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Dr. Stephen Y CHIU received his undergraduate education in Physics at the Hong Kong Baptist College, and graduate education in Economics at the Pennsylvania State University, where he obtained his Ph.D. degree in 1995. He had since taught at The Chinese University of Hong Kong until he joined The University of Hong Kong in 2002. He has been the principal investigator of seven competitive earmarked grants, and was a Research Fellow in the Hong Kong Institute of Monetary Research during the summer of 2001.
Steve is a theorist and has written papers in different areas of Economics. He likes models in which decision makers have non-negligible effects on the environment where they situate. He has published a few papers on bargaining. In one paper, the widely used solution concept Shapley value is implemented as the unique outcome in a non-cooperative game under the least restrictive conditions. Two other papers clear up the profession’s confusion on two concepts in bargaining theory — threat point and outside option, providing important insights into the implications of the now influential property rights approach of firm theory. He has also written papers on the micro-foundations of currency crisis, examining the issue of multiple equilibria in more realistic models of currency attacks. More recently, he has worked on problems such as contract design, college admissions, and demography and political economy of reform, motivated by a contrast between China and Russia in their demography and reform experience.
For leisure, Steve enjoys hiking, reading and tai chi.
Last week, the Chief Executive released his Policy Address 2025, covering the full gamut of Hong Kong’s economic and livelihood development, from promoting fertility and regulating non-local workers to supporting the space economy. By focusing on a few highlights from the Policy Address, I would like to offer my two cents’ worth to readers for future reference.
U.S. President Donald Trump recently announced a significant increase in tariffs on imports from Canada and Mexico, with tariffs on automobiles and auto parts reaching as high as 25%. This move is said to be aimed at promoting the return of manufacturing to the U.S. while reducing the trade deficit. However, in reality, it may trigger a series of profound negative consequences.
Household spending is a key factor in personal and family financial planning, as well as policymaking to improve people's livelihoods. While the government's Consumer Price Index (CPI) is a mainstream indicator, it often fails to accurately reflect the daily living costs of the public. CPI has limitations, such as over-emphasising non-essential goods and services (e.g. Rental expenses and furniture), and people's subjective inflation perceptions tend to be higher than the actual data.
Household spending is a key factor in personal and family financial planning, as well as policymaking to improve people's livelihoods. While the government's Consumer Price Index (CPI) is a mainstream indicator, it often fails to accurately reflect the daily living costs of the public. CPI has limitations, such as over-emphasising non-essential goods and services (e.g. Rental expenses and furniture), and people's subjective inflation perceptions tend to be higher than the actual data.
Can money make the world go around? Do economic gains always drive people to make rational decisions? We have too little time for too much information and people usually rely on their intuition to make choices.
Can money make the world go around? Do economic gains always drive people to make rational decisions? We have too little time for too much information and people usually rely on their intuition to make choices.
When economists conduct research on certain topics, they often face challenges in collecting data from real-life situations, that meet the ideal conditions of a randomised controlled experiment. However, if randomised controlled groups exist in real-world scenarios, they would present valuable opportunities for study. Many hypotheses, such as the idea that intellectual property laws boost the opera industry can be proved in such analysis.
When economists conduct research on certain topics, they often face challenges in collecting data from real-life situations, that meet the ideal conditions of a randomised controlled experiment. However, if randomised controlled groups exist in real-world scenarios, they would present valuable opportunities for study. Many hypotheses, such as the idea that intellectual property laws boost the opera industry can be proved in such analysis.
我們習慣認為自己的行為是理性、合乎邏輯，而且是經深思熟慮的，但現實上，我們的行為往往是「不經大腦」的，有許多盲點，甚至受到誤導和操縱而不自知。
我們習慣認為自己的行為是理性、合乎邏輯，而且是經深思熟慮的，但現實上，我們的行為往往是「不經大腦」的，有許多盲點，甚至受到誤導和操縱而不自知。
