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Photo of Yong Wook Kwon

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Area of Study

  • Finance

Areas of Interest

  • behavioral finance
  • financial analysis
  • macroeconomics

Doctoral Student

Yong Wook Kwon

Before joining the graduate program, I majored in math and computer science at Harvard University. My main research interests include modeling learning and information processing in behavioral agents, and its financial and macroeconomic implications.
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Before joining the graduate program, I majored in math and computer science at Harvard University. My main research interests include modeling learning and information processing in behavioral agents, and its financial and macroeconomic implications.
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PublicationsResearch Summary

Working Papers

  1. Working Paper | 2018

    Diagnostic Bubbles

    Pedro Bordalo, Nicola Gennaioli, Spencer Yongwook Kwon and Andrei Shleifer

    We introduce diagnostic expectations into a standard setting of price formation in which investors learn about the fundamental value of an asset and trade it. We study the interaction of diagnostic expectations with two well-known mechanisms: learning from prices and speculation (buying for resale). With diagnostic (but not with rational) expectations, these mechanisms lead to price paths exhibiting three phases: initial underreaction, followed by overshooting (the bubble), and finally a crash. With learning from prices, the model generates price extrapolation as a byproduct of fast moving beliefs about fundamentals, which lasts only as the bubble builds up. When investors speculate, even mild diagnostic distortions generate substantial bubbles.

    Keywords: bubbles; Price Bubble; Mathematical Methods;

    Citation:

    Bordalo, Pedro, Nicola Gennaioli, Spencer Yongwook Kwon, and Andrei Shleifer. "Diagnostic Bubbles." NBER Working Paper Series, No. 25399, December 2018.  View Details
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