Publications
 
Journal Articles

Experimental Finance and Macroeconomics
 
21. Te Bao, John Duffy and Jiahua Zhu (2025). "Information Ambiguity, Market Institutions and Asset Prices: Experimental Evidence", Management Science, 71(4), 3232–3252. (Link to article)
20. Bao, T., Corgnet, B., Hanaki, N., Okada, K., Riyanto, Y. E., & Zhu, J. (2025). Financial forecasting in the lab and the field: Qualified professionals vs. smart students. Journal of Behavioral and Experimental Finance, 46, 101051. (Link to article)
19. Yun Dai, Te Bao and Jiahua Zhu (2025). "Financial Reporting Regulation in the Laboratory: A Case on Earnings Management", Management Science, 71(12), 9869-10753. (Link to article)
18. Bao, Te, Yun Dai, and John Duffy (2024). "Least squares learning? evidence from the laboratory." Journal of Economic Dynamics and Control : 104980. (Link to article)
17. Fišar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A. I., & Management Science Reproducibility Collaboration. (2024). "Reproducibility in Management Science". Management Science, 70(3), 1343-1356. (Link to article) ​(As a member of Management Science Reproducibility Collaboration, Online appendix with the list of members).
16. Te Bao, Sascha Fullbrunn, Jiaoying Pei and Jichuan Zong (2024). "Reading the market? Expectation coordination and theory of mind in asset pricing experiments", Journal of Economic Behavior and Organization, 219,  510-527. (Link to article) 
15. Bao, Te, Brice Corgnet, Nobuyuki Hanaki, Yohanes E. Riyanto, and Jiahua Zhu (2023), "Predicting the unpredictable: New experimental evidence on forecasting random walks." Journal of Economic Dynamics and Control 146, 104571. (Link to article)
14. Te Bao, Cars Hommes and Jiaoying Pei (2021), “Expectation Formation in Finance and Macroeconomics: A Review of New Experimental Evidence”, Journal of Behavioral and Experimental Finance, 32, 100591. (Link to article)
13. Te Bao Edward Halim, Charles Noussair and Eko Riyanto (2021), "Managerial Incentives and Stock Price Dynamics: An Experimental Approach". Experimental Economics, 24, 617–648. (Link to article)
12. Jiahua Zhu, Te Bao and Wai Mun Chia, (2021), "Evolutionary Selection of Prediction and Quantity Decision Rules in Experimental Asset Markets", Journal of Economic Behavior and Organization, 182, 363-404.  (Link to article)
​11.  Zhou Lu, Te Bao and Xiaohua Yu (2021), "Gender and Bubbles in Experimental Markets with Positive and Negative Expectation Feedback", Computational Economics, 57, 1307–1326. (Link to article)
10. Te Bao, Myrna Hennequin, Cars Hommes and Domenico Massaro (2020), "Coordination on Bubbles in Large-Group Asset Pricing Experiments", Journal of Economic Dynamics and Control, 110, 103702.  (Link to article) 
9. Te Bao and Jichuan Zong (2019), "The Impact of Interest Rate Policy Announcement on Asset Bubbles in Experimental Markets", Journal of Economic Dynamics and Control, 107, 103735.  (Link to article)
8. Te Bao and Cars Hommes (2019), "When Speculators Meet Suppliers: Positive versus Negative Feedback in Experimental Housing Markets", Journal of Economic Dynamics and Control, 107, 103730.  (Link to article)
7. Mikhail Anufriev, Te Bao, Angela Sutan and Jan Tuinstra (2019), "Fee Structure, Return Chasing and Mutual Fund Choice: an Experiment", Journal of Economic Behavior and Organization, 158, 449-474. (Link to article)
6. Bao, T., Dai, Y., and X. Yu (2018), "Memory and Discounting: Theory and Evidence", Journal of Economic Dynamics and Control, 88, 21-30.  (Link to article)
5. Bao, T., Hommes, C.H., and Makarewicz, T.A. (2017), "Bubble Formation and (In)efficient Markets in Learning-to-Forecast and -Optimize Experiments", Economic Journal, 127(605), F581-F609.  (Link to article)
4. Anufriev, M., Bao, T., and J. Tuinstra (2016), "Microfoundations for Switching Behavior in Heterogeneous Agent Models: An Experiment ", Journal of Economic Behavior and Organization, 129, 74-99. (Link to article)
3. Bao, T., and J. Duffy. (2016), "Adaptive vs. Eductive Learning: Theory and Evidence", European Economic Review, 83, 64-89.   (Link to article)
2. Bao, T., Duffy, J., and Hommes, C.H. (2013). Learning, Forecasting and Optimizing: an Experimental Study. European Economic Review, 61, 186-204. (Link to article) 
1. Bao, T., Hommes, C.H., Sonnemans, J., and Tuinstra, J. (2012). Individual Expectations, Limited Rationality and Aggregate Outcomes. Journal of Economic Dynamics and Control, 36(8), 1101-1120.  (Link to article)
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Other Topics

16. Bao, Te, Xun Li, and Congling Xia (2024). "Life is too short to be small: An experiment on mortality salience and prosocial behavior." China Economic Review, 86 : 102191.
15. Te Bao, Yun Dai and Yongqin Wang (2024), "Overconfidence and Endogenous Contract Incompleteness", Journal of Institutional and Theoretical Economics, 180 (3), 463-484. 
14. Te Bao, Yuemei Yuan, Weidong Luo and Bin Xu (2023). "Unlucky to have brothers: Sibling sex composition and female children’ locus of control", World Development, 173,  106403. 
13. Te Bao, Mengzhong Ma and Yonggang Wen (2023), "Herding in the Non-fungible Token (NFT) Market", Journal of Behavioral and Experimental Finance, 39, 100837. (Link to article)
12. Te Bao, Yun Dai, Yanxiang Feng, Shuai Liu and Ruixin Wang (2023), "Trade Liberalization and Trade and Capital Flows: Evidence from China Pilot Free Trade Zones", World Economy, 46(5), 1408-1422. (Link to article)
11. Te Bao, Lijia Wei and Yang Yu (2022), "The Impact of Information Intervention on Public Opinion on Social Media Regulation: Evidence from a Survey on Twitter's Trump Ban", Journal of Behavioral and Experimental Economics, 101, 101947. (Link to article). 
10. Te Bao, Bin Liang and Jiaoying Pei (2022), "Does Ethnic Diversity Always Undermine Pro-Social Behavior? Evidence from a Laboratory Experiment", European Journal of Political Economy, 72, 102119. (Link to article)
​9. Te Bao, Bin Liang and Eko Riyanto (2021), "Unpacking the Negative Welfare Effect of Social Media: Evidence from a Large Scale Nationally Representative Time-use Survey in China", China Economic Review, 69, 101650. (Link to article)
8. Te Bao and John Duffy (2021), "Signal Extraction in the Laboratory", Theory and Decision, 90, 219-232. (Link to article)
7. Qiyan Zeng, Xiaohua Yu and Te Bao (2020), "Memory Utility, Food Consumption Behavior and Obesity", China Economic Review, 62, 101345.  (Link to article)
6. Te Bao and Xiaohua Yu (2019), "Social Norm and Giving with Indivisibility of Money: An Experiment on Selfishness, Equity, and Generosity", Journal of Institutional and Theoretical Economics, 175(2), 272-290.  (Link to article)
5. Xile Yin, Jianbiao Li and Te Bao (2019), "Does Overconfidence Promote Cooperation? Theory and Experimental Evidence", Journal of Behavioral and Experimental Economics, 79, 119-133.  (Link to article)
4. Shiwen Quan, Yinchu Zeng, Xiaohua Yu and Te Bao (2018) "WTP for Baby Milk Formula in China: Using Attribute Non-Attendance as a priori Information to Select Attributes in Choice Experiment." Agribusiness: An International Journal, 34(2), 300-320.  
3. Bao, T., Diks, C.H.G., and Li, H., (2018) "Generalized CAPM Model with Independent Identically Asymmetric Power Distributed (IIAPD) Errors", Economic Modelling, 68, 611-621. (Link to article) 
2. Bao, T., and Ding, L. (2016), Non-recourse Mortgage and Housing Market Boom, Bust and Rebound, Real Estate Economics, 44(3), 584-605.  (Link to article)
1. Bao, T., and Wang, Y. (2012). Incomplete Contract, Bargaining and Optimal Divisional Structure. Journal of Economics, 107(1), 81-96.  (Link to article)

Book Chapters

2. Te Bao, Elizaveta Nekrasova, Tibor Neugebauer, and Yohanes E Riyanto (2022). "Algorithmic Trading in Experimental Markets with Human Traders: A Literature Survey", in the Handbook of Experimental Finance, Sascha Füllbrunn and Ernan Haruvy (eds), Edward Elgar Publishing.

1. Tiziana Assenza , Te Bao , Cars Hommes ,and Domenico Massaro (2014). "Experiments on Expectations in Macroeconomics and Finance", in John Duffy (ed.) Experiments in Macroeconomics (Research in Experimental Economics, Volume 17, Emerald Group Publishing Limited, pp. 11 – 70.
------ Winner of Outstanding Author Contribution Award from Emerald in 2015.

Conference Papers

1. Te Bao, Mengzhong Ma and Yonggang Wen (2023). "Enhancing Portfolio Performance with Crypto Tokens: a Correlation Network Analysis", Proceedings of IEEE ICDCS 2023, 31-36.

Professional Publication

1. Bao, T. (2022). Comments on “the role of information in a continuous double auction: An experiment and learning model” by Mikhail Anufriev, Jasmina Arifovic, John Ledyard and Valentyn Panchenko. Journal of Economic Dynamics and Control, 104388.

Working Papers
 
1. "A Commercial Gift for Charity", with Adriaan Soetevent and Anouk Schippers.
2. "Timing of Contribution and Deservingness of Income Right", with Jichuan Zong, Jack Knetsch and Xiaowei Li, submitted.
3. "Cognitive Uncertainty, GPT, and Contribution in Public Goods Game", with Jiaoying Pei. 
4.  "One-Share-One-Vote and Dual-Class Shares in the Laboratory" with Edward Halim and Yohanes Eko Riyanto, submitted.
5. Bao, T., Duffy, J., & Hanaki, N. (2024). Paying to avoid the spotlight. Available at SSRN 4789272, under review.
6. Cafe and Creativity: Evidence from Starbucks Expansion and Innovation in China, with Qiao Wang, submitted. 
7. King's Banquet: Altruistic Willful Ignorance in the Laboratory, with Xiaomeng Chen and Zhenxing Huang.  
8. First Love and First Law of Motion: First Stock Bias in Retail Investment, with Xu Feng, Rong Liu and Yongjie Zhang. 

中文论文

13. “劳动力市场中的性别鸿沟与对策”，（与陈晓萌），《比较》，2025年第4期，136-156。
12. “个体资质、社会偏好与组织权威形成：一个实验经济学研究”，（与周业安，路智雯），《经济理论与经济管理》，2025年第7期，119-136。
11. “名校学历：求职敲门砖还是升职踏脚石？——基于中国公募基金行业的实证研究”，（与李仲飞，杨小欣），《管理科学学报》，2021年第5期，1-25页 。
10. “面向未来的实验经济学：文献述评和前景展望”，（与王国成、戴芸） ，《管理世界》，2020年第7期，218-236页。
9. "机器学习和农业政策研究范式的革新"，（与于晓华、唐忠），《农业技术经济》，2019年第2期，4-9页。
8. "2017诺贝尔经济学奖得主理查德.塞勒对行为经济学的贡献"，（与戴芸）《经济与管理》，2017年第6期，1-4页。
7. "交易者认知能力与金融资产泡沫——一个实验研究"（与宗计川、付嘉），《世界经济》，2017年6月，167-192页。
6. "反垄断法中‘宽恕制度’的最优安排——一个文献综述"（与戴芸、张昕），《产业经济评论》2016年第4期，5-16页。
5. “财政分权下的地方债券设计：不同发行方式与最优信息准确度”（与王永钦、戴芸），《经济研究》2015年第11期, 65-78页。
4. "住房市场数量型干预下最优政策与社会福利的动态均衡分析" （与王永钦）, 《世界经济》，2012 年第11期, 141-160页.
3. "异质交易者, 房地产泡沫与房地产政策" （与王永钦）, 《世界经济》, 2011年第11期, 84-102页.
2. "互联合约的理论: 我们站在哪里了" （与王永钦）, 《世界经济文汇》, 2009年第6期, 49-66页.
1. "公共服务部门的所有权安排及其绩效: 我们知道了什么?" （与王永钦）, 《世界经济文汇》, 2008年第3期, 57-75页.
 
Grants, Scholarships, and Awards
 
2025     Best Paper Award, 2025 Annual Workshop on Economics with Heterogeneous Interacting Agents for Paper "Paying to Avoid Spotlight", 230 USD.  
2025     Highly Cited Paper from Wiley for "Trade liberalisation and trade and capital flows: Evidence from China pilot free trade zones" published in World Economy. 
2024     Alibaba-NTU Global e-Sustainability CorpLab (ANGEL), Sustainable Consumers, Green Literacy, and Barriers for Chang, 585,000 SGD.
2019     Tier 1 Grant, Ministry of Education of Singapore, “Experimental Study the Effect of Communication and Settlement System on Financial Stability”, 69,000 SGD.
2016      Tier 1 Grant, Ministry of Education of Singapore, “Experimental Study on Learning and Expectation Formation in Macroeconomics and Finance”, 63,000 SGD.
2015       Outstanding Author Contribution Award from Emerald Publisher Group for the book chapter “Experiments on Expectations in Macroeconomics and Finance”.
2015          Nomination Award for Qian Xuesen Gold Medal for Urban Studies. 10000 RMB.  
2014          NWO-Veni Grant, finalist.
2012-14     INET Research Grant “Heterogeneous Expectations and Financial Crisis”, 168,000 USD, key member, University of Amsterdam (PI: Prof. Cars Hommes).
2011-14     EU Framework Research Project 7 “CRISIS” (Complexity Research Initiative for Systemic Instabilities), key member, University of Amsterdam (PI: Prof. Cars Hommes), 3.5 million Euro in total for 11 participating universities.
2009-13     “Speerpunt” Behavioral Economics Funding for laboratory sessions for several projects at University of Amsterdam, 6000 Euro, PI or co-PI.
2012          Journal of Economic Dynamics and Control outstanding referee award, 300 Euro.
2011          C. Willems Traveling Grant for an academic visit to University of Pittsburgh, 1500 Euro
2010          Econometric Society World Congress Travel Grant, 1000 USD.
 
Service
 
2025       Publicity co-chair, Nanyang Blockchain Symposium, Singapore.  
2024       Technical PC co-chair, NTU Blockchain Symposium 2024, Singapore.
2024       Co-organizer, 2024 Asia-Pacific Economic Science Conference at NTU, Singapore. 
2024       Organizer, CEF Conference at NTU, Singapore. 
2024       Local organizer, 14th International Workshop on Theoretical and Experimental Macroeconomics at NTU, Singapore. 
2023       Co-chair, local organization committee, Asian Meeting of Econometric Society at NTU, Singapore. 
2023       Program Committee Member​, ICDCS FiDeFix Workshop. 
2023       Member of Program Committee, CEF conference at Nice. 
2022-now  Chair of PhD committee of NTU Economics. 
2022       Co-organizer, Society for Experimental Finance Asia Pacific Online Meeting at NTU, Singapore.
2022       Co-organizer, DUFEx70 Symposium on Behavioral and Experimental Research.
2018-21  Member of the Advisory Council, Society for Computational Economics
2019       Co-organizer, Society for Experimental Finance Asia Pacific Annual Meeting at NTU, Singapore.
2018       Co-organizer, NTU Workshop on Behavioral and Experimental Economics
2017-18  Member of PhD admission committee of NTU Economics
2016       Coordinator of NTU-Kobe-Hanyang Workshop from NTU Economics
 
Seminars and Conference Presentations

2025: The 8th International Conference on Crowd Science and Engineering and the 10th International Conference on Ageless Aging (ICCSE-ICAA 2025, Singapore, Keynote Speech), Young Economist Society 2025 Annual Conference (Hohhot, Invited Plenary Speech), Innsbruck Winter Summit on (Un) Ethical Behavior (Innsbruck), GATE Lyon-NTU Joint Workshop on Behavioral and Experimental Economics (Lyon), Seminar at Singapore Management University and Tsinghua University. 

2024: Research in Behavioral Finance Conference (Amsterdam), and seminars at Erasmus University Rotterdam, Fudan University, Shanghai University of Finance and Economics and University of Paris Sacalay. 

2023: ASSA Annual Meeting (New Orleans), Asian Meeting of Econometric Society (Singapore), The Eleventh Conference on the Enlightenment & Adam Smith’s Tercentenary Symposium (Hangzhou) and seminars at Tinbergen Institute Amsterdam and Maastricht University. 

2022: China Meeting of Econometric Society (Shenzhen), Australasia Meeting of the Econometric Society (Online), 2022 Conference on Mechanism and Institution Design (Singapore), DUFEx70 Symposium on Behavioral and Experimental Research, 2022 SZU Public Policy and Experimental Economics Workshop (Shenzhen), 2022 Symposium on Expectation Formation and Chinese Economy (Online) and seminars at Chinese University of Hong Kong (Shenzhen), Hong Kong University of Science and Technology (Guangzhou), Peking University, Renmin University of China, Shandong University, South University of Science and Technology and Zhejiang Gongshang University. 

2021: China Meeting of Econometric Society (Online), CEF 2021 (Online), WEAI Conference (Online), Osaka U International Workshop for Lab and Field Experiments (Online), ECNU International Workshop on Theoretical and Experimental IO (Online) and seminars and Luohan Academy, Zhengjiang Gongshang University, Zhejiang University of Finance and Economics.

2020: ESA 2020 Global Meeting (Online), CES 2020 North America Conference (Online), Experimental Finance Workshop (Online), 9th International Symposium of Quantitative Economics (Online), 2nd China BEEF (Online) and seminars at Virtual East Asia Experimental and Behavioral Economics Seminar Series (Online) and Peking University Guanghua School of Management (Online).

2019: ASSA 2019 (Atlanta), Barcelona GSE Summer Forum on Computational and Experimental Economics, SHUFE Workshop on Behavioral and Experimental Economics (Shanghai), 1st China Behavioral and Experimental Economics Forum (Hangzhou), 23rd Experimental Social Science Conference (Tokyo), MEET Conference (Beijing), DTEAC conference (Chengdu), and seminars at Harbin Institute of Technology (Shenzhen), Shanxi University of Finance and Economics, and ShanghaiTech University.

2018: China Meeting of Econometric Society (Shanghai), CEF 2018 (Milan), BEAM International Conference (Amsterdam), Annual Conference on Theory and Experiments in Monetary Economics (Washington), CeNDEF@20 Workshop (Amsterdam), International Symposium of Quantitative Economics (Changchun), and seminars at CityU Hong Kong, Hong Kong Baptist University, Sun Yat-Sen University, Radboud University Nijmegen and Waseda University.

2017: CEF 2017 (New York), Experimental Finance 2017 (Nice), BEAM Workshop (Kyoto), China Economics Annual Conference Symposium on Internationalization and Economics Transition of China (Hohhot), Workshop on Food Security (Beijing) and seminars at Beijing Normal University, Beijing Jiaotong University, Fudan University, Nankai University, Renmin University of China, Sun Yat-Sen University, Tianjin University.

2016: CEF 2016 (Bordeaux), Econometric Society Asian Meeting (Kyoto), DUFE Experimental Economics Workshop (Dalian), SWUFE Experimental Economics Symposium (Chengdu), Conference "Expectations in Dynamic Macroeconomic Models" (Amsterdam), SLIC Conference on Applied Financial Economics (Shanghai), and seminars at Fudan University, Shanghai University of Finance and Economics, Sun Yat-Sen University and Tianjin University.

2015: CEF 2015 (Taipei), OECD Workshop on Economic Complexity (Paris), Experimental Finance 2015 (Nijmegen), 4th CGTEEA Conference (Dalian), Seminars at Fudan University, Nanyang Technological University, NTNU, and Shanghai University of Finance and Economics.

2014: SAET Annual Conference (Tokyo), Conference on Learning in Macroeconomics and Finance (Barcelona), Experimental Finance 2014 (Zurich), Conference on Expectations in Dynamic Macroeconomic Models (Helsinki) and seminars at Fudan University, Tsinghua University, University of Goettingen and University of Nijmegen.

2013: Econometric Society Asian Meeting (Singapore), 4th LICTEM Conference (Barcelona), Conference on Experimental Finance (Tilburg) and seminar at University of Groningen.

2012: EEA Annual Meeting (Malaga), RES Annual Meeting (Cambridge), IMEBE (Castellon), CEF 2012 (Prague), 7th RES PhD Meeting (London), 3rd LICTEM Conference (Barcelona) and Seminar at Université Libre de Bruxelles, University of Amsterdam and Tinbergen Institute.

2011: Royal Economic Society Annual Meeting (London), 5th POLHIA workshop (Paris), QED meeting (Lisbon), CEF 2011 (San Francisco), CESS/CREED workshop (New York) and Seminars at Tinbergen Institute and University of Pittsburgh.

2010: Econometric Society World Congress (Shanghai), NAKE annual meeting (Utrecht), 11th Workshop on Dynamic Control (Amsterdam), 1st LICTEM Conference (Barcelona), 1st CGTEEA Conference (Beijing), Symposium “Experimental Finance” (Gothenburg), Workshop “Experimental 2010” (Xiamen) and Seminars at Tinbergen Institute, University of Amsterdam and Fudan University.

Associate Editor: Journal of Behavioral and Experimental Finance, Journal of Economic Interaction and Coordination, Singapore Economic Review

Guest Editor: Special Issue on "Fintech and Decentralized Finance" of Electronic Markets
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Referee for  Artificial Intelligence Review, China Economic Review, Computational Economics, Economic Inquiry, Economic Theory, Engineering Applications of Artificial Intelligence, Experimental Economics, European Economic Review, European Journal of Political Economy, Finance Research Letters, Handbook of Computational Economics, International Economic Review, International Journal of Forecasting, Journal of Banking and Finance, Journal of Behavioral and Experimental Economics, Journal of Behavioral and Experimental Finance, Journal of Business Ethics, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Journal of Economic Interaction and Coordination, Journal of Economic Theory, Journal of Economics, Journal of European Economic Association, Journal of Behavioral and Experimental Economics, Journal of Risk and Uncertainty, Management Science, Pacific Economic Review, PLoS One, Review of Financial Studies, Singapore Economic Review, Theory and Decision, Transportation Research Part D.

Hong Kong Research Grant Council (10+),  National Science Centre of Poland (1), National Research and Development Agency of Chile (1).