"As the most populous country in the world, China's demographic challenges have always been too many people for ecological system, resources, and the environment. However, by the early 1990s, fertility rate in China had dropped below the replacement level, and China's low fertility has now...

The Colonel Blotto Game is one of the most classical zero-sum games, with diverse applications in wars, auctions, political elections and anti-terrorists etc. We consider the discrete two-battlefield Colonel Blotto Game, a basic case that has not been completely characterized yet. We study three...

This paper examines the cognitive biases in small and medium-sized enterprise (SME) managerial beliefs under exogenous shocks and investigates whether such biases affect firms’ decision-making in the future. We use unique administrative survey data spanning the outbreak of COVID-19 in China...

We propose a new reason, irrational investors' behaviors, for the magnet effect of stock price limits. We use investor density to construct an equilibrium price model including heterogeneous rational and irrational investors and find that the density of irrational investors affects the expected...