在3月22日，超過1800名科技界領袖簽署了一份請願書，呼籲暫停開發比GPT-4更強大的人工智能（Artificial Intelligence, AI）系統至少6個月，簽署者包括特斯拉的聯合創辦人伊隆．馬斯克（Elon Musk）、認知科學家加里．馬庫斯（Gary Marcus）、蘋果聯合創始人史蒂夫．沃茲尼亞克（Steve Wozniak），以及Amazon、DeepMind、Google、Meta和Microsoft等主要科技公司的工程師。
12 Apr 2023
Faculty
Prof. Yuk-fai FONG
Economics
Management and Strategy
Associate Dean (Taught Postgraduate)
Professor
3917 0026
KK 1101
Academic & Professional Qualification
- PhD: Boston University
- Master: Chinese University of Hong Kong (MPhil)
- Bachelor: Chinese University of Hong Kong (BSSc)
Biography
Professor Yuk-fai Fong is a Professor of Management and Strategy, with joint appointment in Economics. Prior to HKU, he has taught at Kellogg School of Management and Hong Kong University of Science and Technology. Professor Fong received his BSSc and MPhil in Economics from Chinese University of Hong Kong, and PhD in Economics from Boston University.
His research interests include Industrial Organization, Competition Policy, Dynamic Games, and Applied Microeconomic Theory. He serves as an Editor for B.E. Journals of Theoretical Economics. His research has appeared at leading international journals such as Journal of Political Economy, Review of Economic Studies, RAND Journal of Economics, Journal of Economic Theory, International Economic Review, Games and Economic Behavior, Journal of Industrial Economics, and Journal of Economics and Management Strategy. He has consulted for companies such as Shell Oil Company and Platinum Guild International, and is an academic affiliate with Compass LexEcon. Professor Fong won the HKUST Franklin Prize for Teaching Excellent (MBA Required Courses) in 2017, and was a finalist for the award in 2013, 2014, and 2016.
Teaching
- HKU: EMBA Strategic Management, EMBA Managerial Economics, MBA Managerial Economics, MBA Python for Managers and Strategists, MEcon Antitrust Economics and Competition Policy; Undergrad Strategic Management
- HKUST: EMBA Orientation Program, EMBA Homecoming Module, EMBA Managerial Microeconomics, Kellogg-HKUST EMBA Talk, MBA Opening Module, MBA Homecoming, MBA Managerial Microeconomics, ExecEd Value Creation, PhD Microeconomics, PhD Industrial Organization, MSc Topics in Industrial Organization, MSc Antirust Economics and Competition Policy
- Kellogg: MBA Strategy and Organization
Research Interest
Industrial Organization, Competition Policy, Dynamic Games, Applied Microeconomic Theory
Selected Publications
- “Trust Building in Credence Goods Markets”, (with Ting Liu and Xiaoxuan Meng), American Economic Journal: Microeconomics, February 2022, 14(1), 490-528.
- “Negotiated Block Trade and Rebuilding of Trust”, (with Pak Hung Au and Jin Li), International Economic Review, May 2020, 61(2), 901-939.
- “Using Customer Service to Build Clients’ Trust”, (with Xiaoxiao Hu, Ting Liu and Xiaoxuan Meng), The Journal of Industrial Economics, March 2020, 68 (1), 136-155.
- “Liability and Reputation in Credence Goods Markets”, (with Ting Liu), Economics Letters, May 2018, 166, 35-39.
- “Signaling by an Informed Service Provider”, (with Frances Xu Lee), Journal of Economics and Management Strategy, Winter 2017, 26 (4), 955-968.
- “Relational Contracts, Limited Liability, and Employment Dynamics”, (with Jin Li), Journal of Economic Theory, May 2017, 169, 270-293.
- “Information Revelation in Relational Contracts”, (with Jin Li), The Review of Economic Studies, January 2017, 84 (1), 277–299.
- “When Does Aftermarket Monopolization Soften Foremarket Competition”, (with Jin Li and Ke Liu), Journal of Economics and Management Strategy, Winter 2016, 25(4), 852–879.
- “On the Role of Verifiability and Commitment in Credence Goods Markets”, (with Ting Liu and Donald J. Wright), International Journal of Industrial Organization, November 2014, 37, 118-129.
- “Long-lived Consumers, Intertemporal Bundling and Collusion”, (with Jim Dana), The Journal of Industrial Economics, December 2011, 59(4), 609–629.
- “Product Quality, Reputation, and Market Structure”, (with Jim Dana), International Economic Review, November 2011, 52(4), 1059–1076.
- “Loyalty Rewards Facilitate Tacit Collusion”, (with Qihong Liu), Journal of Economics and Management Strategy, 20 (3), Fall 2011, 739–775.
- “Bidding in a Possibly Common-Value Auction”, (with Daniel F. Garrett), Note, Games and Economic Behavior, 70 (2), November 2010, 494-501.
- “Private Information of Nonpaternalistic Altruism: Exaggeration of Generosity and Reciprocal Behavior”, B.E. Journal of Theoretical Economics (Advances), 9(1), 2009, Article 1. (One of two finalists, 2008 Arrow Prize for Junior Economists)
- “On the Optimal Degree of Cooperation in the Repeated Prisoner’s Dilemma with Side Payments”, (with Jay Surti), Games and Economic Behavior, September 2009, 67 (1), 277–291.
- “Compensation for Quality Difference in a Search Model of Money”, (with Balázs Szentes), International Economic Review, 46 (3), August 2005, 957-971.
- “When do Experts Cheat and Whom do They Target?”, RAND Journal of Economics, 36 (1), Spring 2005, 113-130.
- “The Identification of Unobservable Independent and Spousal Leisure”, (with Junsen Zhang), Journal of Political Economy 109 (1), February 2001, 191-202.
Service to the University/Community
- Commission Member, Hong Kong Competition Commission, May 2022-Present
- Editor, B.E. Journals of Theoretical Economics, 2012-August 2022 (Associate Editor, 2006-2012)
- Associate Editor, International Journal of Industrial Organization, 2009-January 2022
- Associate Editor, Taiwan Economic Review, 2012-2014
- Director, Center for Experimental Business Research, HKUST, 2013-2018
- Nominator, China Economic Prize, for National Economic Foundation, China, 2016, 2017, 2018
- Co-chair, 12th Workshop on Industrial Organization and Management Strategy, 2016
- Chair, HKUST Workshop on Industrial Organization, 2017, 2018
- Executive Committee Member, Hong Kong Economic Association, 2017-
- Advisory Committee Member, Curriculum Development Council and Hong Kong Examinations and Assessment Authority Committee on Economics (Senior Secondary), 2013–2017.
- Advisory Committee Member, Diploma of Secondary Education Economics Subject Committee in 2013-2015.
Recent Publications
12Apr
12Apr
在3月22日，超過1800名科技界領袖簽署了一份請願書，呼籲暫停開發比GPT-4更強大的人工智能（Artificial Intelligence, AI）系統至少6個月，簽署者包括特斯拉的聯合創辦人伊隆．馬斯克（Elon Musk）、認知科學家加里．馬庫斯（Gary Marcus）、蘋果聯合創始人史蒂夫．沃茲尼亞克（Steve Wozniak），以及Amazon、DeepMind、Google、Meta和Microsoft等主要科技公司的工程師。
12 Apr 2023
Economics
8Feb
香港特首李家超在其首份《施政報告》中設定目標，在2025年年底前，要吸引不少於200個家族辦公室在香港開設營業部或擴大業務。家族辦公室的發展對香港經濟有重大益處。
8 Feb 2023
Faculty
8Feb
香港特首李家超在其首份《施政報告》中設定目標，在2025年年底前，要吸引不少於200個家族辦公室在香港開設營業部或擴大業務。家族辦公室的發展對香港經濟有重大益處。
8 Feb 2023
Faculty
8Feb
香港特首李家超在其首份《施政報告》中設定目標，在2025年年底前，要吸引不少於200個家族辦公室在香港開設營業部或擴大業務。家族辦公室的發展對香港經濟有重大益處。
8 Feb 2023
Faculty
21Dec
一個有關ESG的經濟問題是，公司在對社會做「好事」的同時，能否做一盤「好」的生意？這篇文章將提出一個理論來回答這個問題，並引用研究結果及案例，來證實這個論點。
21 Dec 2022
Faculty
21Dec
一個有關ESG的經濟問題是，公司在對社會做「好事」的同時，能否做一盤「好」的生意？這篇文章將提出一個理論來回答這個問題，並引用研究結果及案例，來證實這個論點。
21 Dec 2022
Economics
10Aug
鑑於金融技術的進步和全球各大經濟體逐步邁向數碼化轉型，我們預期在可見的未來，央行將由發行實體現金轉向發行數碼貨幣，並將其普及化。事實上，在近幾十年的批發性支付系統內，銀行接受央行數碼貨幣的情況已屢見不鮮。謝國生博士與何敏淙先生在2021年9月29日的〈龍虎山下〉專欄中撰文解釋了央行數碼貨幣（CBDC）的發展已經蓄勢待發，讀者可前往參考這篇富啟發性的文章。
10 Aug 2022
Faculty
10Aug
鑑於金融技術的進步和全球各大經濟體逐步邁向數碼化轉型，我們預期在可見的未來，央行將由發行實體現金轉向發行數碼貨幣，並將其普及化。事實上，在近幾十年的批發性支付系統內，銀行接受央行數碼貨幣的情況已屢見不鮮。謝國生博士與何敏淙先生在2021年9月29日的〈龍虎山下〉專欄中撰文解釋了央行數碼貨幣（CBDC）的發展已經蓄勢待發，讀者可前往參考這篇富啟發性的文章。
10 Aug 2022
Economics
18May
無差異曲線圖是一個經濟學工具，分析消費者如何將固定的預算分配在不同的產品上，從而達到最大的效益，相信曾修讀經濟學的讀者會對以下的典型無差異曲線圖感到熟悉。
18 May 2022
Faculty