Consumers' engagement with stories is shaped by their expectations about what will happen next, yet modeling these forward-looking beliefs over unstructured narrative content has remained challenging. We develop a framework that uses large language models to approximate consumers' story expectations. Our method generates multiple imagined story continuations from a pre-trained LLM and extracts interpretable, theory-motivated features from these continuations, such as emotion and narrative path features. We propose two complementary validation procedures suited to different data availability: a survey-based approach that compares LLM-derived expectations to human-reported beliefs, and a rational-expectations approach that compares them to actual story outcomes. Applying the framework to both survey data collected in a controlled lab setting and observational data from an online reading platform, we find that LLM-derived expectations correlate with human-reported beliefs as well as actual story continuations along all features studied. In both settings, forward-looking expectations are associated with reader engagement above and beyond features of the content already consumed. Our framework provides a scalable method for modeling consumer beliefs about narrative content, with implications for content creation, platform strategy, and the study of narrative media.

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