Title：Punishment for re-building trust? Evidence from extraordinarily serious accidents in China

　　Schedule：Dec 9, TH 12:00-1:00 PM　　

　　Location：Rm 315, Chengming Hall (诚明楼) & 腾讯会议 600 954 142

　　Abstract：Using a nationally representative longitudinal dataset on household finance and a manually collected data on officially-released extraordinarily serious accidents (ESAs) during 2009-2015 in China, we investigate whether unintentional man-made disasters affect people’s risk preference. We find that the ESA shock, measured by dummies indicating the happening of ESAs in a province during the time window prior to the survey, has a significant negative impact on household’s subjective risk preference. In accordance with the decrease of their subjective risk preference, individuals in areas with occurrence of ESAs also become more risk averse in financial asset allocations. Finally, we show that the fear effect is the most likely underlying mechanism.

　

题目:惩罚能重建信任感？来自中国特大严重事件的证据

摘要：利用2009-2015中国特大严重事件和家庭经济数据，我们研究无意的人为灾难是否影响人们的风险偏好。我们发现特大严重事件的冲击对人们的客观风险偏好有显著的负面影响。不仅如此，身处特大严重事件发生区域的个人也会在金融资产配置上变得更加风险趋避。最后，我们发现恐惧效果是最主要的机制。

 

　Introduction：陈泽，现任中国人民大学财政金融学院保险系助理教授，杰出青年学者。博士毕业于比利时鲁汶大学（KU Leuven）和清华大学。研究方向为保险与风险管理，多篇论文发表于国内外保险精算学术期刊，如Insurance：Mathematics and Economics, Scandinavian Actuarial Journal，European Financial Management 等；并主持和多项横纵向科研课题，如自然科学基金青年基金和教育部哲学社科基金等。