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dc.contributor.authorFeldman, Todden
dc.contributor.authorFriedman, Danielen
dc.date.accessioned2010-03-22-
dc.date.accessioned2012-09-28T12:41:40Z-
dc.date.available2012-09-28T12:41:40Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aUniversity of California, Economics Department |cSanta Cruz, CAen
dc.relation.ispartofseries|aWorking Paper |x645en
dc.subject.jelC63en
dc.subject.jelC91en
dc.subject.jelD53en
dc.subject.jelG10en
dc.subject.ddc330en
dc.subject.keywordfinancial marketsen
dc.subject.keywordagent-based modelsen
dc.subject.keywordexperimental economicsen
dc.subject.stwWertpapierhandelen
dc.subject.stwBubblesen
dc.subject.stwBörsenkriseen
dc.subject.stwExperimentelle Ökonomiken
dc.subject.stwTheorieen
dc.titleHumans, robots and market crashes: A laboratory study-
dc.typeWorking Paperen
dc.identifier.ppn587694130en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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