Replication data for: Time and State Dependence in an Ss Decision Experiment
Principal Investigator(s): View help for Principal Investigator(s) Jacopo Magnani; Ryan Oprea; Aspen Gorry
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
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| Final-Code | 08/03/2019 05:29:AM | ||
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text/plain | 14.6 KB | 08/03/2019 01:29:AM |
Project Citation:
Project Description
Summary:
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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. (JEL C91, D21, D80)
Scope of Project
JEL Classification:
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C91 Laboratory, Individual Behavior
D80 General
D21 Firm Behavior: Theory
C91 Laboratory, Individual Behavior
D80 General
D21 Firm Behavior: Theory
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