A5102007148- Decision-Making and Behavioral Economics
- Experimental Behavioral Economics Studies
- Economic and Environmental Valuation
- Financial Markets and Investment Strategies
- Forecasting Techniques and Applications
- Auction Theory and Applications
- Law, Economics, and Judicial Systems
- Economic theories and models
- Complex Systems and Time Series Analysis
- Financial Risk and Volatility Modeling
- Market Dynamics and Volatility
- Supply Chain Resilience and Risk Management
- Game Theory and Applications
- Impact of AI and Big Data on Business and Society
- COVID-19 Pandemic Impacts
- Consumer Market Behavior and Pricing
- Culture, Economy, and Development Studies
- Corruption and Economic Development
- Capital Investment and Risk Analysis
- Multi-Criteria Decision Making
- Financial Reporting and Valuation Research
- Gender, Labor, and Family Dynamics
- Sports Analytics and Performance
- World Trade Organization Law
- Traditional Chinese Medicine Studies
Radboud University Nijmegen
2013-2024
Nanjing University of Information Science and Technology
2015-2020
Max Planck Society
2007-2015
Shanghai Jiao Tong University
2011-2013
Shanghai Mental Health Center
2011
University of Vienna
2009-2011
Universität Innsbruck
2009-2010
Changchun University
2000
In this article, we re-examine the causality between stock returns and investor sentiment in China. The number of net added accounts is used as a proxy for sentiment. To mimic different investment horizons market participants, use wavelet method to decompose into time series with frequencies. Additionally, test nonlinear causal relationships based on Taylor approximation. Our results indicate that there one-directional linear from original series, while strong bi-directional at timescales.
In a credence goods game with an expert and consumer, we study experimentally the impact of two devices that are predicted to induce consumer-friendly behavior if has propensity feel guilty when he believes violates consumer's payoff expectations: (i) opportunity for make non-binding promise; (ii) consumer burn money. belief-based guilt aversion theory first shapes expert's appropriate promise is made it expected be believed by consumer; contrast, second might change even though this option...
Cumulative prospect theory introduced the weighting of probabilities as an additional component to capture risk attitudes. However, this addition would be a less significant challenge expected utility (EU) if curvature and probability showed strong positive correlation. In that case in EU alone, although not properly describing risky behavior general, still most variance individual aversion. This study provides experimental evidence such correlation does exist. Although individuals exhibit...
In European and US studies, patients with major depressive disorder (MDD) report more stressful life events (SLEs) than controls, but this relationship has rarely been studied in Chinese populations. Sixteen lifetime SLEs were assessed at interview two groups of Han women: 1970 clinically ascertained recurrent MDD 2597 matched controls. Diagnostic other risk factor information was personal interview. Odds ratios (ORs) calculated by logistic regression. 60% controls 72% cases reported least...
We examine the influence of guilt and trust on performance credence goods markets. An expert can make a promise to consumer first, whereupon express her by paying an interaction price before expert's provision charging decisions. argue that induces commitment triggers if is broken, exacerbated higher prices. experiment qualitatively confirms our predictions: (1) most experts predicted promise; (2) proper promises induce consumer-friendly behavior; (3) prices increase value promises.
In this paper, we experimentally test skewness preferences at the individual level. Several prospects that can be ordered with respect to third-degree stochastic dominance criterion are ranked by participants of experiment. We find a distribution has significant impact on decisions. Yet, while an impact, its direction differs substantially across subjects: 39% our subjects demonstrate statistically preference for and 10% seem avoid (at 5% level). On level decisions variances subjects'...
Abstract We examine whether the way individuals randomize between options captures their decision confidence. In two experiments in which subjects faced pairs of (a lottery and a varying sure payment), we allowed to choose randomization probabilities according they would receive each option. Separately, obtained measures self-reported confidence - statements probabilistic for choosing options. Consistent with predictions theoretical frameworks incorporating preference uncertainty, correlated...
Popular models for decision making under ambiguity assume that people use not one but multiple priors. This paper is a first attempt to experimentally elicit the min and max of priors directly. In an ambiguous scenario we measure participant's single prior, her priors, valuation asset with same underlying states as scenario. We directly test two popular models: maxmin model α model. find more support model: although put about twice weight on minimum they also consider maximum. Furthermore,...
We present an experiment designed to test the Modigliani-Miller theorem. Applying a general equilibrium approach and not allowing for arbitrage among firms with different capital structures, we find that, in accordance theorem, participants well recognize changes systematic risk of equity associated increasing leverage and, accordingly, demand higher rate return. Yet, this adjustment is perfect: subjects underestimate low-leveraged whereas they overestimate high-leveraged equity, resulting...
Abstract Stochastic choice, the act of choosing differently in repeated decisions, can be a conscious decision made by individuals who are aware their inability to make definitive choice. To examine prevalence and implications stochastic we developed novel method implemented it preference reversal experiment: In each valuation choice between bet varying reference option, subjects could either pay small cost select specific option or opt for free randomization where computer randomly selects...
Abstract We examine preference for randomization, and link it to conflicting preference-led indecisiveness in social settings. In an ultimatum game experiment where receivers may face preferences between material gains equity, we allow assign non-zero probabilities both acceptance rejection (the randomized choice) addition the standard binary choice of or rejection. further elicit receivers’ willingness pay using instead choice. find that a theoretical model incorporating explains...
Popular models for decision making under ambiguity assume that people use not one but multiple priors. This paper is a first attempt to experimentally elicit In an ambiguous scenario with two underlying states we measure subject’s single prior, her other potential priors (multiple priors), confidence in these valuation of asset the same states. We also investigate subjects' updating (multiple) after receiving signals about true find are best understood as confidence-weighted average Single...
In this paper we experimentally test skewness seeking at the individual level. Several prospects that can be ordered with respect to third-degree stochastic dominance (3SD) criterion are ranked by participants of experiment. We find a distribution has significant impact on decisions. Yet, while an impact, its direction differs substantially across subjects: 39% our subjects act in accordance and 10% seem avoid skewness. On level decisions variance subjects' experience increase probability...
Borderline personality disorder (BPD) is the most studied of axis II disorders. One widely used diagnostic instruments Diagnostic Interview for Patients-Revised (DIB-R). The aim this study was to test reliability and validity DIB-R use in Chinese culture. version were assessed a sample 236 outpatients with probable BPD diagnosis. Structured Clinical DSM-IV Personality Disorders (SCID-II) as standard. Test-retest tested six months later 20 patients, inter-rater on 32 patients. showed good...
Economics and management science share the tradition of ordering risk aversion by fitting best expected utility (EU) model with a function certain parametric form to individual data, then using curvature as sole index attitudes. (Cumulative) Prospect theory (CPT) has demonstrated various empirical deficiencies EU introduced weighting probabilities an additional component capture However, CPT would have been less significant challenge if probability were strongly correlated. Because in alone,...