岭南学术论坛系列讲座（第694期）

讲座题目：How Do Markets and Individuals Respond to New Information?
报  告 人：Daniel Zizzo（昆士兰大学经济学院院长 经济学教授）
主  持 人：程明勉（中山大学岭南学院  副教授）
时      间：2025年9月15日（周一）09:30
地      点：岭南堂陈荣捷讲学厅（302）
语      言：英文

主要内容：
      We present a laboratory economic experiment comparing how individuals and markets behave in response to new information. Specifically, the same agents are asked to state beliefs in individual tasks and to trade in double auction financial markets in response to identically structured information flows. We model both individuals and the market representative agent using a double hurdle model where agents first decide whether to change their beliefs and, if they do, by how much. We find evidence of belief conservatism at the individual level, with 1/3 of individuals showing at least some; when beliefs switch, they do only by about half. Somewhat surprisingly, we find at least as strong or stronger belief conservatism of the market representative agent; even allowing for a band of random noise in prices, prices change by only 1/5 of what they should. We present a novel test of whether individual characteristics predict market level behavior, as modeled by the market representative agent. Traders' individual propensities to change beliefs are uncorrelated with the market representative agents'. Our results indicate that belief conservatism bias is robust to a financial market setting, and that average individual psychological parameters may not straightforwardly map into the representative agent paradigm adopted in mainstream macroeconomics.

报告人简介：
 

     Daniel Zizzo is the Academic Dean and Head of the School of Economics, as well as a Professor of Economics at the University of Queensland. His research focuses on experimental and behavioral economics, with interests in authority and organizational behavior, social preferences, voting, trust, and cognitive game theory. He earned a doctoral degree of philosophy at the University of Oxford.
     According to RePEc, he is among the top 5% of economists of all time worldwide and among the top 50 with Australian affiliation in academic impact, and he ranks in the top 0.4% for downloads on SSRN. He has delivered various guest lectures at universities in China, India and Japan. 

       欢迎感兴趣的师生参加！

       中山大学岭南学术论坛系列讲座是中山大学岭南学院自2012年推出的品牌学术活动，迄今已成功举办690多期，得到了学界的高度评价。 岭南学术论坛分经济学和金融学两大系列，是定期邀请国内外优秀学者前来开展学术交流的平台。