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demand. The former learning effect, combined with the latter real-options effect, adversely affect firms' entry decisions and …
Persistent link: https://www.econbiz.de/10012258487
The adaptive learning approach has been fruitfully employed to model the formation of aggregate expectations at the … macroeconomic level, as an alternative to rational expectations. This paper uses adaptive learning to understand, instead, the … sentiment, defined as the degrees of excess optimism and pessimism that cannot be justified by the near-rational learning model …
Persistent link: https://www.econbiz.de/10012226634
Increasing retirement ages in an automatic or scheduled way with increasing life expectancy at retirement is a popular pension policy response to continuous longevity improvements. The question addressed here is: to what extent is simply adopting this approach likely to fulfill the overall goals...
Persistent link: https://www.econbiz.de/10012597036
research has not examined whether individual differences in insular sensitivity predict learning to avoid aversive stimuli. In … that in addition to correlating with self-reported anxiety, heightened insular sensitivity may promote learning to avoid …
Persistent link: https://www.econbiz.de/10014191063
Persistent link: https://www.econbiz.de/10013415323
Rational Expectations (RE) models have two crucial dimensions: agents correctly forecast future prices given all available information, and given expectations, agents solve optimization problems and these solutions in turn determine actual price realizations. Experimental testing of such models...
Persistent link: https://www.econbiz.de/10014175810
(Learning-to-Forecast experiments) or individual trading (Learning-to-Optimize experiments). Bao et al. (2018) have shown that …
Persistent link: https://www.econbiz.de/10012894616
We compare forecasts from different adaptive learning algorithms and calibrations applied to US real-time data on …
Persistent link: https://www.econbiz.de/10010344932
This experiment compares the price dynamics and bubble formation in an asset market with a price adjustment rule in three treatments where subjects (1) submit a price forecast only, (2) choose quantity to buy/sell and (3) perform both tasks. We find deviation of the market price from the...
Persistent link: https://www.econbiz.de/10011333057
(Learning-to-Forecast experiments) or individual trading (Learning-to-Optimize experiments). Bao et al. (2017) have shown that …
Persistent link: https://www.econbiz.de/10011956452