Similar Search Results

Does having insurance change individuals self-confidence?

Guber, Raphael; Kocher, Martin; Winter, Joachim - 2018

case. We show that in an insurance context, being insured against losses that may be incurred in a real-effort task changes … subjects' self-confidence. Our novel experimental design allows us to disentangle selection into insurance from the effects of … uninsured subjects are underconfident while those that obtain insurance have well-calibrated beliefs. Our results suggest that …

Persistent link: https://www.econbiz.de/10011899247

Does having insurance change individuals' self-confidence?

Guber, Raphael; Kocher, Martin; Winter, Joachim - 2018

Persistent link: https://www.econbiz.de/10011812974

Learning, Forecasting and Optimizing : An Experimental Study

Te, Bao; Duffy, John; Hommes, Cars H. - 2013

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

Traders, Forecasters and Financial Instability : A Model of Individual Learning of Anchor-and-Adjustment Heuristics

Makarewicz, Tomasz - 2019

Behavioral and experimental literature on financial instability focuses on either subjective price expectations (Learning-to-Forecast experiments) or individual trading (Learning-to-Optimize experiments). Bao et al. (2018) have shown that subjects have problems with both tasks. In this paper, I...

Persistent link: https://www.econbiz.de/10012894616

Bubble formation and (in)efficient markets in learning-to-forecast and -optimise experiments

Te, Bao; Hommes, Cars H.; Makarewicz, Tomasz - 2015

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

Traders, forecasters and financial instability : a model of individual learning of anchor-and-adjustment heuristics

Makarewicz, Tomasz - 2019

Behavioral and experimental literature on financial instability focuses on either subjective price expectations (Learning-to-Forecast experiments) or individual trading (Learning-to-Optimize experiments). Bao et al. (2017) have shown that subjects have problems with both tasks. In this paper, I...

Persistent link: https://www.econbiz.de/10011956452

Simple Forecasting Heuristics that Make Us Smart : Evidence from Different Market Experiments

Anufriev, Mikhail - 2015

We study a model in which individual agents use simple linear first order price forecasting rules, adapting them to the complex evolving market environment with a smart Genetic Algorithm optimization procedure. The novelties are: (1) a parsimonious experimental foundation of individual...

Persistent link: https://www.econbiz.de/10013018941

Bubbles, crashes and information contagion in large-group asset market experiments

Hommes, Cars H.; Kopányi-Peuker, Anita; Sonnemans, Joep - 2019

We experimentally investigate how price expectations are formed in a large asset market where subjects' only task is to forecast the future price of a risky asset. The realized prices depend on these expectations. We observe small (6 participants) and large markets (about 100 participants). In...

Persistent link: https://www.econbiz.de/10011979625

Learning, Forecasting and Optimizing : An Experimental Study

Te, Bao; Duffy, John; Hommes, Cars H. - 2016

Rational Expectations (RE) models have two crucial dimensions: 1) agents correctly forecast future prices given all available information, and 2) given expectations, agents solve optimization problems and these solutions in turn determine actual price realizations. Experimental testing of such...

Persistent link: https://www.econbiz.de/10014172774

Individual expectations and aggregate behavior in learning to forecast experiments

Hommes, Cars H. (contributor); Lux, Thomas (contributor) - 2008

Models with heterogeneous interacting agents explain macro phenomena through interactions at the micro level. We propose genetic algorithms as a model for individual expectations to explain aggregate market phenomena. The model explains all stylized facts observed in aggregate price fluctuations...

Persistent link: https://www.econbiz.de/10003777257