I have to further define 'Expectations.' An expectation is something that an economic actor acts upon based on perception of the future. For example, a doomsday cult believes that the there is a UFO in the tail of the comet Hale-Bop. This UFO will take their spirits away to a better place when they die if they die while Hale-Bop is near earth. They then rationally proceed to commit mass suicide. They weren't insane or irrational, just horribly wrong.
I think I will change the name of this blog to 'Expectations Matter.'