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時  間：2024年4月18日 12：30-14：00 （周四）

地  點：明德主樓729

主講人：周臻 清華大學五道口金融學院副教授

主持人：崔志偉 中國人民大學經濟學院副教授

主  題：Biased Wisdom from the Crowd

■ 講座簡介：

This paper studies information aggregation through the strategic behavior of privately informed agents under crowdfunding. In crowdfunding campaigns, agents pay a fixed contribution and receive a common return conditional on the project attracting sufficient investment. Therefore, an investment pledge is consequential only if the total investment exceeds the funding threshold. This consequentiality condition allows agents to benefit from the wisdom of others. In equilibrium, agents discount their individual wisdom and may invest despite their private information suggesting otherwise. Such individual choices are privately optimal but socially inefficient. Information aggregation does, however, have a distinctive bias: crowdfunding is more effective at endorsing desirable projects than screening out undesirable ones. Even as crowd size grows indefinitely, the false-positive error persists, while the false-negative error approaches zero. We further distinguish crowdfunding from voting and coordination games by comparing consequentiality with pivotality and regime-change conditions, and extend our model to account for private valuations, fixed funding goals, subscription costs, donations, and dynamic learning.

■  主講人簡介：

周臻博士現(xiàn)任清華大學五道口金融學院副教授，博士生導師，清華大學五道口金融學院貨幣政策與金融穩(wěn)定研究中心副主任。他于2016年畢業(yè)于紐約大學，取得經濟學博士學位。在此之前，他獲得了清華大學的經濟學碩士學位和復旦大學經濟學學士學位。

周臻現(xiàn)階段的主要研究領域是信息經濟學的理論研究以及其在金融中介與銀行監(jiān)管、公司金融、宏觀經濟等領域的運用。他在 American Economic Review，Journal of  Economic Theory，Games and Economic Behavior 等一流學術期刊上發(fā)表過多篇論文。