding expectation formation, outlines a joint agenda for studying expectations.