Yuk-fai Fong
Prof. Yuk-fai FONG
经济学
管理及商业策略
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
  • Editor, B.E. Journals of Theoretical Economics, 2012- (Associate Editor, 2006-2012)
  • Associate Editor, International Journal of Industrial Organization, 2009-January 2021
  • 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
创造人人都能写程式的社会

编写电脑程式(computer programming)是将特定任务转换为电脑可以理解命令的过程,以便电脑执行所述任务。编写程式是当今科技大趋势的支柱;包括人工智能、机器学习、数据科学、预测分析、区块链和数字化转型。而且这些新科技更可为人类创造巨大价值。根据麦肯锡估计,到2030年,人工智能将会带来约13万亿美元的经济产出,使全球生产总值每年提升约1.2%。另外,根据微软2018年的估计,到2021年,数字化转型将为印度贡献1540亿美元的生产总值,合计为亚太地区GDP贡献超过1万亿美元的生产总值。

创造人人都能写程式的社会

编写电脑程式(computer programming)是将特定任务转换为电脑可以理解命令的过程,以便电脑执行所述任务。编写程式是当今科技大趋势的支柱;包括人工智能、机器学习、数据科学、预测分析、区块链和数字化转型。而且这些新科技更可为人类创造巨大价值。根据麦肯锡估计,到2030年,人工智能将会带来约13万亿美元的经济产出,使全球生产总值每年提升约1.2%。另外,根据微软2018年的估计,到2021年,数字化转型将为印度贡献1540亿美元的生产总值,合计为亚太地区GDP贡献超过1万亿美元的生产总值。

后疫情时代的挑战与机遇

网上流传这样一条选择题:「疫情过后,谁在主导你公司业务的数码转型?」答案并非行政总裁或技术总监,而是2019冠状病毒。这个答案虽听上去颇具玩笑意味,但却甚具现实意义。

后疫情时代的挑战与机遇

网上流传这样一条选择题:「疫情过后,谁在主导你公司业务的数码转型?」答案并非行政总裁或技术总监,而是2019冠状病毒。这个答案虽听上去颇具玩笑意味,但却甚具现实意义。

后疫情时代的政策建议

迄今为止,2019冠状病毒病(COVID-19)的疫情还远未结束。尽管病毒仍在世界各地肆虐,香港仍需依赖严格的旅游限制和检疫措施来阻止病毒变种的流入,但我们建议政府,应提早研究后疫情时代的新常态,并根据研究制定相关政策,从而让本港经济得益。

后疫情时代的政策建议

迄今为止,2019冠状病毒病(COVID-19)的疫情还远未结束。尽管病毒仍在世界各地肆虐,香港仍需依赖严格的旅游限制和检疫措施来阻止病毒变种的流入,但我们建议政府,应提早研究后疫情时代的新常态,并根据研究制定相关政策,从而让本港经济得益。

香港大学商学院如何与顾主建立互惠合作的伙伴关系

港大经管学院MBA就业发展及培训部成功举办首届人力资源领袖论坛(HR Leaders Forum),并广获好评。超过50位来自不同大型企业的人力资源业界人士、行业专家及学者参与是次由学院及德勤携手举办、并与Human Resources Online、LinkedIn及数码港合作的论坛。

强大的数字平台商业模式

在全球歌六前十的公司中,有家是平台公司,包括苹果(Apple Inc.)、微软(Microsoft Corporation)、亚马逊(Amazon.com)、Alphabet(谷歌的母公司)、Facebook和阿里巴巴。 平台模式优先,主要是由于其网络效应。

强大的数字平台商业模式

在全球歌六前十的公司中,有家是平台公司,包括苹果(Apple Inc.)、微软(Microsoft Corporation)、亚马逊(Amazon.com)、Alphabet(谷歌的母公司)、Facebook和阿里巴巴。 平台模式优先,主要是由于其网络效应。

疫市数码转型 HR责任扩大遇难题

新冠肺炎疫情驱动下,数码时代变革加速。作为传统行业的人力资源管理(HR),也正面临着转型升级的趋势,无论是招聘渠道与面试方法、或是日常办公以及培训模式,均正逐步转变。

以经济学分析如何消灭新冠疫情

疫情已经肆虐了一段时间。尽管部分国家和地区的新增感染个案下降,但仍然有部分国家和地区的形势令人担忧。若要复苏经济和消灭病毒,我们必须依靠疫苗。仅靠戴口罩和保持社交距离来压制病毒的传播,既不现实,也难以让市民无限期接受。

以经济学分析如何消灭新冠疫情

疫情已经肆虐了一段时间。尽管部分国家和地区的新增感染个案下降,但仍然有部分国家和地区的形势令人担忧。若要复苏经济和消灭病毒,我们必须依靠疫苗。仅靠戴口罩和保持社交距离来压制病毒的传播,既不现实,也难以让市民无限期接受。

算法定价对竞争的潜在负面影响

疫情肆虐加速普羅大眾把購物習慣從線下轉向線上。根據IBM美國零售指數的最新數據,冠狀病毒大流行讓零售業從實體店轉向網上購物的進程提早了約5年;經濟合作暨發展組織(OECD)的報告也指出:疫情正在加快電子商務平台向新的客戶和產品擴展速度。毋庸置疑,進程產生好處:企業從實體經營轉向線上業務時,降低了成本,同時提高了生產效率。但若要確保消費者能從中受益,線上平台所處的經營環境應該保持競爭性。能否維持這一點,未來仍存在不少變數,其中讓人擔心的是,以機器學習為核心的定價算法可能對營商環境的競爭帶來潛在負面影響。

The future of robotics, AI and employment

The article 《機械人技術 人工智能和就業的未來》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Everyone can win in business – or can they?

‘Workers against bosses’ is a common theme, but mutual interest is more important in creating value, according to HKU Business School professors.

The pandemic’s impact on education quality and equality

經濟學家普遍認為,教育對經濟增長和發展具有積極影響。在個人層面上,教育可以提高個人的生產力和收入。同時,教育對社會有正外部性經濟效應:除了享有更高個人收入,受過良好教育的經理和企業家可以幫助公司發展業務,創造更多就業機會,並且給股東帶來更高的回報;訓練有素的醫生可以挽救更多生命;精通法律的律師可以更好地維護社會公義;博學又尊業的老師能夠更好地傳授知識;擁有前沿知識的科學家和工程師將帶動更多的創新,進而促進經濟發展。

Blue ocean strategy against coronavirus crisis

新冠肺炎已經感染了410萬人口,並且導致28萬人喪生。相對於其他地區,香港的感染和死亡人數顯著較低。截至5月11日,已經連續22天沒有新增本地傳染個案了。

Negotiated Block Trade and Rebuilding of Trust

We investigate the impact of corporate governance on customers' trust using a dynamic model of experience‐goods firm. In the optimal equilibrium, customers' trust in the firm is linked to its behavior in the market for corporate control, so that the controlling shareholder has incentives to ensure high product quality while noncontrolling shareholders' interests are protected. Following a trust‐damaging event, turnover of the controlling share block restores customers' trust and enhances total shareholder value. Our analysis identifies an endogenous cost of corporate control, offers implications for the control premium, and provides a novel rationale for the separation of ownership and control.

Price hikes and panic buying amid coronavirus outbreak

目前新型冠狀肺炎全球肆虐,之前部分防疫物資,例如外科手術口罩、防護衣等短缺。市民大眾囤積大米、廁紙等生活必需品,不同媒體(包括BBC)就曾報道,此等囤積行為愚蠢、不理性。部分商店亦趁機抬高相關物品價格,一盒50個口罩售價曾暴升至380元【註】。有人提議政府應盡快立法,限制防疫物資價格上漲,有人則持相反意見;

Using Customer Service to Build Clients’ Trust

It is well known in the credence‐good literature that in an expert‐client relationship, under the Liability assumptions, clients have to reject the expert’s serious‐treatment recommendations with a positive probability to ensure that the expert honestly recommends treatments. Inefficiency arises because some socially efficient treatments are not provided. We show that the expert can enhance clients’ trust, or acceptance rate of the serious treatment, by providing intrinsically socially inefficient customer service upon recommending the serious treatment. Enhanced clients’ trust leads to higher efficiency and higher profit for the expert. However, trust cannot be enhanced by providing customer service with different timing.

房育辉教授:跨学科知识乃成功的关键

房育辉教授是一位资深的学者和老师,他为学术界耕耘了二十载,贡献良多。除此以外,房教授亦曾为不少跨国集团提供企业顾问的服务。这些经历除了肯定了他渊博的学识和对市场运作拥有深入的了解外,亦证明了房教授是一位能够把学术理论应用在商业社会中的实战派教授。

How to choose the best MBA

Article by Prof. Yuk-fai FONG, Associate Dean (Taught Postgraduate)