一、主讲人：张健康教授 Department of Economics，Carleton University，Canada
二、研究方向：Decision Theory under Uncertainty
Utility Theory and Its Applications
The US sub-prime mortgage crisis happening now is a new and unexpected phenomenon since the US economy is so developed and mature. However, financial crises are not new at all - they have been around us for centuries. For example, some recent financial crises are: The Japanese crisis in 1990s, the Asian crisis of 1997, the Russian crisis of 1998, and the Argentina crisis of 2001-2002.
The US financial institutions are "totally" different from the above countries. Furthermore, for many decades, the US market institutions have been the model of market economies for many emerging economies. Many developing countries have been trying to learn or just to copy the US market economy systems. How could the US economy, the model of market economies, be experiencing such a terrible financial crisis?
The sub-prime mortgage crisis happening in the US leads us to ask the following fundamental questions: How can financial crises be understood? For examples: Why are there financial crises? Are they market failure or government failure? Should financial crises be prevented at any cost? Is that possible that under some circumstances, some financial crises are good and efficient?
In this talk, we will try to understand the above questions from the modern financial economics.