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The University of Southampton
Southampton Business School
Phone:
(023) 8059 3415
Email:
C-C.Tai@soton.ac.uk

Dr Chung-Ching Tai PhD, FHEA

Associate Professor of Risk and Decision Sciences

Dr Chung-Ching Tai's photo

Dr. Chung-Ching Tai is an Associate Professor of Risk and Decision Sciences within Southampton Business School at the University of Southampton.

Chung-Ching completed his PhD in Economics from National Chengchi University in Taiwan. Chung-Ching’s research interests include behavioural economics, experimental auctions, neuroeconomics, agent-based simulations and prediction markets.

Education

Appointments

Research interests

My research mostly combines economic analysis with knowledge from psychology, particularly focused on people’s heterogeneous behaviour in markets or risky economic decisions. More specifically, I incorporate psychometric measures of cognitive ability, risk attitudes, personality, thinking styles in analysing people’s behaviour in laboratory experiments. I am also interested in applying neuroimaging techniques to observe people's brain activity during decisions.

The aim of my research is to investigate how bounded rationality impacts people's decision making, strategic behaviour or trading activities in markets. By incorporating psychological factors in economic problems, I will be able to improve our understanding of individual decisions/choice under risk or uncertainty and how heterogeneous behaviour results in patterns in the economic or financial markets.

I am also interested in the research field of prediction markets and idea markets, and have published a series of book, journal papers and book chapters in this field. I have collaborated with prediction market platforms in predicting social or political events and helped commercial organisations and government to form policies. For example, I have worked with the Kaohsiung City Government, which is the second largest city in Taiwan, to generate and evaluate public policies.  proving that PMs can be used very effectively in aggregating opinions and forming public policies in the real world.

By analysing a large set of data with machine learning, econometrics and statistical models, I am able to discover whether and how prediction markets aggregate people's forecasts or opinions. I also developed a combined forecasting procedure with which decision makers can manage their risk by adjusting the weights based on their goals.

Dr. Tai is available to supervise PhD students interested in decision-making, game-theoretic behaviour or trading activities in markets with laboratory experiments or empirical data.

Grants awarded

Research councils

  • 2011-2012, PI of “An Experimental Investigation of Recurrent Human Decisions under Uncertainty” (£15,775), sponsored by National Science Council, Taiwan, R.O.C.
  • 2012-2014, PI of “An Inquiry into the Effects of the Five Social Elements in Approaching a Good Society: A Human-Subject Experimental Study” (£28,775), sponsored by National Science Council, Taiwan, R.O.C.
  • 2015-2016, PI of “Examining the Heuristics Switching Model in Learning-to-Forecast Experiments: Evidence from the Cobweb Model” (£16,275), sponsored by Ministry of Science and Technology Research Project, Taiwan, R.O.C.
  • 2017-2019, PI of “An Experimental Investigation into Cognitive Characteristics and the Hayek Hypothesis” (£15,825), sponsored by Ministry of Science and Technology Research Project, Taiwan, R.O.C.
  • 2017-2019, co-PI of “Intensity of Choice: Its Behavioral and Neural Foundation, Heterogeneity and Context-Dependence” (£56,625), sponsored by Ministry of Science and Technology Research Project, Taiwan, R.O.C.
  • 2015-2020, co-PI of “Assessing the Accuracy of Election Prediction Markets: Prediction Accuracy, Discriminant Models, and Optimal Price Threshold” (£42,450), sponsored by Ministry of Science and Technology Research Project, Taiwan, R.O.C.

Internal University funding schemes

  • 2020, PI of "Myopic or Rational Financial Decisions? The Impact of Perceived Risks on Intertemporal Decisions", Southampton Business School, University of Southampton.

Research group

Centre for Risk Research

Affiliate research groups

 Artificial Intelligence Economics (AI-ECON) Research Center, Center for Prediction Markets

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Articles

Book

Book Chapters

  • MANG6003 Quantitative Methods
  • MANG6134 Risk Taking and Decision Making
Dr Chung-Ching Tai
Southampton Business School, University of Southampton, Highfield, Southampton SO17 1BJ, UK

Room Number: 2/3053

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