讲座题目：Synchronization Risk and Price Stickiness: Theory and Evidence（同步风险与价格粘性：理论与实证）
主讲嘉宾：杨中超 副教授 （单位：武汉大学）
讲座时间：2025年9月18日（周四）下午15:30
讲座地点：williamhill中文 402室
摘要：Using a large language model (LLM) to analyze online consumer reviews, we find that when customers observe a firm charging a lower price than they previously paid for the same item, they feel antagonized and give the firm low ratings, resulting in reputation costs for the firm. In particular, a firm's reputation costs are higher if it adjusts its price more quickly than other firms. Motivated by this empirical evidence, we develop a model that characterizes the optimal timing of price adjustments for firms, offering a microfoundation for price stickiness. In an environment with information frictions regarding how an aggregate shock affects the economy, individual firms face uncertainty about when their peers will adjust prices. This synchronization risk leads all individual firms to rationally choose to postpone price changes. Our model predicts both synchronized and unsynchronized price adjustments, depending on the degree of information frictions. The model provides a number of other predictions that are consistent with the evidence documented in the literature
专家介绍：杨中超，现任武汉大学经济与管理学院特聘副研究员，2021年获香港科技大学经济学博士学位。主要研究领域为宏观经济学与金融学，其研究成果已发表于Journal of Financial Economics和Economic Modelling等国际期刊。目前主持国家自然科学基金青年项目。他曾获多项学术荣誉，包括普华永道思略青年学者称号、2024年度PwC 3535最佳论文奖、中国金融学联盟2024优秀论文奖，以及2025年清华大学“大数据与市场微观结构（Big data and market microstructure conference,）”会议优秀论文奖等。
学校主页
ENGLISH
旧版入口