Archivio per 2 gennaio 2015

02
Gen
15

Essays on validation and estimation of agent-based models and on overconfidence measures

See on Scoop.itBounded Rationality and Beyond
Abstract: The unifying theme of this thesis is the study built around individual heterogeneity. When analyzing the behaviour of economic agents and institutions, the role of individual heterogeneity, various behavioural characteristics receive more attention in scientific research. This thesis can be divided into two parts, presenting two ways for studying individual heterogeneity in financial markets and economy. One way to study the behaviour of heterogeneous individuals is building models based on microsimulations where one can model agents with different preferences and behavioural rules and investigate behavioural characteristics and individual interactions which lead to the behaviour of the market as a whole. Another way to study the behaviour of heterogeneous individuals is studying the observed individual behaviour with the help of micro-level data retrieved from various surveys. When studying individual behaviour using survey responses, a researcher often needs to create reliable measures which may represent a behavioural characteristic under consideration. Sometimes a researcher encounters many alternatives when approaching a specific question. Therefore, it is also necessary to investigate the relations between these alternatives and whether they might represent the same underlying behavioural factor.
See on pure.uvt.nl

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02
Gen
15

Essays on validation and estimation of agent-based models and on overconfidence measures

http://docs.google.com/viewer?url=https%3A%2F%2Fpure.uvt.nl%2Fportal%2Ffiles%2F1569023%2Fthesis_stasiukynaite.pdf+&embedded=trueAbstract: The unifying theme of this thesis is the study built around individual heterogeneity. When analyzing the behaviour of economic agents and institutions, the role of individual heterogeneity, various behavioural characteristics receive more attention in scientific research. This thesis can be divided into two parts, presenting two ways for studying individual heterogeneity in financial markets and economy. One way to study the behaviour of heterogeneous individuals is building models based on microsimulations where one can model agents with different preferences and behavioural rules and investigate behavioural characteristics and individual interactions which lead to the behaviour of the market as a whole. Another way to study the behaviour of heterogeneous individuals is studying the observed individual behaviour with the help of micro-level data retrieved from various surveys. When studying individual behaviour using survey responses, a researcher often needs to create reliable measures which may represent a behavioural characteristic under consideration. Sometimes a researcher encounters many alternatives when approaching a specific question. Therefore, it is also necessary to investigate the relations between these alternatives and whether they might represent the same underlying behavioural factor.

Source: pure.uvt.nl

See on Scoop.itBounded Rationality and Beyond

02
Gen
15

Behavioral Influences in Non-Ferrous Metals Price

See on Scoop.itBounded Rationality and Beyond
Abstract: Recent research has identified the presence of behavioral influences on traders in predominantly professionally traded markets such as oil, gold, and foreign exchange. Previous research had largely confined behavioral-based investigations to equity markets due to an assumption that noise traders would drive any influence and these traders were mainly absent from the professionally traded markets. This paper extends this research to the non-ferrous metals markets and demonstrates similar influences on prices. It is shown that psychological price barriers, where there is predictable trading patterns around psychologically important price points, are important. Specifically, lead, zinc, and aluminium alloy, show anomalous price reactions in the days particularly following a breach of a $1,000 price point. There is also evidence presented of negative price clustering before key price barriers. Subperiod tests further indicate that the relevant psychological price point is dependent on average prices. Recognizing the multiple hypothesis testing nature of the study, generalized Bonferroni corrections are implemented to provide a robust control for the possibility of data mining. This represents a first investigation of behavioral influences in non-ferrous metals prices, and suggests these markets are not immune to trader biases influencing the setting of prices.
See on tcd.ie

02
Gen
15

Behavioral Influences in Non-Ferrous Metals Price

http://docs.google.com/viewer?url=http%3A%2F%2Fwww.tcd.ie%2Fiiis%2Fdocuments%2Fdiscussion%2Fpdfs%2Fiiisdp459.pdf&embedded=trueAbstract: Recent research has identified the presence of behavioral influences on traders in predominantly professionally traded markets such as oil, gold, and foreign exchange. Previous research had largely confined behavioral-based investigations to equity markets due to an assumption that noise traders would drive any influence and these traders were mainly absent from the professionally traded markets. This paper extends this research to the non-ferrous metals markets and demonstrates similar influences on prices. It is shown that psychological price barriers, where there is predictable trading patterns around psychologically important price points, are important. Specifically, lead, zinc, and aluminium alloy, show anomalous price reactions in the days particularly following a breach of a $1,000 price point. There is also evidence presented of negative price clustering before key price barriers. Subperiod tests further indicate that the relevant psychological price point is dependent on average prices. Recognizing the multiple hypothesis testing nature of the study, generalized Bonferroni corrections are implemented to provide a robust control for the possibility of data mining. This represents a first investigation of behavioral influences in non-ferrous metals prices, and suggests these markets are not immune to trader biases influencing the setting of prices.

Source: www.tcd.ie

See on Scoop.itBounded Rationality and Beyond

02
Gen
15

Long-Held Belief About How Memory Works Challenged by Exciting New Research — PsyBlog

New memory research has important implications for Alzheimer’s disease.

It should be possible to restore the memories of people in the early stages of Alzheimer’s disease, scientists at UCLA have announced. This is because long-term memory is not stored at the synapses — the connections between brain cells which are destroyed in Alzheimer’s disease — as neuroscientists have long thought.

Source: www.spring.org.uk

See on Scoop.itBounded Rationality and Beyond

02
Gen
15

Long-Held Belief About How Memory Works Challenged by Exciting New Research — PsyBlog

See on Scoop.itBounded Rationality and Beyond

New memory research has important implications for Alzheimer’s disease.

It should be possible to restore the memories of people in the early stages of Alzheimer’s disease, scientists at UCLA have announced. This is because long-term memory is not stored at the synapses — the connections between brain cells which are destroyed in Alzheimer’s disease — as neuroscientists have long thought.

See on spring.org.uk




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