On September 27, 2023, Dr. Zhihua Li, an Associate Professor at the Beijing Normal University-Hong Kong Baptist University United International College (UIC) gave an FBM internal research seminar at FBM T1-302. Dr. Li’s academic journey spans multiple continents, delivered an enlightening seminar that delved into the fascinating realm of behavioural economics. Her talk, titled "The Evolution of Economic Theory: Navigating Uncertainty and Compound Risk," left attendees with a profound understanding of the intricate interplay between decision theories and real-life applications.

Dr. Li's She earned her Ph.D. in Economics from Erasmus University Rotterdam in the Netherlands in 2014, demonstrating her commitment to the pursuit of knowledge at the highest level. Her journey took her to the United Kingdom, where she contributed her expertise to the Behavioral Science Research Group at Warwick Business School and the Department of Economics at the University of Birmingham, before joining the esteemed faculty at UIC in 2022.

Exploring the Intersection of Decision Theories and Behavioral Economics

Dr. Li's research is centered on the fascinating intersection of decision theories and behavioral economics. Her work seeks to unravel the intricate decision-making processes that individuals employ when confronted with real-life situations. By investigating the reasons behind deviations from normative decision theories, she provides valuable insights into the complexities of human behavior in the face of uncertainty.

A Glimpse into the Seminar

During her seminar, Dr. Li took attendees on a captivating journey through the evolution of economic theory concerning decisions under uncertainty. She eloquently highlighted how this field has evolved from classical models of certainty to more sophisticated frameworks that acknowledge the complexities of real-world decision-making. This evolution, as she explained, has been driven by insights from psychology, advancements in mathematical modeling, and the recognition that human behavior often diverges from strict rationality when confronted with uncertain outcomes.

Exploring Compound Risk

One of the seminar's highlights was Dr. Li's discussion of her recent paper, where she delved into the intricacies of people's attitudes towards a more complicated form of uncertainty known as compound risk. Her presentation offered attendees a glimpse into the cutting-edge research she is conducting in this area. Her ability to communicate complex concepts in a clear and accessible manner left the audience with a deeper appreciation for the challenges and nuances of decision-making in the real world.

Engaging Q&A and Future Prospects

Following her presentation, an engaging Q&A session allowed attendees to delve deeper into the subject matter. Particularly, Prof. Liu and Dr. Yu made several comments and questions on various issues regarding the empirical and theoretical implications of the talk. Dr. Li's thoughtful responses showcased her expertise and further underscored the relevance of her research in the field of behavioral economics.

In conclusion, Dr. Zhihua Li's seminar was an intellectually stimulating event that provided attendees with a comprehensive understanding of the evolution of economic theory in uncertain decision-making scenarios. Her expertise in behavioral economics and her ability to convey complex ideas with clarity and enthusiasm left a lasting impression on all those in attendance. As we look forward to the continued evolution of her research and its potential applications in various fields, it is clear that Dr. Li is a trailblazer in the world of behavioral economics, making valuable contributions that resonate far beyond the confines of academia.