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

精算论坛第215期讲座

(2022年12月1日)

讲座主题：The Social Value Of Information Uncertainty

摘要：Information acquisition can favor social welfare despite that informed trading distorts risk-sharing anddestroys trading opportunities. We analyze a Grossman-Stiglitz economy with heterogeneous endowment shocks, where acquiring information is costly and uncertain. Investors make optimal probabilistic information choices subject to a monetary cost, which give rise to an anticipatory benefit that can improve overall welfare. Welfare improvement can be substantial when risk-sharing incentives are weak, endowment shocks are small, and information precision is moderate. Moreover, with heterogeneous endowment shocks, there can be a continuum of Pareto optimal information-acquisition equilibria.

报告人：Lei Shi

Dr Lei Shi is a Senior Lecturer in the Department of Applied Finance at Macquarie University Business School (MQBS). He has a PhD in Finance from University of Technology Sydney (UTS). His research areas are in asset pricing and portfolio theory. He has published in the Review of Asset Pricing Studies, Journal of Economic Behavior & Organization, Journal of Banking & Finance, and Journal of Economic Dynamics & Control, among others.

讲座时间：2022年12月1日（周四）下午2:00-3:30

报告地点：腾讯会议（会议ID：508-327-195）

邀请人：郑敏