Losing from naive reinforcement learning: a survival analysis of individual repurchase decisions

This paper applies survival analysis to individual trading data from a discount brokerage firm, and documents significant individual-level repurchase bias, investors' tendency to disproportionately repurchase more previously sold winners than losers. Investor sophistication and experience mitig...

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Detalles Bibliográficos
Autor principal: Jiao, P
Formato: Working paper
Publicado: University of Oxford 2015