کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7368390 | 1479304 | 2017 | 16 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Discrete adjustment to a changing environment: Experimental evidence
ترجمه فارسی عنوان
تنظیم گسسته به محیط تغییر: شواهد تجربی
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
A laboratory experiment illustrates cognitive limitations in decision-making that may be relevant for modeling price-setting. Our subjects systematically depart from the optimal Bayesian response in several respects. Their responses are random, even conditioning on available information. Subjects adjust in discrete jumps rather than after each new piece of information, and by both large and small amounts, contrary to the predictions of an “Ss” model of optimal adjustment subject to a fixed cost. And they prefer to report “round numbers,” even when that requires additional effort. A model of inattentive adjustment is found to quantitatively outperform popular alternatives.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Monetary Economics - Volume 91, November 2017, Pages 88-103
Journal: Journal of Monetary Economics - Volume 91, November 2017, Pages 88-103
نویسندگان
Mel Win Khaw, Luminita Stevens, Michael Woodford,