2010 加州大學(xué)圣迭戈分校 經(jīng)濟(jì)學(xué) 博士

2005 北京大學(xué) 金融學(xué) 學(xué)士

2014~至今
北京大學(xué)光華管理學(xué)院應(yīng)用經(jīng)濟(jì)系副教授
2010~2014
北京大學(xué)光華管理學(xué)院應(yīng)用經(jīng)濟(jì)系助理教授。

1. 管理經(jīng)濟(jì)學(xué)

2. 高級(jí)微觀經(jīng)濟(jì)學(xué)

研究專(zhuān)長(zhǎng)包括行為經(jīng)濟(jì)學(xué)，行為金融學(xué)，勞動(dòng)經(jīng)濟(jì)學(xué)，發(fā)展經(jīng)濟(jì)學(xué)等。

Publications:

With Vincent P. Crawford, “New York City Cabdrivers’ Labor Supply Revisited: Reference-Dependent Utility with Targets for Hours and Income”, American Economic Review 101 (August 2011), 1912-1932

Abstract: This paper proposes a model of cabdriversu2019 labor supply, building on Henry S. Farberu2019s (2005, 2008) empirical analyses and BotondK?szegi and Matthew Rabinu2019s (2006; henceforth “KR”) theory or reference-dependent preferences. Following KR, our model has targets for hours as well as income, both determined by rational expectations. Estimated with Farberu2019s data, our model reconciles his finding that stopping probabilities are significantly related to hours but not income with Colin Camerer et al.u2019s (1997) negative wage elasticity of hours; and avoids his criticism that estimates of driversu2019 income targets are too unstable to yield a useful model of labor supply.

Working Papers:

“The Disposition Effect and Expectations as Reference Point.” revise and resubmit to Journal of Finance

Abstract: The disposition effect refers to the tendency for investors to sell winning stocks too early and hold losing stocks for too long. This paper shows that investorsu2019 psychological aversion to losses relative to a reference point predicts the disposition effect when the reference point is defined by expected wealth but not the status quo wealth. Estimates from individual trading records suggest that investorsu2019 reference level of gains is higher than risk-free rate, and it is closely tied to their past average realized gains. Infrequent traders are also shown to have higher reference level and stronger disposition effect than frequent traders. Expectations as reference point provide a simple explanation to these regularities. This theory also has the potential to link expectations to the magnitude of the disposition effect hence market movement.

With Wanchuan Lin and Yiming Liu, "Will Formal Risk Sharing Arrangements Crowd Out Informal Mechanisms: An Experimental Study" 2011

Abstract: An important issue with promoting formal insurance in the rural areas of developing countries is the interaction between formal insurance and preexisting informal risk sharing arrangements. Will the introduction of formal insurance crowd out private transfer? What are the welfare consequences? This paper presents the first laboratory study investigating these issues. We show that the introduction of formal insurance crowds out informal risk sharing arrangements. This effect is strengthened by ex-ante income inequality and weakened by path dependence of the existing informal mechanisms. We further show that the introduction of formal insurance provides better risk coverage when income is equal, but when ex-ante inequality exists, there is no significant risk reduction due to the large crowding-out effect.

"Social Distance, Interpersonal Interaction and Impersonal Exchange", 2010

Abstract: Personal relationships and anonymous market have been previously modeled in ways that prevent them from coexisting in equilibrium as contract enforcement mechanisms. Empirical evidence nonetheless suggests that they sometimes coexist. This paper introduces social utility into preferences, which is determined by social distance and specific to personal relationships but not to impersonal anonymous market exchange. This preference-based approach allows the two modes of exchange to coexist in equilibrium and further characterizes how their market shares depend on the degree of social heterogeneity. The possibility of impersonal exchange improves welfare and equality among buyers in general. But there also exist cases where competition between the two forms of exchange makes welfare and equality deteriorate.

Research in Progress:

"Social Distance and the Crowding-out Effect of Formal Insurance on Informal Risk Sharing"

"Social Learning or Social Conformity? The Case of Stock Market Participation Decision"

2007-2008Excellence in Referee Rewards, The American Economics Review,2001-2004北大明德獎(jiǎng)學(xué)金。