报告题目：External Price as a Reference Point in Behavioral Incomplete Contract: Experimental Evidence（行为不完全合同中的外部价格作为参照点）

报告人：巢宏（华东师范大学）

报告时间：2019年11月1日（星期五）上午10:30-11:45

报告地点：商学院大楼318会议室

邀请部门：经济学系

报告人简介：

巢宏博士目前担任华东师范大学副教授，他的本科和硕士均毕业于华东师范大学，2010年获得德克萨斯大学达拉斯分校经济学博士学位，曾在上海交通大学任教。他主要研究合同理论、公司治理、实验经济学、行为经济学、产业组织等领域，论文发表在Journal of Economic Behavior and Organization、Journal of Comparative Economics、Journal of Risk and Uncertainty等知名经济学期刊。

报告摘要：

The ex ante incomplete contract serves as a reference point for trading parties and hence affects their ex post performances (Hart and Moore 2008). In addition, parties may also use the price information of external market trades to form their feelings of entitlement within their contract. Our experiment finds that the external market price and the parties' own contract together shape the parties' feelings of entitlement in both rigid and flexible contracts. In contrast to Hart and Moore (2008), we find that the external market price affects sellers' performance even if it is within the contractual price range. In particular, sellers perceive the external market price and the parties' own contract have the same importance in forming their reference points.