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 FieldValueLanguage
dc.contributor.authorFeldman, Todden_US
dc.contributor.authorFriedman, Danielen_US
dc.date.accessioned2010-03-22en_US
dc.date.accessioned2012-09-28T12:41:40Z-
dc.date.available2012-09-28T12:41:40Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/64514-
dc.description.abstractWe 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.isoengen_US
dc.publisherUniv. of California at Santa Cruz, Dep. of Economics Santa Cruz, Calif.en_US
dc.relation.ispartofseriesWorking Papers, UC Santa Cruz Economics Department 645en_US
dc.subject.jelC63en_US
dc.subject.jelC91en_US
dc.subject.jelD53en_US
dc.subject.jelG10en_US
dc.subject.ddc330en_US
dc.subject.keywordfinancial marketsen_US
dc.subject.keywordagent-based modelsen_US
dc.subject.keywordexperimental economicsen_US
dc.subject.stwWertpapierhandelen_US
dc.subject.stwBubblesen_US
dc.subject.stwBörsenkriseen_US
dc.subject.stwExperimentelle Ökonomiken_US
dc.subject.stwTheorieen_US
dc.titleHumans, robots and market crashes: A laboratory studyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn587694130en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Papers, Economics Department, UC Santa Cruz

Files in This Item:
File Description SizeFormat
587694130.pdf474.01 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.