Wrong but Useful: Why Experts Have Blind Spots
This talk is part of the Greenberg Distinguished Colloquium.
December 2, 2022 | Friday
9:00 pm - 10:00 pm Eastern Standard Time (EST)
December 3, 2022 | Saturday
10:00 am - 11:00 am China Standard Time (CST)
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The language of the event will be English.
Why are experts' beliefs and predictions so often wrong in their own areas of expertise? In Wrong but Useful: Why Experts Have Blind Spots, Yale Professor of Finance James Choi will argue that experts are led astray by being only partially adherent to statistician George Box's famous saying, "All models are wrong, but some are useful." He will draw, among other things, on his recent experience of having his paper, "Popular Personal Financial Advice versus the Professors," go viral.
Professor of Finance, Yale School of Management
Professor Choi’s research spans behavioral finance, behavioral economics, household finance, capital markets, health economics, and sociology. His work on automatic enrollment has led to changes in pension plan design around the world. In other papers, he has investigated topics such as the influence of social identity on economic preferences and outcomes, investor ignorance of mutual fund fees, the effect of deadlines and peer information on savings choices, how retail investor sentiment in China affects stock returns, and the use of subtle planning prompts to increase preventive health behaviors.
Professor Choi is a two-time recipient of the TIAA Paul A. Samuelson Award for outstanding scholarly writing on lifelong financial security. He is a Co-Director of the Retirement and Disability Research Center at the National Bureau of Economic Research, an Associate Editor at the Journal of Finance, a member of the American Finance Association’s Governance Committee and Ethics Committee, and a TIAA Institute Fellow. He has served on the FINRA Investor Issues Committee and a Technical Expert Panel for the U.S. Department of Health & Human Services.
Greenberg Distinguished Colloquium
Thanks to the generosity of Mr. Maurice R. Greenberg, Chairman and CEO of Starr Insurance Companies, and a member of Yale Center Beijing’s Advisory Committee, Yale Center Beijing is pleased to host the Greenberg Distinguished Colloquium, which convenes thought leaders from all sectors who, in the spirit of Mr. Greenberg, play pivotal roles in building bridges among China, the U.S., and the rest of the world.