Yuk-fai Fong
Prof. Yuk-fai FONG
經濟學
管理及商業策略
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
可程式化央行數碼貨幣下的新政策

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。

可程式化央行數碼貨幣下的新政策

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。

無差異曲線與產品設計策略

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。

無差異曲線與產品設計策略

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。

創造人人都能寫程式的社會

編寫電腦程式(computer programming)是將特定任務轉換為電腦可以理解命令的過程,以便電腦執行所述任務。編寫程式是當今科技大趨勢的支柱;包括人工智能、機器學習、數據科學、預測分析、區塊鏈和數字化轉型。而且這些新科技更可為人類創造巨大價值。根據麥肯錫估計,到2030年,人工智能將會帶來約13萬億美元的經濟產出,使全球生產總值每年提升約1.2%。另外,根據微軟2018年的估計,到2021年,數字化轉型將為印度貢獻1540億美元的生產總值,合計為亞太地區GDP貢獻超過1萬億美元的生產總值。

創造人人都能寫程式的社會

編寫電腦程式(computer programming)是將特定任務轉換為電腦可以理解命令的過程,以便電腦執行所述任務。編寫程式是當今科技大趨勢的支柱;包括人工智能、機器學習、數據科學、預測分析、區塊鏈和數字化轉型。而且這些新科技更可為人類創造巨大價值。根據麥肯錫估計,到2030年,人工智能將會帶來約13萬億美元的經濟產出,使全球生產總值每年提升約1.2%。另外,根據微軟2018年的估計,到2021年,數字化轉型將為印度貢獻1540億美元的生產總值,合計為亞太地區GDP貢獻超過1萬億美元的生產總值。

後疫情時代的挑戰與機遇

網上流傳這樣一條選擇題:「疫情過後,誰在主導你公司業務的數碼轉型?」答案並非行政總裁或技術總監,而是2019冠狀病毒。這個答案雖聽上去頗具玩笑意味,但卻甚具現實意義。

後疫情時代的挑戰與機遇

網上流傳這樣一條選擇題:「疫情過後,誰在主導你公司業務的數碼轉型?」答案並非行政總裁或技術總監,而是2019冠狀病毒。這個答案雖聽上去頗具玩笑意味,但卻甚具現實意義。

後疫情時代的政策建議

迄今為止,2019冠狀病毒病(COVID-19)的疫情還遠未結束。儘管病毒仍在世界各地肆虐,香港仍需依賴嚴格的旅遊限制和檢疫措施來阻止病毒變種的流入,但我們建議政府,應提早研究後疫情時代的新常態,並根據研究制定相關政策,從而讓本港經濟得益。

後疫情時代的政策建議

迄今為止,2019冠狀病毒病(COVID-19)的疫情還遠未結束。儘管病毒仍在世界各地肆虐,香港仍需依賴嚴格的旅遊限制和檢疫措施來阻止病毒變種的流入,但我們建議政府,應提早研究後疫情時代的新常態,並根據研究制定相關政策,從而讓本港經濟得益。