【北航经商大讲堂 第21期】

新加坡国立大学CHEW Soo Hong教授特邀报告

题目： Does Haze Cloud Financial Decision Making? A Natural Laboratory Experiment

主讲人：CHEW Soo Hong 教授 新加坡国立大学 讲席教授

世界计量经济学会 院士

主持人：范英 教授

时间： 2018年5月31日16:00-18:00

地点： 北航新主楼A座618

 

摘要：

The adverse impact of haze on health and its association with a range of economic outcomes has received increasing attention in the literature. A natural laboratory experiment involving more than 600 subjects enables a first attempt at investigating the causal effect of haze proxied by particulate matter of diameter up to 2.5 microns on decision making. This study was conducted in Beijing over five days with highly varying levels of PM2.5 in October 2012, before this measure became commonly known in China from the beginning of 2013. We observe several effects of an increase in PM2.5. In individual decision making, we find an increase in aversion to risk over gains and in tolerance to risk over losses. This gives rise to an increase in loss-gain differentiation in risk attitude, underpinning a corresponding increase in the disposition effect. This is confirmed in Li, et al. (2017) using trading information from 773,198 accounts covering more than 200 Chinese cities. In other-regarding behavior, subjects become less prosocial: giving less in a dictator game, contributing less in a public goods game, reciprocating less in a sequential prisoners’ dilemma, and demanding more as responder in an ultimatum game. In strategic behavior, there is a decline in iterative thinking in a p-beauty game. Taken together, our results provide a preferential foundation to several papers linking short term variations in air quality to real-world economic variables such as worker productivity, movie attendance and revenue, and criminal activities, besides the performance of stock markets.

 

主讲人简介：

 

周恕弘（CHEW Soo Hong），新加坡国立大学讲席教授，世界计量经济学会院士（Fellow）。周恕弘教授是世界著名的实验经济学家和行为经济学家，曾执教于美国亚利桑那大学、约翰·霍普金斯大学、加州大学尔湾分校、香港科技大学（担任讲座教授）。在Econometrica、Journal of Economic Theory等世界顶级学术期刊上发表十余篇论文，2011年他当选为世界计量经济学会（Econometric Society）的院士（Fellow），是这一世界上最著名的经济学协会自1933年创建以来的第11位华人院士。