Cornell University

During the spring semester, in-person concerts, events and lectures that involve outside guests will not be held, per the university’s COVID-19 travel and visitor policy.

MicroeconomIc Theory Workshop: Shaowei Ke

Tuesday, April 13, 2021 at 4:15pm to 5:15pm

Virtual Event

Shaowei Ke, University of Michigan

Behavioral Neural Networks (joint w/Chen Zhao, Zhaoran Wang, and Sung-Lin Hsieh)

Abstract: We provide an axiomatic foundation for a class of neural-network models applied to decision-making under risk, called neural-network expected utility (NEU) models. Motivated by classic experimental findings, we weaken the independence axiom in a novel way. We show how to use simple neurons, referred to as behavioral neurons, in NEU models to capture behavioral effects, such as the certainty effect and reference dependence. Empirically, we show that some simple NEU model with natural interpretation predicts better than existing theories, such as expected utility theory and cumulative prospect theory out of sample, and that behavioral neurons help improve NEU models’ performance.

Dial-In Information

If you are interested participating in this seminar, please email Ulrike Kroeller at uab1@cornell.edu for Zoom information.

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Event Type

Seminar, Class/ Workshop

Departments

Economics

Tags

economics, EconSeminar, EconMicro

Contact E-Mail

uab1@cornell.edu

Contact Name

Ulrike Kroeller

Speaker

Shaowei Ke

Speaker Affiliation

University of Michigan

Open To

Cornell Economics Community - List Serve Members