演讲人：孙晨（柏林洪堡大学 研究员）

时间：2023年9月19日（周二）12:00-13:00

地点：同济大厦A楼505室

同步#腾讯会议：311845381

会议密码：722850

参会链接：https://meeting.tencent.com/dm/zVCOfytVczuj

摘要：We examine the additivity of stock-market expectations over different time intervals. When asked about a ten-year interval, survey respondents expect a stock-price change that is not equal to, but closer to zero than, the sum of their expectations over two shorter time intervals that cover the same ten years. Such sub-additivity is irrational in that it cannot stem from aggregating short-term expectations. Model estimates show that the pattern is consistent with a time perception where shorter time intervals have a proportionally larger weight. We also find that the respondents’ degree of additivity is correlated with making larger financial investments.

简介：孙晨博士现任柏林洪堡大学经管学院研究员。他于2018年毕业于荷兰蒂尔堡大学，获得经济学博士学位。在此之前，他获得了复旦大学的经济学学士和硕士学位。孙晨的研究领域是行为经济学和行为金融学，研究方向包括跨期选择、资产价格的信念形成和改变等，曾在Experimental Economics期刊发表论文。