Speaker: 郑家昆

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

Venue: 北京大学王克桢楼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: 郑家昆,博士毕业于图卢兹经济学院,牛津大学纳菲尔德学院青年访问学者,2020年获得国家优秀留学生奖学金,现任中国人民大学财政金融学院助理教授、中国人民大学杰出学者,风险与公共物品研究中心 (Center for Research on Uncertainty and Commons, CRUC)创始人之一。他的研究兴趣包括行为经济学和决策理论及其在保险、金融、环境和健康领域中的应用。他近期在这些领域的研究发表在Journal of Health Economics, Journal of Economic Behavior and Organization, Insurance: Mathematics and Economics等。

Host: 朱露莎