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hal.structure.identifierCEntre de REcherches en MAthématiques de la DEcision [CEREMADE]
dc.contributor.authorJouini, Elyès
HAL ID: 6654
hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorNapp, Clotilde
HAL ID: 741006
ORCID: 0000-0002-7008-5949
dc.date.accessioned2017-03-06T15:31:28Z
dc.date.available2017-03-06T15:31:28Z
dc.date.issued2016
dc.identifier.issn0938-2259
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/16291
dc.language.isoenen
dc.subjectIrrational beliefsen
dc.subjectRational expectationsen
dc.subjectLearningen
dc.subjectMarket eliminationen
dc.subject.ddc332en
dc.subject.classificationjelG.G1.G11en
dc.subject.classificationjelG.G0.G02en
dc.subject.classificationjelD.D9.D90en
dc.subject.classificationjelD.D5.D53en
dc.titleLive Fast, Die Youngen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenIrrational agents are driven out of the market. This should favor learning: Irrational agents observing that rational agents are being more successful should adopt rational beliefs. We show that the threat of elimination is not sufficient to push agents toward rationality: A shorter “life” might be more rewarding than a longer one. Even if they are eliminated in the long run, irrational agents might rationally stay irrational in the sense that their ex-ante and ex-post welfare levels over their whole life are higher than (1) the welfare level that they would reach if they adopted rational expectations, (2) the welfare level reached by the otherwise identical (same initial wealth and same risk aversion) rational agents, (3) the welfare level that they would have if they were given the optimal allocation of the rational agent. Threat of elimination is not sufficient to push irrational agents toward rationality, and rational and surviving agents’ performances are not sufficiently high to generate learning through an adaptive process based on imitation of successful behaviors. A numerical illustration is provided.en
dc.relation.isversionofjnlnameEconomic Theory
dc.relation.isversionofjnlvol62en
dc.relation.isversionofjnlissue1en
dc.relation.isversionofjnldate2016
dc.relation.isversionofjnlpages265–278en
dc.relation.isversionofdoi10.1007/s00199-015-0894-7en
dc.relation.isversionofjnlpublisherSpringeren
dc.subject.ddclabelEconomie financièreen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenonen
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewedouien
dc.relation.Isversionofjnlpeerreviewedouien
dc.date.updated2017-03-06T15:22:08Z
hal.faultCode{"duplicate-entry":{"halshs-01250247":{"doi":"1.0"}}}
hal.author.functionaut
hal.author.functionaut


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