主 题：Does Haze Cloud Financial Decision Making? A Natural Laboratory Experiment
主讲人：新加坡国立大学 Soohong Chew教授
主办单位：中国行为经济与行为金融研究中心 经济学院 科研处
Soohong Chew（周恕弘）教授是世界著名的实验与行为经济学家，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）。他还是香港科技大学实验商业研究实验室和新加坡国立大学行为和生物经济与社会科学实验室的主任。他曾经在Econometrica, Journal of Economic Theory等世界顶级学术期刊上发表经济学论文十多篇，2011年他当选为国际经济计量学·会(Econometric Society)的院士(Fellow)，是这一世界上著名经济学协会自1933年创建以来的第11位华人院士。近年来他开始研究脑神经经济学和基因对于人的经济行为的影响，论文发表在Neuron, PLoS ONE等国际著名科学期刊上。
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.