Results from a large sample of individual Chinese investors demonstrate that they were more likely to trade stocks for short-term speculation after experiencing trauma such as natural disasters, serious illness, or death in their immediate family. They exhibited higher impulsivity, a greater...

This paper presents the first investigation into the economic consequences of the zero-COVID policy implemented by the Chinese government as a pilot experiment in using big data for country management from 2020 to 2022. Our study includes an original county-daily panel data set on the COVID risk...

This paper theoretically and empirically explores the Linder conjecture (the home market effect (HME) in terms of trade pattern) in the environmental sector. Using a general-equilibrium model for a two-country two-sector economy, we demonstrate the existence of a strong/weak HME and the crucial...

How good is AI at persuading humans to perform costly actions? We study calls made to get delinquent consumer borrowers to repay. Regression discontinuity and a randomized experiment reveal that AI is substantially less effective than human callers. Replacing AI with humans six days into...