|
EconStor >
University of California (UC) >
UC Santa Cruz, Economics Department >
Working Papers, Economics Department, UC Santa Cruz >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/64514
|
| | |
Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Feldman, Todd | | en_US |
| dc.contributor.author | | Friedman, Daniel | | en_US |
| dc.date.accessioned | | 2010-03-22 | | en_US |
| dc.date.accessioned | | 2012-09-28T12:41:40Z | | - |
| dc.date.available | | 2012-09-28T12:41:40Z | | - |
| dc.date.issued | | 2008 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/64514 | | - |
| dc.description.abstract | | We introduce human traders into an agent based financial market simulation prone to bubbles and crashes. We find that human traders earn lower profits overall than do the simulated agents (robots) but earn higher profits in the most crash-intensive periods. Inexperienced human traders tend to destabilize the smaller (10 trader) markets, but otherwise they have little impact on bubbles and crashes in larger (30 trader) markets and when they are more experienced. Humans' buying and selling choices respond to the payoff gradient in a manner similar to the robot algorithm. Likewise, following losses, humans' choices shift towards faster selling. There are problems in properly identifying fundamentalist and trend-following strategies in our data. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Univ. of California at Santa Cruz, Dep. of Economics Santa Cruz, Calif. | | en_US |
| dc.relation.ispartofseries | | Working Papers, UC Santa Cruz Economics Department 645 | | en_US |
| dc.subject.jel | | C63 | | en_US |
| dc.subject.jel | | C91 | | en_US |
| dc.subject.jel | | D53 | | en_US |
| dc.subject.jel | | G10 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | financial markets | | en_US |
| dc.subject.keyword | | agent-based models | | en_US |
| dc.subject.keyword | | experimental economics | | en_US |
| dc.subject.stw | | Wertpapierhandel | | en_US |
| dc.subject.stw | | Bubbles | | en_US |
| dc.subject.stw | | Börsenkrise | | en_US |
| dc.subject.stw | | Experimentelle Ökonomik | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Humans, robots and market crashes: A laboratory study | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 587694130 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | Working Papers, Economics Department, UC Santa Cruz
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|