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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. Subjects' average adjustment points are remarkably close to optimal levels, but as in the field they do not establish true "state dependent" inaction regions, suggesting significant "time dependent"doi:10.1257/mac.20130267 fatcat:gfephphlu5ahxbvc7v3xhn2q2e