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ФКН

HSE Research Webinar (ICEF and FES): Shaowei Ke (Univeristy of Michigan)

16+
*recommended age
Event ended
On Tuesday, November 26 ICEF and FES will hold HSE Research Webinar.

https://lsa.umich.edu/econ/people/faculty/shaoweik.htmlSpeaker: Shaowei Ke (University of Michigan)
Research Interests: microtheory   
Theme: "Behavioral Neural Networks" with Chen Zhao, Sung-Lin Hsieh, and Zhaoran Wang
Venue: Zoom https://us02web.zoom.us/j/84968531843

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 a NEU model to capture behavioral effects such as the certainty effect and reference dependence. Empirically, we show that some simple NEU models with natural interpretation predicts better than existing theories such as expected utility theory and cumulative prospect theory, and that behavioral neurons help improve NEU models’ performance.