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X-WR-CALNAME:Department of Economics at Columbia University
X-ORIGINAL-URL:https://econ.columbia.edu
X-WR-CALDESC:Events for Department of Economics at Columbia University
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DTSTART;TZID=America/New_York:20230206T160000
DTEND;TZID=America/New_York:20230206T173000
DTSTAMP:20260405T152546
CREATED:20230130T191548Z
LAST-MODIFIED:20230130T191548Z
UID:31690-1675699200-1675704600@econ.columbia.edu
SUMMARY:Model-free and Model-based Learning as Joint Drivers of Investor Behavior” (with Lawrence Jin\, Cornell University)
DESCRIPTION:In the past decade\, researchers in psychology and neuroscience studying human decision-making have increasingly adopted a framework that combines two systems\, namely “model-free” and “model-based” learning. We import this framework into a simple financial setting\, study its properties\, and link it to a range of applications. We show that it provides a foundation for extrapolative demand and experience effects; resolves a puzzling disconnect between investor allocations and beliefs in both the frequency domain and the cross-section; helps explain the dispersion in stock market allocations across investors as well as the inertia in these allocations over time; and sheds light on the persistence of household investment mistakes. More broadly\, the framework offers a way of thinking about individual behavior that is grounded in recent evidence on the computations that the brain undertakes when estimating the value of a course of action. \n  \nRegister here: https://www.eventbrite.com/e/columbia-cognition-decision-seminar-series-presents-nick-barberis-yale-tickets-520745342337 \n
URL:https://econ.columbia.edu/event/model-free-and-model-based-learning-as-joint-drivers-of-investor-behavior-with-lawrence-jin-cornell-university/
LOCATION:Jerome Green Science Center\, L3-079\, 3227 Broadway\, New York\, NY\, 10027\, United States
CATEGORIES:Cognition and Decision Seminar Series,PER
ATTACH;FMTTYPE=image/jpeg:https://sites.asit.columbia.edu/econdept/wp-content/uploads/sites/18/2023/01/barberis.jpg
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