學術論文
研究焦點
全球學者
知識轉移
明德商論
龍虎山下
媒體報導
The Green Revolution and Individualism: Evidence from Indonesia
The Green Revolution and Individualism: Evidence from Indonesia
This paper studies the effects of the Green Revolution, one of the largest development projects in the late 20th Century, on individualism. We use a difference-in-differences approach to investigate how rapid technological and organizational changes in traditional agriculture reshaped cultural norms in Indonesia, where Green Revolution rollout was largely driven by centralized government interventions. Regions with greater exposure to Green Revolution policies experienced significant and persistent increases in individualism (as measured by a higher prevalence of infrequent names) decades after the end of the program. Results are not driven by pre-trends and hold across a battery of robustness checks. We further document suggestive, correlational evidence of a persistent fall in community funding for public goods, a key measure of collective action. Our findings suggest that technical change can lead to rapid and persistent changes in culture.

Optimal Monetary Policy with Confounding Information
Optimal Monetary Policy with Confounding Information
In this paper, we study optimal monetary policy in an economy where firms’ price-setting decisions are distorted by a signal-extraction problem: they cannot perfectly distinguish aggregate from idiosyncratic shocks based on noisy local information. This systematic misattribution of aggregate shocks to firm-specific factors generates an additional price response, implying that strict price stability is no longer optimal. Instead, the optimal policy fully stabilizes the output gap, which necessarily requires accommodating fluctuations in the price level. The cyclicality of the optimal price level depends on the source of firms’ incomplete information: learning from local demand signals implies a procyclical price level, whereas learning from local productivity signals yields a countercyclical one.

Signaling Vision: Knowing When to Quit
Signaling Vision: Knowing When to Quit
We study a signaling game where agents signal their type by choosing when to quit pursuing an uncertain project. High types observe news about project quality and quit when bad news arrives. Low types who do not observe any news may mimic high types by quitting continuously over a phase of time. The reputation dynamics may exhibit nonmonotonicity with respect to quitting time. Our analysis offers a unifying explanation for how and when both early and late quitting can enhance reputation and suggests novel welfare and policy implications.

Corporate Lobbying of Bureaucrats
Corporate Lobbying of Bureaucrats
Executive agencies play a pivotal role in shaping the regulatory environment by crafting rules, enforcing regulations, and overseeing government contracts—all of which can have a profound impact on businesses. For firms, this potential impact creates a clear incentive for firms to influence these agencies, particularly during the critical stages of rulemaking and enforcement. In this context, lobbying emerges as a key tool that companies use to mold the regulatory landscape to their advantage. Unlike politicians, whose decisions are often swayed by electoral cycles and campaign contributions, agency officials are not elected, serve longer terms, and are less susceptible to direct political pressures. As a result, engaging in lobbying efforts with executive agencies is both more complicated and strategically crucial for firms operating within heavily regulated industries. However, the dynamics of such lobbying remain underexplored in the literature.
春節幸福感和疫情感知風險調查:來自機器學習的洞察
春節幸福感和疫情感知風險調查:來自機器學習的洞察
2023年剛結束的兔年春節內地民眾過得怎樣?調查顯示,兔年春節期間,民眾的幸福感平均值為5.47,介於“比較開心”與“開心”之間(1為最低值,7為最高值),“比較開心”以上人群占比為83.1%。
How to Recover from Work Stress, According to Science
How to Recover from Work Stress, According to Science
To combat stress and burnout, employers are increasingly offering benefits like virtual mental health support, spontaneous days or even weeks off, meeting-free days, and flexible work scheduling. Despite these efforts and the increasing number of employees buying into the importance of wellness, the effort is lost if you don’t actually recover. So, if you feel like you’re burning out, what works when it comes to recovering from stress? The authors discuss the “recovery paradox” — that when our bodies and minds need to recover and reset the most, we’re the least likely and able to do something about it — and present five research-backed strategies for recovering from stress at work.

研究企業之間的協調行為 – 郝宇博士
研究企業之間的協調行為 – 郝宇博士
計算機編程聽起來好像和經濟風馬牛不相及,但擁有出色的編程技術,不但能幫助個人進行經濟學學術研究,更能助你在商界捉緊更多就業機會。

疫況愈下 「清零」何價?
疫況愈下 「清零」何價?
香港在連續數月「清零」後,在社區出現Omicron變種病毒個案,爆發第五波疫情,特區政府因而重新推出表列處所須關閉等社交距離防疫措施,並取消多項大型活動。
構想虛擬貨幣的未來 – 游楊博士
構想虛擬貨幣的未來 – 游楊博士
作為教師,在鼓勵同學努力學習之餘,我亦會主動了解本地市場運作以及邀請僱主來到課堂分享業界經驗。

AI是CEO的對手,還是武器?
AI是CEO的對手,還是武器?
人們寄望AI能讓組織的決策變得更加民主和理性。事實上,AI一方面讓高質量的判斷變得人人可得,另一方面也為不受制衡的權力提供了新的槓桿。更平等的信息,未必意味着更平等的權力。
從反傾銷到貿易戰: 貿易政策與爭端的過去、現在與未來
從反傾銷到貿易戰: 貿易政策與爭端的過去、現在與未來
中美經貿磋商有助於管控分歧,但行業層面的貿易爭端不會隨之自動消失。從去年釜山會晤到今年5月特朗普總統訪華,雙方持續推進對話。
AI提速之後,企業還在等什麼?
AI提速之後,企業還在等什麼?
隨着AI與智能體能力提升,企業用AI生成一份報價的時間,已經從半天縮短到幾分鐘;但客戶收到報價,可能仍要等上一周。
技術是自家的   生意是人家的
技術是自家的   生意是人家的
學術界飯局上談到半導體,總有人會問筆者:日本當年那麼厲害,怎麼就沒出現一個三星或台積電?問題問得很好,細想卻有點錯位。台積電做的是晶圓代工,替別人造晶片,自己並不賣存儲產品。日本也沒有退出存儲市場,鎧俠至今仍是全球領先的NAND快閃記憶體製造商。
大埔火災對企業慈善戰略的啟示
大埔火災對企業慈善戰略的啟示
2025年11月26日,大埔宏福苑一場空前大火引起了社會各界的高度關注。除了包括消防處的各政府部門和社會福利機構全力投入救援外,企業作為另一股重要救災力量,同時迅速進場。
後AI時代的全民生存指南:從個人規劃到企業戰略布局
後AI時代的全民生存指南:從個人規劃到企業戰略布局
通用人工智能(AGI)是能夠學習、決策和執行的人工智能,而我們已身處其早期階段:Meta日前推出AI智能體Muse,旅遊預訂等數碼平台的美股股價隨即應聲下跌;相關的討論焦點已從「如果發生會怎樣」轉至「會發展得有多快」。研究發現有AI智能體開始能夠相互通信,它們正在創造一個前所未有的科創加速發展螺旋。
技術是自家的   生意是人家的
技術是自家的   生意是人家的
學術界飯局上談到半導體,總有人會問筆者:日本當年那麼厲害,怎麼就沒出現一個三星或台積電?問題問得很好,細想卻有點錯位。台積電做的是晶圓代工,替別人造晶片,自己並不賣存儲產品。日本也沒有退出存儲市場,鎧俠至今仍是全球領先的NAND快閃記憶體製造商。
AI是CEO的對手,還是武器?
AI是CEO的對手,還是武器?
人們寄望AI能讓組織的決策變得更加民主和理性。事實上,AI一方面讓高質量的判斷變得人人可得,另一方面也為不受制衡的權力提供了新的槓桿。更平等的信息,未必意味着更平等的權力。
大埔火災對企業慈善戰略的啟示
大埔火災對企業慈善戰略的啟示
2025年11月26日,大埔宏福苑一場空前大火引起了社會各界的高度關注。除了包括消防處的各政府部門和社會福利機構全力投入救援外,企業作為另一股重要救災力量,同時迅速進場。