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If expectations turn out to be wrong, the resulting inflation shock creates winners and losers.
Besides affecting the emergence of social norms5,6 or the level of happiness7,8,9, expectations turn out to be crucial in many economic environments.
Farmers generally must produce on the basis of expectations, and if their expectations turn out to be wrong, the resulting surplus or shortage cannot be corrected until the beginning of the next production cycle.
Of course, it sometimes happens that expectations turn out to be unrealistic; individuals then get bored (or perhaps angry, frightened, or embarrassed) with the activity in question, transforming it in their view into something quite other than leisure.
But as expectations turn around, Staples should soar.
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Vann began to wince at the embarrassment of his large expectations turning up zero.
Which, to come full circle, is what "The Dilemma," against all expectations, turns out to be.
Maybe it's because it reverses expectations, turning something usually considered ugly and worthless into something lovely and amazing.
"I am disappointed that our original earnings expectations turned out to be too optimistic," Mr. Wendt said.
In any case, she believes that having curtailed expectations turned out to be a good thing; it allowed her to look beyond the obvious career plan.
But both expectations turned out to be unrealistic; stem cells, though they still hold promise, have not turned out to be the Parkinson's silver bullet that scientists once hoped they might be.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com