【演讲者】高明
【时间】9月30日(周五)中午12:30-2:00
【地点】经院302教室
【演讲者介绍】:高明,2016年8月加入8797威尼斯老品牌,担任金融系助理教授。他于8797威尼斯老品牌光华管理学院获得经济学博士学位,同时是8797威尼斯老品牌管理学博士后,普林斯顿大学经济系和本德海慕金融中心(Department of Economics and the Bendheim Center for Finance, Princeton University)访问学者。他的研究领域为家庭金融、行为金融、投资学,学术论文发表在Economics Letters、Journal of Futures Markets、《经济研究》、《管理世界》等中英文期刊。。
题目:Risk as Feelings? Rare Disasters and Financial Decisions
摘要:We investigate whether households` decisions for risk-hedging of rare disasters depend on their past experiences with disasters. Japanese earthquake experience offers a natural subject to study risk perception because such an event is exogenous, infrequent, unpredictable, and uncontrollable. Given that natural disasters are local events, we use geographic locations to proxy for earthquake experience. Using survey data on Japanese households, we find that households who have previously experienced a catastrophic earthquake are more likely to hedge for the earthquake risk compared to those who have not witnessed any catastrophic earthquakes. Further results suggest that the experience effect works by disproportionately affecting households’ future beliefs.
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