講座題目："Hedging by Giving": Wishful Thinking, Religious Donations, and Insurance Demand （“奉獻(xiàn)對(duì)沖”：一廂情愿，宗教捐款和保險(xiǎn)需求）

時(shí)間：2021年6月9日（周三）12:20 – 13:30 博學(xué)樓918

主講人: 張宇  北京大學(xué)光華管理學(xué)院助理教授

主講人簡(jiǎn)介： 

張宇，北京大學(xué)光華管理學(xué)院金融學(xué)系助理教授，于2011年獲得清華大學(xué)經(jīng)濟(jì)學(xué)學(xué)士學(xué)位；2017年于美國(guó)普林斯頓大學(xué)獲經(jīng)濟(jì)學(xué)博士學(xué)位；張宇老師在房地產(chǎn)、家庭金融、宏觀金融、供應(yīng)鏈與金融等方向的多篇學(xué)術(shù)研究正在Review of Financial Studies，Management Science，Review of Economics and Statistics等知名期刊復(fù)審。

講座內(nèi)容簡(jiǎn)介：

Standard models show that increased background risks raise the demand for insurance products against insurable risks, even though, in reality, low demand for insurance is observed. Using unique data on income uncertainty, religious donations, and insurance purchases, we find that income uncertainty in the recent past predicts a higher amount of religious donations, in addition to predicting a higher demand for insurance products. We document evidence consistent with the explanation that religious donations, through "wishful thinking," serve as a form of spiritual insurance. Upon making a religious donation (in the present or the recent past), the positive relationship between income uncertainty and insurance demand disappears. Our evidence helps explain the under-insurance puzzle in environments where religion is present.