Dr. Chung-Ching Tai is an Associate Professor of Risk and Decision Sciences within Southampton Business School at the University of Southampton.
- Behavioural economics and Experimental economics
- Agent-based computational economics
- Behavioural finance and Forecasting
- Artificial intelligence in economics and finance
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.
External roles and responsibilities
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.