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Time and State Dependence in an Ss Decision Experiment

机译:Ss决策实验中的时间和状态依赖性

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摘要

Flow earnings in a laboratory experiment decline the further a Brownian state variable, z, evolves from its optimal level, z~*. Optimal state dependent models predict subjects will pay a fixed cost to return z to z~* only when z strays outside a critical inaction region around the optimum. On average, subjects adjust at states remarkably close to optimal threshold levels but, as in the field, do not establish true "state dependent" inaction regions, suggesting significant "time dependent" components in adjustment rules. Structural estimates of subjective observation cost qualitatively account for variation in time dependence observed across treatments.
机译:实验室实验中的流量收益从其最佳水平z〜*演变而来的布朗状态变量z进一步减小。最优状态相关模型预测,只有当z偏离最优值附近的关键非活动区域时,主体才会付出固定的费用才能将z恢复为z〜*。平均而言,受试者在明显接近最佳阈值水平的状态下进行调节,但是,如在田野中一样,没有建立真正的“状态相关”无作为区域,表明调节规则中存在明显的“时间相关”成分。定性的主观观察成本的结构性估算定性地解释了整个治疗过程中观察到的时间依赖性的变化。

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  • 来源
    《American economic journal》 |2016年第1期|285-310|共26页
  • 作者单位

    Krannert School of Management, Purdue University, 403 W. State Street, West Lafayette, IN 47907;

    Department of Economics and Finance, Utah State University, 3565 Old Main Hill, Logan, UT 84322;

    Department of Economics, University of California, Santa Barbara, 3014 North Hall, Santa Barbara, CA 93106;

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