教育部人文社科重点研究基地中央财经大学中国精算研究院学术活动
精算论坛讲座第146期- YuanTian(9月13日)
报告题目(Title)： Option games with time-inconsistentpreferences
报告时间(Date)：2018年9月13日（周四）上午10:00-11:30
报告人(Speaker): Yuan Tian
Faculty of Economics,Ryukoku University（日本龙谷大学经济系）
YuanTian博士现任日本龙谷大学经济系副教授(Associate Professor)，主要从事连续时间动态公司金融、行为金融以及金融市场微观结构等方面的理论研究。在Journal of Economic Dynamicsand Control, International Review of Economics and Finance, Economic Modelling等期刊上发表论文多篇。长期担任Journal of Economic Dynamicsand Control，International Review ofEconomics and Finance，EconomicModelling，the Japanese Economic Review，Journal of the Operations Research Societyof Japan，International Journal of RealOptions and Strategy等国际期刊的审稿人。
摘要 (Abstract):
Thispaper investigates strategic real investment under uncertainty withtime-inconsistent preferences resulting from quasi-hyperbolic discounting in aduopoly market using a game-theoretical real options approach. We demonstratethat time-consistent agents become leaders when facing time-inconsistentrivals. If rivals’ time-inconsistent degrees are low, the leaders accelerateinvestment and investment thresholds are their rivals’ preemptive thresholds.In the opposite situations, the leaders invest optimally as competitiondisappears. Time inconsistency mitigates and even eliminates inefficientinvestment from preemptive competition. Our model provides behavioralexplanations for why preemption occurs in some markets but disappears inothers.
报告地点(Location)：中央财经大学学术会堂南楼506（精算院会议室）
欢迎各位老师和同学积极参加！
