CCBEF Workshop Program




地点: 西南财经大学柳林校区弘远楼302



主题:“Familiarity breeds Investment if you have the Right Gene: A gene-brain-decision approach to resolving the equity home bias puzzle”


简介:世界计量经济学会院士,教授,主要研究领域为decision theory, 行为经济学、实验经济学、行为金融学和基因经济学。

摘要:A tendency for investors to concentrate their portfolios disproportionately in favor of domestic equities called equity home bias has been identified in Feldstein and Horioka (1980) and French and Poterba (1991). In proposing their source preference hypothesis, Fox and Tversky (1995) suggest that equity home bias may have its roots in investors exhibiting a preference to invest in familiar stocks. This account is corroborated in the subsequent works of Huberman (2001) and Coval and Moskowitz (2002) offering evidence of a preference for investing in domestic US companies that are geographically proximate. Applying an axiomatic characterization of source preference in Chew and Sagi (2008), we discuss evidence of familiarity bias from laboratory experiments augmented by molecular genetics and neuroimaging. This helps link familiarity bias with specific variants in the GABA gene underpinning the inhibitory GABAergic system (modulated by benzodiazepines) through the amygdala (related to fear conditioning) in the brain.


主题:“Probabilistic Sophistication on Finite State Spaces”


简介:上海财经大学博士生,主要研究领域为decision theory, 行为经济学和实验经济学。

摘要:The concept of probabilistic sophistication can be traced to the works of Savage (1954), Machina and Schmeidler (1992), Grant (1995), and Chew and Sagi (2006). Probabilistic sophistication refers to the decision maker possessing a preference-induced subjective probability such that she is indifferent between any two acts which induce the same distribution. Chew and Sagi (2006) base their axiomatization of probabilistic sophistication on a definition of exchangeability. When embedded within an overall act, two events are exchangeable if the decision maker is always indifferent to exchanging the outcomes assigned to them. For the case of finite state spaces, Chew and Sagi left open the question of how to axiomatize probabilistic sophistication for nonuniform probabilities. To address this question, we offer properties on a delineation of exchangeability in the shape of a subset of a n-dimensional Rubik's cube.


主题:“Fractional Top Trading Cycle”



摘要:We propose a class of mechanisms that generalize Top Trading Cycle to solve the fractional endowment exchange problem. In the problem, each agent may own fractional amounts of multiple objects and each object may be owned by multiple agents. At every step, our mechanisms let agents point to most preferred objects and objects point to all of their owners. We use a linear equation system, which is an instance of the closed Leontief input-out model, to describe how to trade the generated network at every step. In the intuitive explanation, there exist disjoint absorbing sets in the generated network and agents in each absorbing set trade endowments only among themselves. All mechanisms in the class are individually rational and sd-efficient. Some of them satisfy desirable fairness properties including equal-endowment no envy and stronger notions. The mechanisms have a straightforward application in school choice with weak priorities.