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題名 預測競賽, 解釋預測機構的行為
Explaining forecasters` behavior: sequential forecast contest
作者 黃柏鈞
Huang, Po Chun
貢獻者 莊委桐
Juang, Wei Torng
黃柏鈞
Huang, Po Chun
關鍵詞 預測競賽
群聚
反群聚
Forecast Contest
Herding
Abti-Herding
日期 2008
上傳時間 14-Sep-2009 13:31:07 (UTC+8)
摘要 Paradoxically, pepole avoid being totally the same with others to keep their uniquness but follow the fads to avoid isolation. We construct a simple model under this concept to explain the empirical findings of forecasters’ behavior such as old forecasters are more radical and late forecasters tend to anti-herd. We show that forecasters` forecasts are not necessarilly unbiased when they consider
     the benefit of making correct forecasts and the cost of being wrong. Furthermore, we extended our model and show that when uninformed agent cannot differentiate which informed agents is better, she chooses mean of the two experts` opinions when the difference of the opinions is small but choose randomly from the two experts` opinions when the difference is big.
參考文獻 Ashiya, M., Doi, T., (2001). Herd behavior of Japanese economists, Journal of Economic Behavior and Organization, 46, 343-346.
Avery, C.N., Chevalier, J.A., (1999). Herding over the career. Economics Letters, 63, 327-333.
Bernhardt, D., Campello, M., Kutsoati, E., (2006). Who herds?, Journal of Financial Economics, 80, 657-675.
Chevalier, J., Ellison, G., (1999). Career concerns of mutual fund managers, Quarterly Journal of Economics 114, 389-432.
Couzin, I. D., Krause, J., Franks, N. R. Levin, S. A., (2005). Effective leadership and decision-making in animal groups on the move, Nature, 433, 513-516.
Ehrbeck,T.,Waldmann, R., (1996). Why are professional forecasters biased? Agency versus behavioral explanations, Quarterly Journal of Economics, 111, 21-40.
Hong, H., Kubik, J.D., Solomon, A., (2000). Security analysts` career concerns and herding of earning forecasts, RAND Journal of Economics, 31, 121-144.
Kahneman, D., Lovallo, D., (1993). Timid Choices and Bold Forecasts: A Cognitive Perspective on Risk Taking, Management Science, 39, 17-31.
Kahneman, D., (1973). Attention and Effort. Prentice-Hall, Englewood Cliffs, NJ.
Keynes, J. M., (1936). The General Theory of Employment, Interest and Money, Macmillan, London.
Lamont, O., (2002). Macroeconomic forecasts and microeconomic forecasters, Journal of Economic Behavior and Organization, 48, 265-280.
Laster, D., Bennett, P., Geoum, I.S., (1999). Rational bias in macroeconomic forecasts, Quarterly Journal of Economics, 114, 29-318.
Malabre, A.L., (1995), Lost Prophets, Harvard Business School Press.
Ottaviani, M., Sorensen, P.N., (2006). The strategy of professional forecasting, Journal of Financial Economics, 81, 441-466.
Tetlock, P. E. (2005). Expert Political Judgment: How Good Is It? How Can We Know? Princeton University Press.
Zarnowitz, V., Lambros, L.A., (1987). Consensus and uncertainty in economic predictions, Journal of Political Economy, 95, 591-621.
描述 碩士
國立政治大學
經濟研究所
96258018
97
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0096258018
資料類型 thesis
dc.contributor.advisor 莊委桐zh_TW
dc.contributor.advisor Juang, Wei Torngen_US
dc.contributor.author (Authors) 黃柏鈞zh_TW
dc.contributor.author (Authors) Huang, Po Chunen_US
dc.creator (作者) 黃柏鈞zh_TW
dc.creator (作者) Huang, Po Chunen_US
dc.date (日期) 2008en_US
dc.date.accessioned 14-Sep-2009 13:31:07 (UTC+8)-
dc.date.available 14-Sep-2009 13:31:07 (UTC+8)-
dc.date.issued (上傳時間) 14-Sep-2009 13:31:07 (UTC+8)-
dc.identifier (Other Identifiers) G0096258018en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/32256-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經濟研究所zh_TW
dc.description (描述) 96258018zh_TW
dc.description (描述) 97zh_TW
dc.description.abstract (摘要) Paradoxically, pepole avoid being totally the same with others to keep their uniquness but follow the fads to avoid isolation. We construct a simple model under this concept to explain the empirical findings of forecasters’ behavior such as old forecasters are more radical and late forecasters tend to anti-herd. We show that forecasters` forecasts are not necessarilly unbiased when they consider
     the benefit of making correct forecasts and the cost of being wrong. Furthermore, we extended our model and show that when uninformed agent cannot differentiate which informed agents is better, she chooses mean of the two experts` opinions when the difference of the opinions is small but choose randomly from the two experts` opinions when the difference is big.
en_US
dc.description.tableofcontents 1 Introduction 1
     2 A Model of 2 Informed Agents 5
     2.1 Set Up 5
     2.2 Equilibrium 6
     2.3 Old Analyst v.s. Young Analyst 8
     3 A Model of 3 Informed Agents 10
     3.1 Why Forecasters Lag Behind Reality 10
     3.2 Late Forecasters Tend to Anti-Herd 11
     4 Extension: Mean or Extreme 13
     4.1 An Example 13
     5 Conclusion 16
     Appendix 18
     Reference 23
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0096258018en_US
dc.subject (關鍵詞) 預測競賽zh_TW
dc.subject (關鍵詞) 群聚zh_TW
dc.subject (關鍵詞) 反群聚zh_TW
dc.subject (關鍵詞) Forecast Contesten_US
dc.subject (關鍵詞) Herdingen_US
dc.subject (關鍵詞) Abti-Herdingen_US
dc.title (題名) 預測競賽, 解釋預測機構的行為zh_TW
dc.title (題名) Explaining forecasters` behavior: sequential forecast contesten_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Ashiya, M., Doi, T., (2001). Herd behavior of Japanese economists, Journal of Economic Behavior and Organization, 46, 343-346.zh_TW
dc.relation.reference (參考文獻) Avery, C.N., Chevalier, J.A., (1999). Herding over the career. Economics Letters, 63, 327-333.zh_TW
dc.relation.reference (參考文獻) Bernhardt, D., Campello, M., Kutsoati, E., (2006). Who herds?, Journal of Financial Economics, 80, 657-675.zh_TW
dc.relation.reference (參考文獻) Chevalier, J., Ellison, G., (1999). Career concerns of mutual fund managers, Quarterly Journal of Economics 114, 389-432.zh_TW
dc.relation.reference (參考文獻) Couzin, I. D., Krause, J., Franks, N. R. Levin, S. A., (2005). Effective leadership and decision-making in animal groups on the move, Nature, 433, 513-516.zh_TW
dc.relation.reference (參考文獻) Ehrbeck,T.,Waldmann, R., (1996). Why are professional forecasters biased? Agency versus behavioral explanations, Quarterly Journal of Economics, 111, 21-40.zh_TW
dc.relation.reference (參考文獻) Hong, H., Kubik, J.D., Solomon, A., (2000). Security analysts` career concerns and herding of earning forecasts, RAND Journal of Economics, 31, 121-144.zh_TW
dc.relation.reference (參考文獻) Kahneman, D., Lovallo, D., (1993). Timid Choices and Bold Forecasts: A Cognitive Perspective on Risk Taking, Management Science, 39, 17-31.zh_TW
dc.relation.reference (參考文獻) Kahneman, D., (1973). Attention and Effort. Prentice-Hall, Englewood Cliffs, NJ.zh_TW
dc.relation.reference (參考文獻) Keynes, J. M., (1936). The General Theory of Employment, Interest and Money, Macmillan, London.zh_TW
dc.relation.reference (參考文獻) Lamont, O., (2002). Macroeconomic forecasts and microeconomic forecasters, Journal of Economic Behavior and Organization, 48, 265-280.zh_TW
dc.relation.reference (參考文獻) Laster, D., Bennett, P., Geoum, I.S., (1999). Rational bias in macroeconomic forecasts, Quarterly Journal of Economics, 114, 29-318.zh_TW
dc.relation.reference (參考文獻) Malabre, A.L., (1995), Lost Prophets, Harvard Business School Press.zh_TW
dc.relation.reference (參考文獻) Ottaviani, M., Sorensen, P.N., (2006). The strategy of professional forecasting, Journal of Financial Economics, 81, 441-466.zh_TW
dc.relation.reference (參考文獻) Tetlock, P. E. (2005). Expert Political Judgment: How Good Is It? How Can We Know? Princeton University Press.zh_TW
dc.relation.reference (參考文獻) Zarnowitz, V., Lambros, L.A., (1987). Consensus and uncertainty in economic predictions, Journal of Political Economy, 95, 591-621.zh_TW