Time and State Dependence in an Ss Decision Experiment
通过实验室实验研究企业定价决策中的状态依赖与时间依赖行为，发现被试的调整阈值接近最优，但存在显著的时间依赖成分，主观观察成本可解释跨实验的差异。
Flow earnings in a laboratory experiment decline the further a Brownian state variable, z, evolves from its optimal level, z *. Optimal state dependent models predict subjects will pay a fixed cost to return z to z * only when z strays outside a critical inaction region around the optimum. On average, subjects adjust at states remarkably close to optimal threshold levels but, as in the field, do not establish true “state dependent” inaction regions, suggesting significant “time dependent” components in adjustment rules. Structural estimates of subjective observation cost qualitatively account for variation in time dependence observed across treatments.