Model-free and Model-based Learning as Joint Drivers of Investor Behavior

Motivated by neural evidence on the brain's computations, cognitive scientists are increasingly adopting a framework that combines two systems, namely “model-free” and “model-based” learning. We import this framework into a financial setting, study its properties, and use it to account for a ra...

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Veröffentlicht in:	NBER Working Paper Series 2023-03
Hauptverfasser:	Barberis, Nicholas C, Jin, Lawrence J
Format:	Artikel
Sprache:	eng
Schlagworte:	Asset Pricing Economic theory
Online-Zugang:	Volltext
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