Speaker: 鄭家昆

Time: 15:00 - 17:00, May 30, 2023

Venue: beat365王克桢樓1113

Abstract: We study experimentally correlation sensitivity in decision making under risk. We show that decision makers, within a general framework of correlation-sensitive preferences, can be classified into three categories based on their sensitivity to within-state payoff differences: increasingly or decreasingly sensitive, or correlation insensitive. We propose a novel experimental task that allows to classify experimental subjects according to this categorization. In a series of experiments, we find that aggregate choices display moderate decreasing sensitivity to within-state payoff differences, thereby rejecting the opposite counterpart imposed in regret and salience theory. Individual level analysis suggests that the aggregate findings are driven by a minority who consistently exhibit this behavior even when it violates first-order stochastic dominance. Finally, we disentangle between correlation sensitivity due to deliberate within-state comparisons and incidental payoff comparisons due to the framing of decision problems, and find that both channels produce correlation sensitivity, with deliberate comparisons being somewhat more important. 

Bio: 鄭家昆，博士畢業于圖盧茲經濟學院，牛津大學納菲爾德學院青年訪問學者，2020年獲得國家優秀留學生獎學金，現任中國人民大學财政金融學院助理教授、中國人民大學傑出學者，風險與公共物品研究中心 (Center for Research on Uncertainty and Commons, CRUC)創始人之一。他的研究興趣包括行為經濟學和決策理論及其在保險、金融、環境和健康領域中的應用。他近期在這些領域的研究發表在Journal of Health Economics, Journal of Economic Behavior and Organization, Insurance: Mathematics and Economics等。

Host: 朱露莎

2023-05-24