## 经济代写|行为金融学代写Behavioral Finance代考|FINC2002

statistics-lab™ 为您的留学生涯保驾护航 在代写行为金融学Behavioral Finance方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写行为金融学Behavioral Finance代写方面经验极为丰富，各种代写行为金融学Behavioral Finance相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|行为金融学代写Behavioral Finance代考|Behavioural tools and methods

Now that we have outlined some of the key insights that behavioural economists take from economics and psychology, we can see how they also combine different methods from economics and psychology – including economists” traditional econometric and modelling tools, alongside methods from game theory – and also experimental approaches from psychology. All these sub-disciplines already have their own large and rich literatures and there is not the space to explore them in detail in this book alongside the enormous behavioural economics literature but a quick summary is given below, alongside some reading recommendations in Further Reading.

Many areas of behavioural economics focus on strategic interactions between people and standard game theoretic tools are used as a starting point in these analyses. Putting game theory together with behavioural insights produces the large, diverse field known as behavioural game theory, surveyed comprehensively by Camerer (2003b) and partly covered here in the chapters on learning (Chapter 5) and sociality (Chapter 6). In explaining behavioural game theory, Camerer makes a distinction between games, which are strategic situations, and game theory – which gives explanations for choices. In standard game theory, there is a divorce of theory and evidence and limited empirical evidence. Camerer (2003) cites von Neumann and Morgenstern (1944): “the empirical background of economic science is definitely inadequate. Our knowledge of the relevant facts of economics is incomparably smaller than that commanded in physics at the time when mathematicisation of that subject was achieved”. Camerer suggests that this gap between theory and evidence seen in standard game theoretic approaches can be remedied to an extent by the inclusion of experimental techniques. This can be achieved by starting with classical game theory – including games that incorporate private information alongside probabilistic information about others’ preferences and/or types.

Behavioural game theory can be used to test the standard economists’ hypotheses by adapting classical game theory (in which people are assumed to be self-interested maximizers, engaging strategically) to allow for additional behavioural forces, for example limits to strategic thinking, and attitudes towards others’ payoffs and learning. If it leads to rejections of predictions of classical game theory, evidence from behavioural game theory can be interpreted in a number of ways, particularly as much of it is based on experimental evidence: violations could reflect irrationality or weaker versions of rationality (e.g. as explored by Herbert Simon in his analyses of bounded and procedural rationality); “other-regarding” preferences (e.g. for reciprocity, equity, etc.); strategic thinking and/or reputation building.

## 经济代写|行为金融学代写Behavioral Finance代考|Experimental economics

Empirical testing of behavioural economics models uses a range of data and some data is similar to data used in standard economic analysis. In terms of the methodological tools used by behavioural economists, there have been some innovations and data-based statistical and econometric analyses are increasingly being supplemented by experimental evidence. In fact, some areas of behavioural economics have emerged from experimental economics. Behavioural models can explain experimental results that, for one reason or another (and there is plenty of controversy about the reasons), do not fit with simple predictions from standard theory.

Vernon L. Smith pioneered the use of experiments in economics and initially used market experiments as a pedagogical device in his principles of economics lectures (Smith 2003a). Experimental methods can be integral to behavioural economics because they enable close observation of actual choices under carefully controlled conditions, thus allowing the experimenter to abstract from ordinary complicating factors. If properly constructed, experiments can allow us properly to control conditions so as to capture the real drivers of behaviour.

The main advantage of an experimental approach is it gives us new types of data to illuminate economic decision-making that will, in some circumstances, be better than the “happenstance” data of conventional economics/econometrics. Experimental methods are also used in neuroeconomic studies particularly when the tight analytical structure of game theoretic methods can be used to complement a wide range of neuroscientific techniques (to be explored in more detail in Chapters 11 and 12). This enables the construction of neuroeconomic experiments that can be conducted quickly, efficiently and neatly to test neuroeconomic hypotheses clearly.

Experimental investigations can however be fraught with problems, as explored by Smith (1994), Binmore (1999) and others. Experimental designs must be “clean” with proper controls, clear and simple instructions and clear incentives. Results in experimental context can be conflated with impacts from methodological variables (e.g. repetition, anonymity); demographic factors (gender, age, socioeconomic group, etc.); cultural factors; game structure and/or labelling and context. Designing a clean, uncomplicated experiment is not easy to achieve and needs a lot of careful thought.

One aspect of experimental design that attracts strong views from economists is the issue of deception. Is it a methodological problem? In principle, incorporating deception into experiments conflicts with the focus in experimental economics on truthfulness as an essential element in “clean” experiments. On the other hand, particularly in neuroeconomic experiments where the experimental environment necessarily is highly constrained, it is often impossible to avoid some limited deception.

## 经济代写|行为金融学代写Behavioral Finance代考|Experimental economics

Vernon L. Smith 率先在经济学中使用实验，并最初在他的经济学原理讲座中使用市场实验作为教学手段（Smith 2003a）。实验方法可以成为行为经济学不可或缺的一部分，因为它们能够在仔细控制的条件下密切观察实际选择，从而使实验者能够从普通的复杂因素中抽象出来。如果构建得当，实验可以让我们适当地控制条件，从而捕捉行为的真正驱动因素。

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 经济代写|行为金融学代写Behavioral Finance代考|FINM3407

statistics-lab™ 为您的留学生涯保驾护航 在代写行为金融学Behavioral Finance方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写行为金融学Behavioral Finance代写方面经验极为丰富，各种代写行为金融学Behavioral Finance相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|行为金融学代写Behavioral Finance代考|Behavioural economics: what’s new

Now that we have explored some of the history of behavoural economic thought, we can turn to modern economics to explore how and why behavioural economics is different from standard approaches – specifically the dominant approach associated with neoclassical economics – which focuses on the role played by rational agents in market economies. Neo-classical economics is sometimes notorious for its focus on unrealistic behavioural assumptions about humans’ capacity for rationality. This translates into theories that are founded on mathematical principles – reinforcing the idea that economics treats people as if they are mathematical machines. Nonetheless, economic theory has the distinct advantage that it is analytical and relatively objective. The power of behavioural economics comes in combining more realistic behavioural assumptions – which we shall introduce in this book – with some of the analytical rigour of economic theory. Many would envisage behavioural economics and neuroeconomics as providing conceptual alternatives to standard neoclassical models which focus on a conception of people as Homo economicus – people are assumed to be clever and well-informed, decision-making is rational and systematic; and economic actions are described as the outcome of mechanical data processing. A lot has been done to soften the standard approach, especially in microeconomic analysis, for example by recognizing the nature and implications of asymmetric information and other forms of market failure, and by introducing Bayesian models to replace models of rationality based on perfect information. These extensions can explain non-maximizing behaviour by allowing it to be constrained by uncertainty and/or affected by strategic interactions between people and firms. Behavioural economics is another way to illuminate some of the deeper foundations of sub-optimal behaviour.
The degree of divergence between behavioural economic models and standard neoclassical models does vary across behavioural economics. Some would see behavioural economics as basically consistent with standard neoclassical approaches, with some extra psychological variables embedded, for example into utility functions, to increase realism, though at some cost in terms of tractability.

## 经济代写|行为金融学代写Behavioral Finance代考|Key insights from psychology

In taking on the essential assumptions of neoclassical economics, behavioural economists populate their models with people who are far more susceptible to social and psychological influences than Homo economicus. On this point, it is important to note that behavioural economics is not one coherent and self-contained subject – there is a spectrum of approaches to behavioural economics, reflecting the extent to which key insights from psychology, sociology, neuroscience and evolutionary biology are brought into the frame. Some behavioural economists develop models in which the neoclassical model is “tweaked” with some socio-psychological insights – such as that people are not always selfish. Other behavoural economists focus much more strongly on the role of personality, emotions and psychological biases in economic and financial decision-making. Whilst this book takes a broad view of which psychological insights are most relevant and interesting, nonetheless it is important to recognize that behavioural economics, economic psychology and psychological economics are not necessarily the same thing. There are many parallels between them but subtle differences too. Some behavioural economists are interested only in observable and measurable impacts on behaviour and preferences and are less interested in the underlying psychological processes. They would argue that these underlying variables are not easily measurable and so cannot form the basis of an objective science.

How do behavioural economists bring psychology into their models? This is a difficult question to answer quickly because psychology encompasses such a large range of ideas and sub-disciplines and such a large number of tools and techniques.

The incorporation of psychology into economics is controversial. For some economists, embedding a deeper understanding of what motivates choices and decisions is an anathema because, for example, in positivist, neoclassical approaches, the focus is on objectively measurable data such as observed choices. Earl (2005) observes that such criticisms may reflect the fact that psychology as a discipline lacks a grand unifying theory. There are many different psychological approaches but fragmentation within psychology not only discourages economists from making an investment in understanding psychological theories; it also encourages a piecemeal, ad hoc approach to embedding psychological insights into economics (Earl 2005). This selective use of psychological insights in behavioural economics may undermine its credibility for some.

Behavioural psychology has had a profound influence on modern behavioural economics and helps to explain the distinction between it and economic psychology. In contrast to economic psychology, the areas of behavioural economics that are closest to mainstream economic theory adopt the methodology of behavioural psychology by focusing on observed choices and revealed preferences using experimental methods and abstracting from cognitive and emotional processes underlying decision-making.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 经济代写|行为金融学代写Behavioral Finance代考|FINS3655

statistics-lab™ 为您的留学生涯保驾护航 在代写行为金融学Behavioral Finance方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写行为金融学Behavioral Finance代写方面经验极为丰富，各种代写行为金融学Behavioral Finance相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|行为金融学代写Behavioral Finance代考|What is behavioural economics

With the award of the 2017 Nobel Prize in economics to behavioural economist Richard Thaler-one of the pioneers in developing behavioural public policy “nudging”-behavioural economics is very much in the news. There are, however, many misconceptions about behavioural economics, which raises the question: what is behavioural economics?

This is a question that many behavioural economists have worked on answering, for example see Hargreaves-Heap (2013) versus Thaler (2016) for some contrasting perspectives. To give a quick and simple answer: behavioural economics is a fascinating and fashionable subject, of increasing interest to policy-makers and business, as well as to a range of academic researchers and teachers. But, because it is such a broad field, it can be difficult precisely to define. Some would argue that all economics is behavioural economics because economics is about behaviour, albeit in a restricted context. Others would define behavioural economics very narrowly as the study of observed behaviour under controlled conditions, without inferring too much about the underlying, unobservable psychological processes that generate behaviour.

Overall, the clearest way to describe it is as a subject that brings together economic insights about preferences and decision-making with broader principles of behaviour from a range of other social, behavioural and biological sciences. In this, behavioural economics relaxes economists’ standard assumptions to give models in which people decide quickly, often using simple rules of thumb rather than rigorously but robotically calculating the monetary benefits and costs of their decisions. Behavioural economics also explores how quick thinking leads people into systematic mistakes but also explains how people can learn from their mistakes. In behavioural economic models, people look to others when making decisions and when seeking happiness. Their decisions are affected by skills and personalities and also by moods and emotions. People aren’t necessarily good at planning systematically for future events and particularly when immediate pleasures tap into emotional and visceral influences. This means that people will be susceptible to impulsive decision-making which may be detrimental to their long-term welfare, for example smoking and eating unhealthy food. So overall, behavioural economics develops more traditional economic models to explore in more depth and detail the balancing acts that we go through every day when we choose and decide. For the purposes of this book, behavioural economics will be defined broadly as the subject which attempts to enrich economic analyses of behavior – grounded as it is in theories about preferences, incentives, decision-making and strategy – with insights from psychology, sociology, cognitive neuroscience and evolutionary biology.

## 经济代写|行为金融学代写Behavioral Finance代考|A quick history of behavioural economics

Whilst behavioural economics might seem like a relatively new sub-discipline of economics to some, in fact economists have been working on themes that we might today categorize as ‘behavioural economics’ for as long as economics has been around. Historically, economics had many links with psychology but as mathematical tools were used to simplify and structure economic theory, the subject moved away from psychological analysis. Also, with the increasing focus amongst economists on quantitative styles of decision-making, psychology’s focus on subjective motivations did not rest easily with economists’ focus on objective, analytical, mathematical methods of capturing economic decision-making via the observation of what people choose and decide. Economics went through something like a behavioural “dark age” – in which key insights from other social sciences were lost – until the major resurgence of behavioural and psychological economics in the 1980 s and 1990s. In understanding why, it is useful to explore the historical development of behavioural economics and some of the behavioural approaches that preceded economics as we see it today – from David Hume in the 18th century through to Hyman Minsky in the 20th century. For a quick potted history see below, but more detailed accounts include Kao and Velupillai (2015) and Heukelom (2014).

Adam Smith is widely attributed with founding the subject of economics (not entirely accurately) and he too was interested in the social and psychological dimensions of behaviour, even if his interests in these areas are not apparent in the caricatures of his thinking. Whilst his name is popularly associated with his rhetorical justification of free markets and the accompanying metaphor of the Invisible Hand of the price mechanism coordinating individual behaviour in socially beneficial directions, as described in An Inquiry into the Nature and Causes of the Wealth of Nations (1776), Adam Smith also thought carefully about sociopsychological motivations. One key theme in his writings is the impact that social emotions have on our choices – foreshadowing a number of areas in modern behavioural economics, particularly models of social influence. In The Theory of Moral Sentiments (1759) he emphasizes the importance of imaginative sympathy in human nature: “How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him” (Smith 1759, p. 9).

Adam Smith foreshadowed the importance of sentiment in modern behavioural economics, with his emphasis on social, unsocial and selfish passions – focusing on the importance of vividness in events in determining how strongly we respond to them. Linking with modern analyses of bad habits and inconsistent plans he analyses self-deceit and the impact of customs and fashions – which are also the focus in modern behavioural economics analyses of social influences and group bias. Vernon L Smith (1998) notes that whilst on first inspection there may seem to be a contradiction between Adam Smith’s Wealth of Nations, emphasizing self-interest, and The Theory of Moral Sentiments, emphasizing sympathy – in fact these concepts can be reconciled if cooperation and noncooperation can both be understood in terms of a “self-interested propensity for exchange” in friendships as well as markets.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 经济代写|行为金融学代写Behavioral Finance代考|GSBS6517

statistics-lab™ 为您的留学生涯保驾护航 在代写行为金融学Behavioral Finance方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写行为金融学Behavioral Finance代写方面经验极为丰富，各种代写行为金融学Behavioral Finance相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|行为金融学代写Behavioral Finance代考|Chapter previews

The book will be split into three further parts, of which the next part will be by far the biggest, looking at what behavior we observe and how we can model it. It begins, in Chapter 2, with an introduction to heuristics and context effects. The main message I want you to get from this chapter is that people can be influenced in a systematic way by the context or setting in which choices are made. This might seem obvious enough, but it is quite a big step away from the standard economic model.

In Chapter 31 look at choice with risk, and in Chapter 4 at choice over time. The basic approach in both chapters will be the same: to start with a simple and standard way to model behavior, namely expected utility and exponential discounting, and then to propose various modifications to the model so that we can better fit the behavior we observe. This will bring us to some of the more important concepts in behavioral economics, such as prospect theory and time inconsistency.

A theme throughout Chapters 2 to 4 is the importance of reference dependence and context. In particular, we shall see that behavior often depends on whether outcomes are perceived as a loss or gain relative to some reference point. We shall also see that the reference point a person has in mind can change a lot depending on the context.

In Chapters 5 and 6 the focus switches to how people use information. In Chapter 5 the focus is on how people can learn from the information around them, including what they get from other people. In Chapter 6 the focus is on learning and behavior in interactive situations, when it’s necessary to predict the behavior of others. I think the basic message that comes out of these two chapters is that people are clever and do learn, but also struggle to cope with more complex situations. We are going to see, for example, some worrying biases in how people learn from new information.

## 经济代写|行为金融学代写Behavioral Finance代考|Behavioral finance

As I have already mentioned, behavioral finance has taken on something of a life of its own alongside behavioral economics. Given that this is a textbook on behavioral economics, rather than behavioral finance, there will naturally not be a comprehensive treatment of behavioral finance. The key ideas of behavioral finance are, however, covered. For those interested in behavioral finance I shall briefly point out three key things to watch out for.

Of primary importance is the efficiency of markets. This is a theme in Chapter 2 (see sections $2.5$ and 2.7). Particularly relevant for finance is the efficiency of markets in the presence of uncertainty. This is covered in Chapter 5 (see section 5.6), including a discussion of bubbles and busts. Chapter 3 (see section 3.6) focuses on some specific finance ‘puzzles’, such as the equity premium puzzle.

An often neglected area of finance is the interaction between traders. Two important concepts for behavioral finance are information cascades and beauty contests. Information cascades help us study how one trader may learn from another (see section 5.3). The beauty contest helps us study the incentives of traders (see sections $6.1$ to $6.4$ ). The saving and investment decisions of individuals will be a recurring theme throughout the book. See in particular section $2.8$ on the life cycle hypothesis, sections $2.9$ and $10.6$ on retirement saving and section $4.5$ on borrowing.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 经济代写|行为金融学代写Behavioral Finance代考|FINC2002

statistics-lab™ 为您的留学生涯保驾护航 在代写行为金融学Behavioral Finance方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写行为金融学Behavioral Finance代写方面经验极为丰富，各种代写行为金融学Behavioral Finance相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|行为金融学代写Behavioral Finance代考|Too far or not far enough

Disagreement on the kinds of questions we have just discussed means that behavioral economics has no shortage of critics. Some criticize it for not being radical enough. Others criticize it for going too far! As you learn more about behavioral economics it is useful to be aware of this criticism and see how it relates back to the questions above.

Pretty much all criticism stems from the same basic concern, namely that behavioral economics is too much like the standard economic model. As we have seen, behavioral economics takes the standard economic model as its starting point. In practice, this means that behavioral models are almost always the standard economic model plus something new. That ‘something new’ might be a reference point, loss aversion, greater weight on the present than the future, a desire to earn no less than others, and so on. The basic assumptions of the standard economic model are retained, however.

This brings us back to the debate on the methodology of positive economics: will more attention to the decision process result in improved predictive accuracy? I cannot answer that question. I will, however, use this as an opportunity to warn against some of the hyperbole that surrounds behavioral economics – and a lot of hyperbole does surround behavioral economics! Although behavioral economics is revolutionizing economics, it is not as radical a departure from the standard economic model as some would have you believe.

Let us turn now to those who criticize behavioral economics for going too far. If behavioral economics is the standard economic model plus something else, then it is no surprise that we can get a better fit. The danger is one of over-fitting. The basic critique goes something like this. The behavioral economist observes behavior that ‘should not happen’, according to the standard economic model, such as Anna borrowing at a high interest rate on a credit card while simultaneously saving for retirement at a low interest rate. We then come up with something that can ‘explain’ this anomaly, such as an impulsive desire to buy expensive handbags while out shopping. We then congratulate ourselves on a better fit.

## 经济代写|行为金融学代写Behavioral Finance代考|Some background on behavioral economics

We have already seen that behavioral economics involves both theory and experiment. In this section I want to briefly sketch a little more about the methods of behavioral economics and, in particular, give some background on economic experiments. Before doing so I want to make clear that my objective is not to explain how to run experiments, or to perform statistical tests on the experimental data. These warrant books on their own, and there are lots of good books out there (see the further reading at the end of the chapter). All I want to do is explain enough that you will be able to follow the rest of this book. That means, in particular, getting straight some terminology that I am going to use.

Rather than talk abstractly about experiments and theory I thought it would be more interesting to talk through some research that I did (with Federica Alberti and Anna Stepanova) while writing the first edition of the book. This will give me a chance to introduce all the concepts you need at this stage. Other concepts will be introduced as and when needed or relevant in ‘research methods boxes’ that you will find throughout the book.

I will use the term study for a particular piece of research. The objective of our study was to see whether the amount of money people are endowed with in a threshold public good game has any effect on their ability to coordinate. That might not make much sense at this point, but do not worry, because it should make more sense shortly. A study may be part of a more general project. Our ongoing project is to see how people can coordinate better in threshold public good games. The main part of this study involved running experiments, and so I will talk about that first.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 经济代写|行为金融学代写Behavioral Finance代考|FINM3407

statistics-lab™ 为您的留学生涯保驾护航 在代写行为金融学Behavioral Finance方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写行为金融学Behavioral Finance代写方面经验极为丰富，各种代写行为金融学Behavioral Finance相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|行为金融学代写Behavioral Finance代考|The history and controversies

Behavioral economics has an interesting and checkered history. I will not delve too deeply into that history here, but an overview is useful because it will allow me to expand on the motivations behind behavioral economics. I will also explain some of the controversies and debates that surround it. These controversies and debates still rumble on, and so it is helpful to have some understanding of them before you see what behavioral economics has to offer.

It is difficult to say when behavioral economics began, but I am going to credit Adam Smith with being its founder.Any student of economics should be familiar with Adam Smith’s book An Inquiry into the Causes of the Wealth of Nations, first published in 1776. In that book Smith famously explained the invisible hand of the market. Less well known to most economists is a book that Smith first published in 1759, called The Theory of Moral Sentiments. It was actually in this book that the invisible hand first made an appearance. More interesting, for our purpose, is how Smith explains that people are not motivated solely by self-interest, but also feel a natural sympathy with others, and have a natural sense of virtue.

In short, in The Theory of Moral Sentiments, Smith talks about many things that in the last 30 years or so have become major issues in behavioral economics. For example, a theme through many parts of his book is the importance of reward and punishment (something we will pick up on in Chapter 7). Another theme is the influence of custom and fashion (which we will pick up on in Chapter 5). In my mind,Adam Smith comfortably does enough to be the father of behavioral economics. The intriguing question is why we had to wait over 200 years for the ideas that he talked about to be taken seriously by economists.

## 经济代写|行为金融学代写Behavioral Finance代考|The different faces of behavioral economics

In suggesting, as I have, that there were four distinct elements in the rebirth of behavioral economics, it is not too surprising that behavioral economics is somewhat splintered into subtly different subfields. In this book I am going to use a very broad and encompassing notion of behavioral economics that tries to cut across any arbitrary divisions. Divisions do exist, however, and it is worth knowing something about these, and some terms used to describe them that you may come across.

I will start with the notion of bounded rationality that we have already come across in talking about Herbert Simon. The idea here is to recognize the constraints that people face, in terms of computational capacity, memory, information, time, and the like.We should not, for instance, assume that Homo economicus can do mathematical calculations that a human cannot do, or can remember more things than a human can.This sounds clear enough, but there are two quite different ways in which the idea has been put into practice.

Today the term ‘bounded rationality’ is commonly reserved for work in which the constraints people face are explicitly modeled. The approach is thus one of solving for what a rational person will do if they have, say, limited memory. For instance, what password should Anna use on her computer if she knows she might forget it? With this approach it is still assumed that people can be approximated by a selfish and rational Homo economicus; just one with a bit less memory and mathematical ability. Such an approach is prone to something called the infinite regress problem, which I will talk about in the next chapter, but it does give us an idea of how a person can optimally cope with their limitations, or bounded rationality.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 经济代写|行为金融学代写Behavioral Finance代考|FINC2002

statistics-lab™ 为您的留学生涯保驾护航 在代写行为金融学Behavioral Finance方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写行为金融学Behavioral Finance代写方面经验极为丰富，各种代写行为金融学Behavioral Finance相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|行为金融学代写Behavioral Finance代考|Background and Literature Review

The topic of executive compensation and the different types of regulation implemented in order to curb it or to modify its structure have attracted the attention of the public, media and academics starting in the 1990s. For example, Balsam (2002) and Bebchuk and Grinstein (2005), among others, document a dramatic increase in pay. However, unlike the overwhelmingly negative sentiment of the public and media, academics hold a wide range of opinions, as can be seen from the written testimonics of Bebchuk (2007) and Kaplan (2007) in the Hearing before the Committee on Financial Services at the US House of Representatives (2007). ${ }^{5}$

The bulk of the early literature focused on regulated industries. Examples include Joskow et al. (1996) on the electric utility industry and Hubhard and Palia (1995) on the banking industry. ${ }^{6}$ Joskow et al. (1996) explore the regulated electric utility industry and find that CEO pay is lower when the environment in which the firm operates favors consumers over investors. They also provide evidence of political pressure constraining CEO compensation. Hubbard and Palia (1995) examine the effect of deregulating the banking industry on CEO pay, and find higher levels of pay and a stronger pay-performance relationship in the deregulated banking markets.

A later body of literature examines the effect of the tax code provision Omnibus Reconciliation Act of 1993, the first large-scale attempt to regulate executive pay across industries. The provision limits the tax deductibility of the salary paid to the top executives to US\$1 million each, starting in 1994 , while not affecting the components of the compensation that are contingent upon performance, such as bonuses and stock option awards. The findings of Rose and Wolfram (2000) cast doubt on the efficacy of the provision in constraining overall executive compensation. They find that while firms near the US\$1 million cap limit their salary increase, they seem to increase the performance-based components of the compensation, so that the effect of the provision on the overall pay level is unclear.

## 经济代写|行为金融学代写Behavioral Finance代考|Data and Methodology

Our study uses hand-collected data on firms traded on TASE in a 2-year window around 2012, the year in which the regulation was signed into law. We compare each CEOs average compensation in the 2-year period prior (pre-amendment) to the introduction of the regulation (2010-2011) to their average compensation in the 2-year period following (post-amendment) the introduction of the regulation (2013-2014), excluding 2012 from the study. ${ }^{7}$ We excluded 2012 because some companies might have implemented the amendment early, while others might have used the last window of opportunity to award excessive compensation just before the implementation of the law. From The Marker, December 3, 2012 (by Shelly Appelberg): “… Israel Securities Authority is warning public companies in Israel not to try to perform a last-minute coup and approve compensation packages to senior executives in the next few days, before Amendment 20 comes into effect in 12.12.2012… On 27.11, the Israel Corporation renewed the contracts of CEO NirGil’ad and Chairman Amir Elstein and granted each options worth 50 million NIS, and additional options worth $13.3$ million NIS were granted to Avisar Paz, the Chief Financial Officer.”

The companies in our sample were members of the index TA-100, an index comprising the largest 100 companies traded on TASE. Each company in our sample was a member of the index at the end of at least one of the years 2009-2014. ${ }^{8}$ As is customary, firms subject to a special regulatory regime such as banks, insurance companies and cross-listed firms (firms listed in TASE and in another exchange, usually in the US or Europe) are excluded from our sample.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 经济代写|行为金融学代写Behavioral Finance代考|FINM3407

statistics-lab™ 为您的留学生涯保驾护航 在代写行为金融学Behavioral Finance方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写行为金融学Behavioral Finance代写方面经验极为丰富，各种代写行为金融学Behavioral Finance相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|行为金融学代写Behavioral Finance代考|The Accuracy of the Prediction Markets

In column 1 of Table 2, we present the latest prices of the predictions market prior to the elections; in column 2 the latest predictions of the polls (which by law were taken three days before the elections) and in column 3 the official results of the elections are listed. The raw results are presented in Panel $\mathrm{A}$ and the precision measures in Panel B. The predictions market fared better than the polls on average. From Panel B we observe that the average absolute errors and the mean squared errors of the predictions market are $2.46$ and 10.36, respectively, compared with $3.00$ and $16.23$ of the polls. The standard deviations of the prediction market were also lower. The average errors of the prediction market turned out positive, as the prices of this market were not calibrated to sum up to 120 .

Since the last polls were taken three days before the elections, whereas the market continued trading until the last day, it seems that we imposed a handicap on the polls compared to the market. We therefore also compared the accuracy of the latest polls to that of the market prices determined on that day (in column 6 of Panel A). We observe by comparisons of columns 2 and 6 of Panel B of Table 2 , that the market prices three days prior to the elections also provided more accurate predictions on average than the polls (for instance an average absolute error of $2.65$ for the market compared to 3 for the polls).

## 经济代写|行为金融学代写Behavioral Finance代考|The Correlation between the Prediction Markets

The participants of the prediction markets and the polls were predicting the same unknown, and if they used similar sources of information for their predictions this would suffice to create a correlation between them. This correlation would be magnified if market participants used the polls in their predictions. Since the market participants observe the polls but not vice versa, it is plausible that the polls would affect the markets, and that causality, if any, would run only in one direction.

To what extent do market participants employ information other than the polls? Some indication can be glimpsed from intraday price variation in the prediction markets. During the day, no new polls results were provided by the TV stations and hence, variation of prices during the days could roughly imply that market participants received new information beside polls information. ${ }^{11}$ The lower the intraday price variation, the lower, we would suspect, the non-polls information the market participants received. A trend of the intraday standard deviation over time would then indicate whether the relative influence of the polls diminished or increased over time.
To examine this trend, we regressed the intraday daily standard deviation on time. A negative slope of this regression would indicate that these standard deviations diminished as the time to elections neared. In Table 3, we present the average intraday standard deviation of prices for each of the parties and their evolutions over time, i.e., the slopes of the aforementioned regressions. We observe in this table that for all parties the standard deviations of intraday prices diminished over time. ${ }^{12}$ Also, a panel random effect regression of standard deviation as a function of time provided a significant negative correlation of $-0.01(p<0.01, N=626)$. These results are consistent with the hypothesis that as time to elections neared, the effect of the information unrelated to polls that the market participants received diminished.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 经济代写|行为金融学代写Behavioral Finance代考|FINS3655

statistics-lab™ 为您的留学生涯保驾护航 在代写行为金融学Behavioral Finance方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写行为金融学Behavioral Finance代写方面经验极为丰富，各种代写行为金融学Behavioral Finance相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|行为金融学代写Behavioral Finance代考|The Market and Its Operation

Each participant received 60 ILS to participate in the market that operated continuously between February 18, 2019 to April 9, 2019 on a platform provided by the consulting firm “Darebiz.” 7 At each point, the participants could either buy or short-sell futures of each of the 13 largest parties that ran for the Israeli parliament in the elections to be held on April 9, 2019 (the parties included in our market were the 13 largest ones: KacholLavan, Likud, Ha’avoda, YahadutHaTorah, Hadash-Taal, HayminHachadash, IhudHayamin, Meretz, Shas, Zehut, Kulanu, Israel Beytenu and Raam-Balad). The underlying asset in this market was the number of seats the party will receive in the “Knesset” (the Israeli parliament) out of the 120 seats available, and each seat is worth 1 ILS.

The elections date served as the expiration date of the futures. At each point the trading participants could see on the screen of the trading platform the previous sell and buy prices, the changes from the previous trades and the result of the latest published poll. The trader could submit a buy/sell order and Darebiz’s (private) algorithm calculated an equilibrium price. In accuracy comparisons between the predictions of our market and those of the polls, we used the poll results provided by “Darebiz,” which were based on the latest results published each evening by one of the three largest TV stations operating in Israel who offered predictions every day throughout the campaign. We defined the predictions of our market, on each day of the elections campaign, to be the average prices paid for the futures of the party during the day. The profits/losses of each participant from each future held on expiration were the difference between the prices of the futures and the official number of seats the party obtained in the elections. ${ }^{8}$

## 经济代写|行为金融学代写Behavioral Finance代考|Tests of Market Efficiency

Although it is not our main goal in this chapter, we found it interesting to examine whether our prediction market is efficient. ${ }^{9}$ We chose to only test for correlation between returns (weak form efficiency) and decided that further tests (semi strong or strong efficiency tests) would be needed only if no correlation would be detected. Since correlation was detected, no further tests were needed. A finding of inefficiency would indicate a flaw in this market as past returns do not incorporate all the information. If such a market were to beat the polls this would constitute as an even worse sign for the polls, since it would imply that an efficient market could trample them even stronger.

We first ran autocorrelation tests for the returns of each party separately. We ran for each of the 13 parties a regression of the form:
$$R_{t}=a+b R_{t-1}$$ where the returns on the futures on day $t$ are defined by:
$$R_{t}=\left(P_{t}-P_{t-1}\right) / P_{t-1}$$
and $P_{t}$ denotes the average price of the future during day $t .^{10}$

## 经济代写|行为金融学代写Behavioral Finance代考|Tests of Market Efficiency

$$R_{t}=a+b R_{t-1}$$

$$R_{t}=\left(P_{t}-P_{t-1}\right) / P_{t-1}$$

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。