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Head and Professor

Ph.D.       1987 University of Chicago, Economics
M.A.         1985 University of Chicago, Economics
B.Soc.Sc. 1982 University of Hong Kong,
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  • Professor of Economics, Hong Kong University of Science and Technology (HKUST), July, 2007-  
  • Acting Department Head, July-Dec, 2001
  • Associate Professor of Economics, Hong Kong University of Science and Technology (HKUST), 1995 to June 2007
  • Research Associate, Rochester Center for Economic Research, 1988-present
  • Associate Professor, University of Rochester, 1994-1998
  • Assistant Professor, University of Rochester, 1988-1994
  • Post-Doctoral Fellow, University of Chicago, 1987-1988
  • Instructor, University of Chicago, 1987
  • Demonstrator/Research Officer, University of Hong Kong, 1982-1983


  • Applied Microeconomics
       Health Economics, Household Behavior and Family Economics, Labor and
       Demographic Economics, Law and Economics
  • Applied Econometrics
      Cross Sectional Data



   Books & Monographs

  • Cheng Leonard K. and Leung Siu Fai.  Aspects of Market Integration in APEC: Trade, Foreign Direct Investment and Labor Migration. Singapore: APEC Secretariat, February 1999


  • Leung, Siu Fai. "An Economic Application of the Dubovitskii-Milyutin Version of the Maximum Principle." Optimal Control, Application and Methods" (forthcoming)
  • Leung, Siu Fai. "The Existence, Uniqueness, and Optimality of the Terminal Wealth Depletion Time in Life-cycle Models of Saving under Uncertain Lifetime and Borrowing Constraint," Journal of Economic Theory 134 (2007): 470-493
  • Cheng, Leoanrd K.: Leung, Siu Fai: and Ma, Zihua. "Revealed Comparative Advantages and Intra-regional Trade of the World's Three Major Regions" 1980-1995." In Critical Issues in China's Growth and Development. edited by Yum K. Kwan and Eden S/H. Yu. Hampshire, England: Ashgate Publishing, 2004, pp. 108-130 
  • Chen, Kong-Pin: Leung, Siu Fai: and Chiang, Shin-Hwan. "Migration, Family, and Risk Diversification." Journal of Labor Economics 21 (2003): 353-380
  • Leung, Siu Fai. "The Dynamic Effects of Social Security on Individual Consumption. Wealth, and Welfare,." Journal of Public Economic Theory 4 (2002): 581-612
  • Leung, Siu Fai. "The Life Cycle Model of Saving with Uncertain Lifetime an Borrowing Constraint: Characterization and Sensitivity Analysis." Mathematical Social Science 42 (2001): 179-201
  • Leung, Siu Fai. "Why Do Some Households Save So Little? A Rational Explanation." Review of Economic Dynamics 3 (2000): 771-800
  • Leung, Siu Fai, and Yu, Shihti. "Collinearity and Two-step Estimation of Sample Selection Models: Problems, Origins and Remedies." Computational Economics 15 (2000):173-199
  • Leung, Siu Fai, and Yu, Shihti. " How Effective are the RESET Tests for Omitted Variables?" Communication in Statistics -Theory and Methods 29 (2000): 879-02
  • Leung, Siu Fai, and Yu, Shihti "On the Choice Between Sample Selection and Two-Part Models", Journal of Econometrics, 72, 1996, 197-229 
  • Leung, Siu Fai. "A Distinction between Continuous-time and Discrete-time Models of Uncertain Lifetime", Economics Letter, 47, 1995, 291-296
  • Leung, Siu Fai. "Dynamic Deterrence Theory", Economica, 62, 1995, 65-87
  • Leung, Siu Fai. "Will Sex Selection Reduce Fertility?" Journal of Population Economics, 7, 1994, 379-392
  • Leung, Siu Fai. "Uncertain Lifetime, the Theory of the Consumer, and the Life Cycle Hypothesis", Econometrica, 62, 1994, 1233-1239
  • Leung, Siu Fai. "An Economic Analysis of the Age-Crime Profile", Journal of Economic Dynamics and Control, 18, 1994, 481-497
  • Leung, Siu Fai and Phelps, Charles. "My Kingdom for a Drink...? A Review of Estimates of the Price Sensitivity of Demand for Alcoholic Beverages.", in Economics and the Prevention of Alcohol-Related Problems, NIAAA Research Monograph No. 25, edited by Michael Hilton and Gregory Bloss, Rockville, MD: National Institute on Alcohol Abuse and Alcoholism, 1993 
  • Leung, Siu Fai. "Optimality for Controlled Jump Processes: A Simple Approach", Economic Theory, 3, 1993, 765-774
  • Leung, Siu Fai. "A Stochastic Dynamic Analysis of Parental Sex Preferences and Fertility." Quarterly Journal of Economics 106 (1991):1063-1088
  • Leung, Siu Fai. "Transversality Condition and Optimal in a Class of Infinite Horizon Continuous Time Economics Models." Journal of Economic Theory 54 (1991):224-233
  • Leung, Siu Fai. "How to Make the Fine Fit the Corporate Crime: An Analysis of Static and Dynamic Optimal Punishment Theories." Journal of Public Economics 45 (1991) 243-256
  • Leung, Siu Fai, and Wong, Wing Hung. "Nonparametric hazard Estimation with Time-Varying Discrete Covariates." Journal of Econometrics 45 (1990):309-930
  • Leung, Siu Fai. "On Tests for Sex Preference." Journal of Population Economics 1 (1988):95-114

  Working Papers

  • Leung, Siu Fai and Yu, Shihti. "Survey Responses Bias and the Determinants of substance Use." July 2006
  • Leung, Siu Fai; Michael C. M.; and Yeung, Raymond Y, T. "Can Medical Savings Accounts improve Welfare?"" November 2006
  • Leung, Siu Fai and Yu, Shihti. "The Consumption of Legal and Illegal Substances: Onset, Initiation and Timing, and Interdependence." April, 2007
  • Leung, Siu Fai, " Cake Eating and Life Cycle Saving: Existence Theorems for a Class of Optimal Allocation Models." March 2007



  • Member, Hong Kong Committee for Pacific Cooperation, 2004-2006, 2006-2008
  • Member, Technical Working group on Impact Analysis of Fees and Charges Revision, Health and Food Bureau of the HKSAR Government, 2005
  • Member, health Care Financing Study Group, health, Welfare and Food Bureau of the HKSAR Government, 2002-2004
  • Consultant to ERM Hong Kong Limited on "Regulatory Impact Assessment on Labeling Scheme on Nutrition Information." 2004-2005
  • Consultant to the Government of the Hong Kong Hospital Authority on "The review of Hospital Authority Fees and Charges Restructuring." 2000-2002
  • Consultant to the Government of the HKSAR on "Aspects o Market integration in APEC: Trade, Foreign Direct Investment and Labor Migration." 1997-1999
  • Consultant to the Government of the HKSAR on "Trade Unions and Collective Bargaining." 1997
  • Vice-President, Chinese Economic Association in North America (CEANA), 1997-1998
  • Program Chair, CEANA/ASSA Meetings, Chicago, January 3-5, 1997
  • Referee for
    American Economic Review; Demography, Econometrica; Econometric Journal, Econometric Review, International Economic Review, Journal of Applied Econometrics, Journal of Development economics, Journal of Econometrics, Journal of Economic Dynamic and Control, Journal of Economic Theory, Journal of Law, Economics, and Organization, Journal of Environmental Economics and Management, Journal of Human Resources, Journal of Political Economy, Journal of Population Economics, Journal of Risk and Insurance, Quarterly Journal of Economics, Pacific Economic Review, Review of Economics and Statistics, Southern Economic Journal, Blackwell Publishing, Dryden Press, McGraw Hill, Research Grants Council, University Grants Committee o the HKSAR.


  • Post-Doctoral Fellowship, University of Chicago, 1987-1988
  • Pew Teaching Fellow, University of Chicago, 1986-1988
  • Bradley Foundation Fellowship, 1986-1987
  • University of Chicago Fellowship, 1984-1988


  • American Economic Association
  • Chinese Economic Association in North America (CEANA)