{"id":1435,"date":"2023-09-12T10:02:05","date_gmt":"2023-09-12T09:02:05","guid":{"rendered":"https:\/\/songyu-he.com\/?page_id=1435"},"modified":"2023-11-18T15:06:13","modified_gmt":"2023-11-18T15:06:13","slug":"research","status":"publish","type":"page","link":"https:\/\/songyu-he.com\/index.php\/research\/","title":{"rendered":"Research"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1435\" class=\"elementor elementor-1435\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5416f47 e-flex e-con-boxed e-con e-parent\" data-id=\"5416f47\" data-element_type=\"container\" data-settings=\"{&quot;container_type&quot;:&quot;flex&quot;,&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-480d4c1 e-flex e-con-boxed e-con e-parent\" data-id=\"480d4c1\" data-element_type=\"container\" data-settings=\"{&quot;container_type&quot;:&quot;flex&quot;,&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8e85952 animated-slow elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"8e85952\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.16.0 - 14-09-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">R E S E A R C H<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8eadcd2 animated-slow e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"8eadcd2\" data-element_type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeIn&quot;,&quot;container_type&quot;:&quot;flex&quot;,&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bb47794 elementor-widget elementor-widget-heading\" data-id=\"bb47794\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Working Papers<br><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f52b527 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"f52b527\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.dropbox.com\/scl\/fi\/wdgylxj4klrj7llls7trj\/jmp_Songyu.pdf?rlkey=bnt6n6ix02s1frzx3vacgx8bd&#038;dl=0\">An Axiomatic Test for Salience and Regret Theory (Job Market Paper)<\/a><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b8a21a elementor-invisible elementor-widget elementor-widget-htmega-toggle-addons\" data-id=\"5b8a21a\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"htmega-toggle-addons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t            <div class=\"htmega-toggle-area\" >\n                \n                <div class=\"htmega-toggle-content-5b8a21a\" style=\"display: none;\">\n                    <div class=\"htmega_custom_content\"><p>Salience and regret theories describe how the manipulation of relative differences between potential outcomes of risky options affects individuals\u2019 decisions. In this project, I present axiomatizations for both theories. The axioms for salience theory formulate hypotheses concerning preferences for a large difference in outcomes compared to the summation of smaller differences that partitions it. To test these axioms, we conduct an online experiment with 800 participants. The current experiment finds supportive evidence for both theories at the aggregate level. However, there\u2019s notable heterogeneity in the results: The violation rates of our main hypotheses are between 39% to 72%.<\/p><\/div>                <\/div>\n\n                <div class=\"htmega-toggle-button\">\n                    <a href=\"#\" class=\"togglebutton-5b8a21a normal_btn\">Abstract<\/a><a href=\"#\" class=\"togglebutton-5b8a21a opened_btn\">Close<\/a>                <\/div>\n\n            <\/div>\n\n            <script>\n                jQuery(document).ready(function($) {\n                    'use strict';\n                    $(\".togglebutton-5b8a21a\").on('click', function(){\n                        $(\".htmega-toggle-content-5b8a21a\").slideToggle('slow');\n                        $(this).removeAttr(\"href\");\n                        $(this).parent().toggleClass(\"open\");\n                    });\n                });\n            <\/script>\n        \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d097f47 e-flex e-con-boxed e-con e-parent\" data-id=\"d097f47\" data-element_type=\"container\" data-settings=\"{&quot;container_type&quot;:&quot;flex&quot;,&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-addbd33 elementor-widget__width-initial animated-slow elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"addbd33\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.dropbox.com\/scl\/fi\/ihxtvrzi02kow01se530k\/IST-Feb_2023.pdf?rlkey=pniaaexs6fpi2t6cn7wey5pt4&#038;dl=0\"><br>Multidimensional Salience Theory: Theoretical Foundations and Experimental Test <span style = \"font-size: 16px\">with Charles Sprenger<\/span><\/a><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e8e287 animated-slow elementor-invisible elementor-widget elementor-widget-htmega-toggle-addons\" data-id=\"9e8e287\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"htmega-toggle-addons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t            <div class=\"htmega-toggle-area\" >\n                \n                <div class=\"htmega-toggle-content-9e8e287\" style=\"display: none;\">\n                    <div class=\"htmega_custom_content\"><p>Economic decisions frequently involve risks through multiple relevant aspects. While experiments demonstrate robust evidence for both context-dependent effects across riskless dimensions and deviations from the canonical model, Expected Utility, little is known for how these impacts work collectively. This manuscript proposes and characterizes an extension of salience theory (Bordalo et al., 2012, 2013) for the treatment of multidimensional lotteries. By implementing the elaborated model into intertermporal decisions, it rationalizes prominent Discounted Expected Utility deviations and delivers additional testable predictions. The model\u2019s predictions are explored in three existing data sets and a novel experiment, which distinguishes multidimensional salience from competing theories. Roughly 80% of prior experimental deviations from Discounted Expected Utility are consistent with intertemporal salience, and new experimental data largely confirm the predictions of the theory.<\/p><\/div>                <\/div>\n\n                <div class=\"htmega-toggle-button\">\n                    <a href=\"#\" class=\"togglebutton-9e8e287 normal_btn\">Abstract<\/a><a href=\"#\" class=\"togglebutton-9e8e287 opened_btn\">Close<\/a>                <\/div>\n\n            <\/div>\n\n            <script>\n                jQuery(document).ready(function($) {\n                    'use strict';\n                    $(\".togglebutton-9e8e287\").on('click', function(){\n                        $(\".htmega-toggle-content-9e8e287\").slideToggle('slow');\n                        $(this).removeAttr(\"href\");\n                        $(this).parent().toggleClass(\"open\");\n                    });\n                });\n            <\/script>\n        \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-56f8b65 e-flex e-con-boxed e-con e-parent\" data-id=\"56f8b65\" data-element_type=\"container\" data-settings=\"{&quot;container_type&quot;:&quot;flex&quot;,&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5008a03 elementor-widget elementor-widget-spacer\" data-id=\"5008a03\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.16.0 - 14-09-2023 *\/\n.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container{height:100%;width:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty,.e-con>.elementor-widget-spacer.elementor-widget-empty{position:relative;min-height:22px;min-width:22px}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon,.e-con>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon{position:absolute;top:0;bottom:0;left:0;right:0;margin:auto;padding:0;width:22px;height:22px}<\/style>\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bec3a01 elementor-widget__width-initial animated-slow elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"bec3a01\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Research in Progress<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-17ce2ce e-flex e-con-boxed e-con e-parent\" data-id=\"17ce2ce\" data-element_type=\"container\" data-settings=\"{&quot;container_type&quot;:&quot;flex&quot;,&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8b6f694 elementor-widget__width-initial animated-slow elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"8b6f694\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><br>A Unified Test for Cumulative Prospect Theory<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-caa3285 animated-slow elementor-invisible elementor-widget elementor-widget-htmega-toggle-addons\" data-id=\"caa3285\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"htmega-toggle-addons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t            <div class=\"htmega-toggle-area\" >\n                \n                <div class=\"htmega-toggle-content-caa3285\" style=\"display: none;\">\n                    <div class=\"htmega_custom_content\"><p>As a leading non-expected utility model, Cumulative Prospect Theory (CPT) explains a wide range of deviations from expected utility theory while retaining most of its normatively appealing axioms. CPT encompasses three major components: a probability weighting function, a utility function, and rank dependence. In this project, I introduce an experiment designed to analyze these three factors using a unified question format. The experiment provides separate nonparametric estimates for subjects\u2019 probability weighting functions and utility functions. It also conducts a test for rank dependence. Notably, the hypothesis of this test is independent of both the probability weighting function and the utility function.<\/p><\/div>                <\/div>\n\n                <div class=\"htmega-toggle-button\">\n                    <a href=\"#\" class=\"togglebutton-caa3285 normal_btn\">Abstract<\/a><a href=\"#\" class=\"togglebutton-caa3285 opened_btn\">Close<\/a>                <\/div>\n\n            <\/div>\n\n            <script>\n                jQuery(document).ready(function($) {\n                    'use strict';\n                    $(\".togglebutton-caa3285\").on('click', function(){\n                        $(\".htmega-toggle-content-caa3285\").slideToggle('slow');\n                        $(this).removeAttr(\"href\");\n                        $(this).parent().toggleClass(\"open\");\n                    });\n                });\n            <\/script>\n        \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a9a367 elementor-widget__width-initial animated-slow elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"3a9a367\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><br>Regret Theory: Corrections and Extensions <span style = \"font-size: 16px\">with Enrico Diecidue, Jeeva Somasundaram, and Shuoli Liu<\/span><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-80aa039 animated-slow elementor-invisible elementor-widget elementor-widget-htmega-toggle-addons\" data-id=\"80aa039\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"htmega-toggle-addons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t            <div class=\"htmega-toggle-area\" >\n                \n                <div class=\"htmega-toggle-content-80aa039\" style=\"display: none;\">\n                    <div class=\"htmega_custom_content\"><p>Diecidue and Somasundaram (2017) provide axioms for regret theory (Loomes and Sugden (1982)) under the subjective state space framework. In this project, we show that the major axiom in this previous work, <em>trade-off consistency<\/em>, is not sufficient for either the original regret theory or the generalized regret theory (Loomes and Sugden (1987)). We also provide a new set of axioms that characterize both versions of regret theories. <\/p><\/div>                <\/div>\n\n                <div class=\"htmega-toggle-button\">\n                    <a href=\"#\" class=\"togglebutton-80aa039 normal_btn\">Abstract<\/a><a href=\"#\" class=\"togglebutton-80aa039 opened_btn\">Close<\/a>                <\/div>\n\n            <\/div>\n\n            <script>\n                jQuery(document).ready(function($) {\n                    'use strict';\n                    $(\".togglebutton-80aa039\").on('click', function(){\n                        $(\".htmega-toggle-content-80aa039\").slideToggle('slow');\n                        $(this).removeAttr(\"href\");\n                        $(this).parent().toggleClass(\"open\");\n                    });\n                });\n            <\/script>\n        \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6a2b4f4 e-flex e-con-boxed e-con e-child\" data-id=\"6a2b4f4\" data-element_type=\"container\" data-settings=\"{&quot;container_type&quot;:&quot;flex&quot;,&quot;content_width&quot;:&quot;boxed&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-76173dc e-flex e-con-boxed e-con e-child\" data-id=\"76173dc\" data-element_type=\"container\" data-settings=\"{&quot;container_type&quot;:&quot;flex&quot;,&quot;content_width&quot;:&quot;boxed&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2435cac e-flex e-con-boxed e-con e-parent\" data-id=\"2435cac\" data-element_type=\"container\" data-settings=\"{&quot;container_type&quot;:&quot;flex&quot;,&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-75ec7b7 e-flex e-con-boxed e-con e-parent\" data-id=\"75ec7b7\" data-element_type=\"container\" data-settings=\"{&quot;container_type&quot;:&quot;flex&quot;,&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e38d849 e-flex e-con-boxed e-con e-parent\" data-id=\"e38d849\" data-element_type=\"container\" data-settings=\"{&quot;container_type&quot;:&quot;flex&quot;,&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>R E S E A R C H Working Papers An Axiomatic Test for Salience and Regret Theory (Job Market Paper) Salience and regret theories describe how the manipulation of relative differences between potential outcomes of risky options affects individuals\u2019 decisions. In this project, I present axiomatizations for both theories. The axioms for salience theory &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/songyu-he.com\/index.php\/research\/\"> <span class=\"screen-reader-text\">Research<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"","footnotes":""},"class_list":["post-1435","page","type-page","status-publish","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/songyu-he.com\/index.php\/wp-json\/wp\/v2\/pages\/1435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/songyu-he.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/songyu-he.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/songyu-he.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/songyu-he.com\/index.php\/wp-json\/wp\/v2\/comments?post=1435"}],"version-history":[{"count":52,"href":"https:\/\/songyu-he.com\/index.php\/wp-json\/wp\/v2\/pages\/1435\/revisions"}],"predecessor-version":[{"id":1611,"href":"https:\/\/songyu-he.com\/index.php\/wp-json\/wp\/v2\/pages\/1435\/revisions\/1611"}],"wp:attachment":[{"href":"https:\/\/songyu-he.com\/index.php\/wp-json\/wp\/v2\/media?parent=1435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}