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学术讲座:Visibility Bias in the Transmission of Consumption Norms and Undersaving

讲座题目:Visibility Bias in the Transmission of Consumption Norms and Undersaving

主讲人:Bing Han

时  间:2018年6月12日 中午12:30-13:20

地点 : 博学925 

讲座摘要:

We study how bias in the social transmission process affects contagion of time preference norms. In the model, consumption is more salient than non-consumption. This visibility bias causes people to perceive that others are consuming heavily and to infer that others have favorable information about prospects for future consumption. The biased transmission of beliefs increases consumption and the equilibrium interest rate.  Information asymmetry about the wealth of others dilutes the inference from high observed consumption that  the future prospects are good. In consequence, in contrast with the Veblen wealth-signaling approach, information asymmetry about wealth reduces overconsumption. The visibility bias approach offers a novel explanation for the dramatic drop in the savings rate in the US and several other countries in the last thirty years. In contrast with other approaches, the visibility bias approach suggests that relatively simple policy interventions can ameliorate undersaving. 

主讲人简介:

韩冰教授现任多伦多大学罗特曼管理学院金融学教授, Dr. Anita Chan数量金融讲席教授. 韩冰教授的主要研究领域是投资和行为金融学。他的论文发表在顶级金融学,经济学和管理学杂志上,包括Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Review of Economic Studies, Journal of Financial and Quantitative Analysis, Management Science, Journal of Economic Theory,和以实践为导向的期刊,如Journal of Investment Management, Journal of Portfolio Management等。他的研究成果已发表在许多国际、全国性会议,受到《纽约时报》、《华尔街日报》等媒体的专访。