讲座题目：China's Vehicle Quota System and Consumer Choices of Automobile: A Perspective of Sunk Cost

　　报告人：李汛(助理教授，武汉大学)

　　报告时间：2017年4月20日15:30—17:00

　　报告地点：经管院B253

　　主办单位：数理经济与数理金融系

　　摘要：The effect of the vehicle quota system (VQS) in China such as Beijing's lottery system and Shanghai's auction system is under-analyzed. This paper analyzes the effects of VQS on consumer choices of automobile empirically and theoretically. Using a huge data set with more than 60 million observations, our empirical analysis based on the mixed logit model shows that Beijing's lottery system and Shanghai's auction system both stimulate consumers to purchase higher-price automobiles. However, different from Beijing, the effect of Shanghai's auction is dependent with individual income positively. We also propose a theoretical model extending Baliga and Ely (2011) to explain our empirical findings which is compatible for both the lottery and the auction systems. Our theoretical model consistently reveals the sunk cost in the lottery system in Beijing makes consumers prefer automobiles with higher price, while the impact of Shanghai's auction system is heterogeneous, depending on individual income.

　　简介：李汛博士，武汉大学数理经济与数理金融系助理教授。2014年毕业于美国康涅狄格大学，获得经济学博士学位;2010年获得中国政法大学经济学硕士学位，2008年获得武汉大学经济与数理学学士学位。在Applied Economics，Applied Economics Letter等国际期刊发表文章。