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Nobel Laureate Lars Peter Hansen Shanghai Jiao Tong University Special

Alumni and Public Relations Office    2016-03-24

Nobel Laureate Lars Peter Hansen Shanghai Jiao Tong University Special

The Economic Impact of Uncertainty in a Changing Environment

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Risks of uncertainty exist widely in the economic activities of human society. One of the biggest challenges faced by economics is to introduce uncertainty in academic analyses and examine its impact on the wider economy.

Researches on the financial markets suggest that investors not only pay close attention to uncertainty, but also its variations in different periods. It is indeed this kind of attention that in turn affects investor behaviour, making it sometimes aggressive, sometimes conservative. Based on these research findings, more and more scholars and policy makers are following with a keen interest in the economic impact of uncertainty. However, the nature of uncertainty has made it difficult to study.

Due to their contributions in the positive analysis of asset prices, Lars Peter Hansen, David Rockefeller Distinguished Service Professor of economics at the University of Chicago, Eugene Fama and Robert Shiller received the Nobel Memorial Prize in Economics in 2013. In 2014, Professor Hansen visited Shanghai Jiao Tong University and shared his insights with students and faculty.

This April, Professor Hansen will again bring his latest research results, further discussing how to systematically include uncertainty in economics research and analyzing its influences on economy. His talk will be centered on the following topics:

      -- What factors will prompt changes in uncertainty?

      -- How are predictions on future economy affected by uncertainty?

      -- How markets fix prices when faced with uncertainty that’s changing over time?

      -- How should economic policies react to uncertainty in a changing environment?

How to improve decision making in an uncertain business environment, how to devise policies that promote sustained growth? These are both important questions to China’s investors, managers and policy makers, and the means and tools brought by Professor Hansen in his incoming speech will surely provide the audience with new perspective and mentality.

 

Time: Apr 11, 2016, 13:30-17:00

Venue: A300 Antai College Building


Agenda

13:30-14:00         Registration

14:00-14:15         Opening remarks by host Li Nan, Associate Professor from Antai College

14:15-15:15         Keynote Speech: The Economic Impact of Uncertainty in a Changing Environment by Nobel                                           Laureate Lars Peter Hansen

15:15-15:35         Q&A

15:35-15:50         Concluding remarks by host


Speaker Introduction:

Lars Peter Hansen is the David Rockefeller Distinguished Service Professor in Economics, Statistics and the College; Research Director of the Becker Friedman Institute for Research in Economics (at Chicago since 1982) at University of Chicago. Hansen is a recipient of the 2013 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for his early research. He shares this honor with Eugene Fama and Robert Shiller. Hansen won the 2010 BBVA Foundation Frontiers of Knowledge Award in the Economics, Finance and Management "for making fundamental contributions to our understanding of how economic actors cope with risky and changing environments."

Lars Peter Hansen is a leading expert in economic dynamics who works at the boundaries of macroeconomics, finance, and econometrics. His current collaborative research develops and applies methods for pricing the exposure to macroeconomic shocks over alternative investment horizons and investigates the implications of the pricing of long-term uncertainty.  Moreover, he studies the econometric challenges of identifying investor beliefs from observed asset prices.

In related research, he explores how to incorporate ambiguities about the future, as well as the resulting skepticism into models of consumers and investors help to explain economic and financial data. In addition, he investigates how acknowledging a broader notion of uncertainty generates a more prudent approach to policy making.

His recent research focuses include time series econometrics; quantitative analysis of dynamic equilibrium models and asset pricing.


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