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JBC Economist: Parag Pathak

Parag Pathak 出生於 1980 年 6 月 8 日,研究領域是機制設計 (mechanism design)。大學就讀於哈佛應用數學系,Pathak 在 訪問 中指出,當時對經濟學感到有興趣,並且希望運用統計和數學結合到公共政策。因此他在博士階段跟隨 2012 年的諾貝爾經濟學獎得主:Alvin Roth,並選擇機制設計作為研究主題,將其研究應用至教育系統,實際協助紐約的公立學校分配。改善學校和學生的配對效率,讓更多學生能進入自己想念的高中就讀。 解決學生和學校的配對問題 根據 報導 ,在以前波士頓的學生可以選取三間學校作為志願,但此時學生們面臨到底該把目標定高,放明星學校進入自己的選校名單,還是要選取排名較低的學校,以提高錄取機率,變成學生和家長兩難的問題,而之前在波士頓,有 20% 的學生做了錯誤性的策略,在紐約則是 1/3。 Pathak 和 Roth 設計出一種制度,如果學生的第一選擇被學校拒絕,可以修改他們的選校名單,同樣的選校方式會繼續重複至第二輪、第三輪...直到每個學生都有學校念為止。這個方式使得學生只需要決定他們的選校志願順序即可,學生與家長不必繼續花費力氣,揣測填志願有沒有什麼特殊秘訣。 明星學校真的會提升學生成績嗎? 有許多家長會為了小孩的升學,而將戶口遷移至可以上好學校的學區,將小孩送至明星升學學校或私立學校,希望自己的小孩能在更好的環境下學習,考上好的高中或大學。 然而根據 Pathak, Abdulkadiroglu, Angrist 的研究,他們檢視紐約和波士頓地區的明星學校 (exam school) 是否對於學生的升學考試 (SAT)、大學先修 (AP) 成績有所幫助,結果發現這些明星高中,對於學生的成績提升效果十分有限,上好的學校和學生有好的測驗成績並無直接因果關係。 特許學校該不該限制? 此外 Pathak 的研究也出現在教育政策的辯論上,特許學校 (charter school) 在美國是由州政府出資,但交由私人經營,因此兼顧低學費和經營有效率的特點。但也有的 文章 指出特許學校只是瓜分政府補助其他公立學校的資源,並未能提升學生的學業表現。 然而 Pathak 等人研究波士頓的高中教育系統,發現該區的特許學校可以提升學生的成績。雖然 Pathak 等人的研究給予特許學校正面的評價,但波士頓居民於 2016...

台灣經濟/財金/商學研究所的申請統計數據

今天看到盧老師的 動態 ,發現單純看台灣的經濟/財金/商學院碩士班錄取率,其實比起國外研究所還要低,能考上也不容易。以前我們 Duke 經濟碩士,錄取率差不多 30% (154/518 (2016))。以下為盧老師整理的近年資料 (報考人數/錄取名額): 財金類 台大財金乙:52/7 (2016), 54/6 (2017), 58/5 (2018) 政大財管:362/19 (2016), 392/16 (2017), 271/17 (2018) 政大金融金融管理:104/8 (2016), 147/8 (2017), 158/10 (2018) 政大金融財工組:108/8 (2016), 111/8 (2017), 63/7 (2018) 清大計財甲:345/5 (2016), 334/5 (2017), 102/5 (2018) 清大計財乙:162/5 (2016), 115/5 (2017), 46/5 (2018) 經濟類 台大經濟:303/28 (2016), 276/23 (2017), 243/23 (2018) 政大經濟:363/20 (2016), 451/19 (2017), 194/21 (2018) 清大經濟:199/12 (2016), 157/10 (2017), 54/10 (2018) 政大國貿國際經濟組:232/22 (2016), 322/16 (2017), 173/16 (2018) 政大財政:156/17 (2016), 112/18 (2017), 105/21 (2018) 其他商院 台大國企甲:562/21 (2016), 521/18 (2017), 539/18 (2018) 台大國企乙:174/7 (2016), 133/6 (2017), 87/6 (2018) 台大商研甲:657/16 (2016), 705/17 (2017), 477/16 (2018) 台大商研乙:142/10 (2016), 103/12 (2017), 90/9 (2018) 同場加映:國外碩博班的申請統計,手邊有的資料大概如下 (Enrolee/Admission/Applicant): 經濟博士 (Econ PhD)  Northwestern: 24/...

UBC Winter Finance Conference 2018

Whistler is famous for skiing and holding Olympic Games before, but we come here for academia conference. Our conference is quite special. Wake up at 5 am and seminars start from 7. Many professors go skiing during the noon break. Great experience for 1st-year PhD student. Lots of things to learn, including research, presentation skills, networking.

Ice Hockey in Vancouver Canada

First time to watch hockey in Canada. Ice hockey is the national sport in Canada (some local guys told me that lacrosse is the most popular sport.) Canada won the Olympic ice hockey gold medals in 2010 and 2014 for both men and women. Vancouver holds the 2010 Winter Olympic and Sidney Crosby scores the Golden Goal to beat the USA in the overtime. 第一次在加拿大看冰球比賽,冰球和袋棍球(Lacrosse)是加拿大的國球,他們曾經在2010、2014 年贏得男子、女子冰球冠軍,2010 年在溫哥華舉辦時更是受到當地矚目,決賽靠著 Sidney Crosby* 的延長賽黃金進球,擊敗美國贏得金牌使得舉國歡騰。 Although Vancouver Canucks is not the strong team in recent years, the atmosphere is still impressive for me. People focus on the ball game and cheer for their home team. This reminds me the experience at Duke basketball court. Fans are crazy about their favorite team. 雖然溫哥華加人在近年的戰績都不突出,今天的觀眾還是很熱情的為地主隊加油,這點讓我想起以前在杜克看男籃的經驗,大家對於自己支持的球隊都很狂熱。 *Sidney Crosby 像是冰球界的LBJ, 從高中時就名滿天下,曾帶領加拿大兩度奪下奧運金牌,自己的NHL母隊-匹茲堡企鵝也是前兩年的史坦利盃冠軍。影片是2010年在這個場地奪金的致勝球。

Recruiting Seminars for Job Market Candidates

Recently we just completed our new professor hiring process. The job market candidates either come from top schools in the US (ex: Stanford*2, Wharton*2, Columbia, NYU) or Europe (ex: HEC, EPFL, Norway). Some of them already have R&R in top 3 finance journals and decent job market papers. 最近我們系上剛剛完成了新的教授招聘流程。候選人都來自美國的頂尖學校(如:史丹佛* 2、賓州華頓* 2、哥倫比亞、紐約大學)或歐洲(如:HEC、EPFL、挪威)。其中一些已經在三大金融期刊有 R&R 和不錯的個人研究論文。 Besides good research papers, our professors always put emphasis on the presentation skills and sell your ideas to the audience even they are not in your research fields. Then you need to show your interests to join the schools you desire and show you are a good colleague for at least the following years. 除了優秀的研究之外,我們的教授一直都很強調演講技巧,並將想法讓聽眾們買單則更為重要,即使不是他們的研究領域。然後,還要表現出想要加入那所學校的決心,和證明在未來幾年會是一個好同事。就業市場如此激烈,現在就應該要開始培養這些技能

Duke PhD Production Network

An interesting interactive chart 1  to show the relationship among different research fields at Duke. For example, Economics research is close to the Business (Finance included), Sociology, Public Policy, and Psychology. The other  interaction chart (2)  shows that continent where Economics and Finance is quite surprised for me. We locate with psychology & neuro and nursing! Photo: DNAC

Top Duke Basketball Talents

Duke lands all top 3 players in 2018 based on ESPN ranking . Here are other top 10 high school players who commit to play for Duke and Coach K in the previous years. 2018: R.J. Barrett (1), Zion Williamson (2), Cam Reddish (3), Tre Jones (10)  2017: Marvin Bagley, III (1), Wendell Carter (5), Trevon Duval (6), Gary Trent Jr. (8)  2016 : Harry Giles (1), Jayson Tatum (3), Frank Jackson (10)  2015: Brandon Ingram (3)  2014: Jahlil Okafor (1), Tyus Jones (4)

Job Market Candidates and their Research Fields

AEA/AFA is coming soon next week. According to FiveThirtyEight survey in 2014 from top 17 PhD programs with 308 economics phd candidates, they find that Macro is the top field that most candidates (64, 20.8%) choose as their primary field. Labor ranks second (30, 9.7%) and micro theory (26, 8.4%) is the third. Then I combine similar fields together and get the following results. Applied micro (Labor + IO + Trade + Public (econ+finance)+ Applied + Health + Environment + Education): 30 + 24 + 14 + (12 + 5) + 11 + 9 + 8 + 2= 115 (37.3%) Macro + International Econ: 64 + 2 = 66 (21.4%) Micro + Game + Decision Theory: 26 + 5 + 3 = 34 (11.0%) Financial + Corporate: 24 (7.8%) Development: 24 (7.8%) Econometrics: 14 (4.5%) Behavior + Experimental = 6 + 4 = 10 (3.2%)  History: 7 (2.3%) Unknown field (at least 2 candidates): 14  Now applied micro (covers many different research topics but with similar research approach) is the hot field for economics phd stude...

JPE 125th and Chicago Economics

JPE, one of the top 5 economics journals, celebrates its 125th anniversary and invites the Chicago economics and finance faculty to write the review for their fields. Of course, they mainly focus on the research based on the Chicago School of Economics and their past research. The scholars on this list look like Hall of Famers or All-Star. To name just a few: Time-series in Macro and Finance: Hansen Finance: Fama Labor: Heckman Political: Myerson Behavior: Thaler Experiment: List Banking: Diamond, Kashyap, Rajan Corporate Finance: Vishny, Zingales JPE 125th Paper Photo:  Becker Friedman Institute Flicker

Lessons from 2008 Financial Crisis

根據 Justin Fox 在《哈佛商業評論》的 文章 和《理性市場的神話》(The Myth of the Rational Market) ,過去的經濟學者較少注意到金融市場對總體經濟的影響性,因此未能察覺此危機的嚴重性。但也並非所有人都忽視,例如《經濟學人》曾 撰文 介紹 Hyman Minsky 在 1996 年過世前,發表過多篇關於金融不穩定性 (financial instability) 研究相關的文章,但在當時並未引起人們注意。 然而在 2008 金融危機過後,總體審慎管制 (macroprudential regulation) 成為央行和學術界的重要議題,國際清算銀行 (BIS) Claudio Borio 定義傳統的個體審慎管制 (microprudential regulation) 是從個別金融機構,由下而上來控制風險,希望能保護個別消費者、投資者。 然而此方式忽略各個金融機構風險有連鎖效應,例如銀行擠兌 (bank runs) 和上述提到快速銷售資產 (fire sales) 的情況。因此在金融危機後,監管單位採取總體審慎管制,由上而下來控制風險,避免多家金融機構同時失控,使得經濟嚴重衰退的情況再次發生。 The central problem of depression-prevention has been solved, for all practical purposes, and has in fact been solved for many decades. — Robert Lucas 雖然聯準會主席 Janet Yellen 在 2017 年 6 月間接受媒體 訪談 ,曾說過有生之年,很難再見到另一次金融危機。然而以研究經濟成長為名的諾貝爾獎得主 Robert Lucas,在 2003 年時曾說過我們已經找到避免經濟大蕭條的方法,但還是在五年後遇到金融海嘯。 Cover Photo:WSJ 2008/9/15 頭版