Students on the Job Market and Placement Record

 



PhD Students on Job Market, 2020

Haoran LEI

Job Market Paper : "Sequential Screening Meets Last-minute Sales"
Research Interests : Microeconomic Theory (especially mechanism design), Behavioral Economics, Applied Microeconomic Theory

Fei ZHOU

Job Market Paper"Competitive Search with Repeated Moral Hazard"
Reserach Interests : Macroeconomics, Dynamic Contract, Production Network

 

Detailed Job Candidate profiles

Haoran LEI

Job Market Paper

Sequential Screening Meets Last-minute Sales

Abstract: 

This paper considers a two-period sequential screening model with arrivals of buyers in each period. Early buyers privately observe an imperfect signal regrading their valuation in period one, and then privately observe their valuation in period two. Last-minute buyers arrive in period two and already know their valuation. Early buyers strategically choose when to enter the market. We characterize the seller’s optimal deterministic mechanism when the seller has full commitment power. The equilibrium is semi-pooling: buyers who are likely to have high valuations are separated by different refund contracts, and those likely to have low valuations are pooled by some full refund contract, corresponding to the posted price in period two. We also discuss the optimal mechanism when the seller has only partial commitment power.

Research Interests

Mechanism design, Behavioral Economics, Applied Microeconomic Theory

Personal Website: https://albertlei.github.io

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Fei ZHOU

 

Job Market Paper

Competitive Search with Repeated Moral Hazard

Abstract: 

This paper studies the effects of moral hazard on employment and wage dynamics. I build a continuous-time competitive search model with aggregate productivity shocks. Due to unobservable idiosyncratic shocks, employers need to design dynamic optimal contract to incentivize workers to exert efforts. To quantify the magnitude of the underlying information friction, the model is calibrated to match the volatility of individual worker’s wage residual in PSID, which corresponding to wage movements that cannot be accounted by observables. I show that the unemployment rate volatility is 2-6 times larger than the case where the moral hazard problem is absent. Meanwhile, the model endogenously generates counter-cyclical wage dispersion. These findings are due to the following novel channel: a higher aggregate productivity reduces the importance of unobservable idiosyncratic shocks, which makes shirking easier to be detected. With a relaxed incentive constraint, firms are more willing to post vacancy, and have less need to expose workers to risk. In terms of government policy, I find that an increase of unemployment benefit or minimum wage has much stronger adverse effects on employment rate when moral hazard is taken into account.

Research Interests

Macroeconomics, Dynamic Contract, Production Network

Personal website:  https://feizhouecon.weebly.com/

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Students' Placement

MPhil/PhD Program in Economics:  Student Placement

 

2019

 

Beihang University (BUAA), Shenzhen 1
CITIC Bank International (HK) 1
CUHK - Shenzhen 1
Fudan University 1
Post Doctoral Fellow 1
Renmin University of China 1
Wuhan University 3
Zhejiang Gongshang University 1

 

2018

Jinan University 1
Citi Bank 1

 

2017 

Nanjing Audit University 1

 

2016

Shanghai Finance University 1
School of Economics, Southwestern University of Finance and Economics 1
Southwestern University of Finance and Economics 1
Economic School, Fudan University 1
  

2015

Dongbei (Northeast) University of Finance and Economics 1
University of International Business and Economics, (UIBE), Beijing 1

2014

Baptist University 1
Central University of Finance and Economics 1
Renmin University 1
Wuhan University 1

2013

Shanghai University of Finance and Economics, Economics  1
Shanghai University of Finance and Economics, Finance   1
Shanghai University of Finance and Economics, School of International Business Administration   1
Shanghai Jiaotong University 1
China Universal Asset Management, Hong Kong 1

2012

Nil

2011

The Hong Kong University of Science and Technology 1
Nankai University  1
Economic Research Dept, HKSAR  1

2010

The Chinese University of Hong Kong 1
The Hong Kong University 1
Nankai University 1
Shanghai University of Finance and Economics 1
Malaysia University 1
Wing Lung Bank 1

2009

Shanghai University of Finance and Economics 1

2008

Max Planck Institute of Economics, Germany 1
National University of Singapore  1

2003-07

Central University of Finance and Economics 1
PMA Investment 1
The Hong Kong Polytechnic University 1
Samsung Economic Research institute of China 1
Samsung Research Center, Beijing 1
Shanghai University of Finance and Economics 2
Sun Yat-Sun University 1
Xiemen University 1