讲座题目："Hedging by Giving": Wishful Thinking, Religious Donations, and Insurance Demand （“奉献对冲”：一厢情愿，宗教捐款和保险需求）

时间：2021年6月9日（周三）12:20 – 13:30 博学楼918

主讲人: 张宇  北京大学光华管理学院助理教授

主讲人简介： 

张宇，北京大学光华管理学院金融学系助理教授，于2011年获得清华大学经济学学士学位；2017年于美国普林斯顿大学获经济学博士学位；张宇老师在房地产、家庭金融、宏观金融、供应链与金融等方向的多篇学术研究正在Review of Financial Studies，Management Science，Review of Economics and Statistics等知名期刊复审。

讲座内容简介：

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.