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Boundedly rational behavior in dynam...

Magnani, Jacopo.

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Boundedly rational behavior in dynamic stochastic settings: Three essays.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Boundedly rational behavior in dynamic stochastic settings: Three essays./
Author:	Magnani, Jacopo.
Description:	142 p.
Notes:	Source: Dissertation Abstracts International, Volume: 75-11(E), Section: A.
Contained By:	Dissertation Abstracts International75-11A(E).
Subject:	Economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3630721
ISBN:	9781321088038

Boundedly rational behavior in dynamic stochastic settings: Three essays.
Magnani, Jacopo.

Boundedly rational behavior in dynamic stochastic settings: Three essays. - 142 p.

Source: Dissertation Abstracts International, Volume: 75-11(E), Section: A.

Thesis (Ph.D.)--University of California, Santa Cruz, 2014.

This item must not be sold to any third party vendors.

In this work, I study the behavior of boundedly rational agents in dynamic stochastic settings. The first chapter develops a new laboratory test of the hypothesis that individual investors have an irrational preference for selling winning stocks vs. selling losing stocks. Subjects tend to delay selling losers beyond the optimal point and to sell winners before reaching the optimal liquidation point. Such behavior is shown to be consistent with a model of reference-dependent preferences. The second chapter presents the results of a lab experiment on a menu cost model of price adjustments. Subjects' average adjustment points show significant time dependent components in adjustment rules. The data suggest subjects experience substantial cognitive costs from responding to the state, accounting for these patterns. The third chapter presents techniques for studying the dynamics of evolutionary games that are subject to stochastic disturbances and applies them to morph frequency data from a population of side-blotched lizards. The estimated payoff matrix implies a powerful interior attractor and recover the observed oscillations.

ISBN: 9781321088038Subjects--Topical Terms:

517137
Economics.

Boundedly rational behavior in dynamic stochastic settings: Three essays.
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100 1 $a Magnani, Jacopo. $3 3175136
245 1 0 $a Boundedly rational behavior in dynamic stochastic settings: Three essays.
300 $a 142 p.
500 $a Source: Dissertation Abstracts International, Volume: 75-11(E), Section: A.
500 $a Adviser: Daniel Friedman.
502 $a Thesis (Ph.D.)--University of California, Santa Cruz, 2014.
506 $a This item must not be sold to any third party vendors.
506 $a This item must not be added to any third party search indexes.
520 $a In this work, I study the behavior of boundedly rational agents in dynamic stochastic settings. The first chapter develops a new laboratory test of the hypothesis that individual investors have an irrational preference for selling winning stocks vs. selling losing stocks. Subjects tend to delay selling losers beyond the optimal point and to sell winners before reaching the optimal liquidation point. Such behavior is shown to be consistent with a model of reference-dependent preferences. The second chapter presents the results of a lab experiment on a menu cost model of price adjustments. Subjects' average adjustment points show significant time dependent components in adjustment rules. The data suggest subjects experience substantial cognitive costs from responding to the state, accounting for these patterns. The third chapter presents techniques for studying the dynamics of evolutionary games that are subject to stochastic disturbances and applies them to morph frequency data from a population of side-blotched lizards. The estimated payoff matrix implies a powerful interior attractor and recover the observed oscillations.
590 $a School code: 0036.
650 4 $a Economics. $3 517137
650 4 $a Economic theory. $3 1556984
690 $a 0501
690 $a 0511
710 2 $a University of California, Santa Cruz. $b Economics. $3 2100280
773 0 $t Dissertation Abstracts International $g 75-11A(E).
790 $a 0036
791 $a Ph.D.
792 $a 2014
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3630721