Dr LI King King

Associate Professor
Department of Economics and Finance

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Academic & Professional Qualifications

Ph.D. Economics, Hong Kong University of Science and Technology
BBA. Business Economics, City University of Hong Kong
General Course, London School of Economics and Political Science
(Sponsored by Hong Kong Bank One Year Exchange Scholarship)

Biography

Li King King (李景景) (Ph.D. Econ, HKUST) is an experimental economist. He is currently an associate professor at The Hang Seng University of Hong Kong. Previously, he was on the faculty of Shenzhen University, City University of Hong Kong, Shanghai University of Finance and Economics, and postdoc with Werner Güth at Max Planck Institute of Economics in Germany. He received his PhD in Economics from HKUST with Chew Soo Hong as his advisor.

His research interests are in Experimental Economics, Behavioral Economics, and Behavioral Finance. He is the first to use Experimental Economics to study memory recall biases (Li, 2013, Experimental Economics), preference for randomization (Li, 2011, Journal of Risk and Uncertainty), and the effect of language on decision making (Li, 2017, Journal of Economic Psychology). His research has also investigated the crowding out effect in the labor market (Hossian and Li, 2014, Management Science). Li is an Associate Editor of the Journal of Economic Behavior and Organization, and a member of the Editorial Board of the Journal of Behavioral and Experimental Economics, Frontiers in Behavioral Economics, and Applied Psychology: An International Review. Professor Li’s recent research topics include neutrality of money, investor behavior, and field experiments related to environmental protection and labor market discrimination. Personal website: likklab.com

Research and Teaching Interests

Research Interests: Experimental Economics, Behavioral Economics, Behavioral Finance, with Focus on Public Policy Related Issues such as Environmental Issues, Gender Discrimination in the Labor Market, Fintech, AI and Business Ethics.
Teaching Interests: Courses in Economics and Finance including Experimental Economics and Behavioral Finance.

Intellectual Contributions (Publications, Conferences, Books, Book Chapters, etc.)

Hanming Fang, King King Li, and Peiyao Shen (2025) “To Go Electric or To Burn Coal? A Randomized Field Experiment of Informational Nudges”, Journal of Environmental Economics and Management, Volume 132, 103155. NBER Working paper W31841.
Media coverage: Vox China, Cato Institute Research Brief in Economic Policy
Polonsky, M., Khoshghadam, L., Dubelaar, C. and Li, K.K. (2025), “Evaluating social marketing efficacy: the case of the Chinese anti-food waste law to reduce food ordering”, Journal of Social Marketing, Vol. 15 No. 2/3, pp. 263-288.
King King Li and Kang Rong (2024), “A Two-step Guessing Game”, Theory and Decision, Vol. 97, 89-108.
King King Li and Ying-yi Hong (2023), “Confidence in China’s political system was linked
to perception of Covid infection risk, Covid health threat, and attitudes toward dynamic Zero-Covid policy,” Judgment and Decision Making, Vol. 18:e36 1–13
King King Li and Bo Huang (2023), “Covid-19 outbreak, ambiguity aversion, and macroeconomic expectations,” China Economic Quarterly International, Volume 3, Issue 2, 144-154.
King King Li and Kang Rong (2023), “Real-life Investor’s Memory Recall Bias: Theory and Field Experiment,” Journal of Behavioral and Experimental Finance, Vol. 37, March 2023, 100760. Lead Article.
King King Li, Ying-yi Hong, Bo Huang, Tony Tam (2022), “Social Preferences Before and After the COVID-19 Pandemic in China,” Judgment and Decision Making, Vol. 17, No. 6, pp. 1313-1333.
King King Li (2022), “Memory Recall Bias of Overconfident and Underconfident Individuals after Feedback,” Games, 13(3), 41. Special Issue on Economics of Motivated Beliefs.
Vikas Kakkar and King King Li (2022), “Cash or Card? Impression Management and Restaurant Tipping Behavior,” Journal of Behavioral and Experimental Economics, 101837.
King King Li and Kang Rong (2020), “The Gambling Effect of Final-Offer Arbitration in Bargaining,” Economic Theory, 69, 475–496.
Ying-yi Hong, King King Li, Bo Huang, and Tony Tam (2019), “Real-time PM2.5 air pollution and social preferences: a large-scale behavioural game study using mobile apps in mainland China,” The Lancet Planetary Health, 3: S15.
Li Li, King King Li, and Jian Li (2019), “Private but not social information validity modulates social conformity bias,” Human Brain Mapping, Vol. 40, Issue 8, 2271-2555.
King King Li and Kang Rong (2018), “Choices in the 11-20 Game: The Role of Risk Aversion,” Games, 9(3), 53.
King King Li (2017), “How Does Language Affect Decision-making in Social Interactions and Decision Biases?” Journal of Economic Psychology, Vol. 61, 15-28.
King King Li and Toru Suzuki (2016), “Jury Voting without Objective Probability,” Social Choice and Welfare, 46(2), 389-406.
Tanjim Hossain and King King Li (2014), “Crowding Out in the Labor Market: A Prosocial Setting is Necessary,” Management Science, 60(5), 1148-1160.
King King Li (2013), “Asymmetric Memory Recall of Positive and Negative Events in Social Interactions,” Experimental Economics, Vol. 16, Issue 3, 248-262.
King King Li (2011), “Preference towards Control in Risk Taking: Control, No Control, or Randomize?” Journal of Risk and Uncertainty, Vol. 43, No. 1, 39-63.
Soo Hong Chew, King King Li, Robin Chark, and Songfa Zhong (2008), “Source Preference and Ambiguity Aversion: Models and Evidence from Behavioral and Neuroimaging Experiments,” in Daniel Houser and Kevin McCabe (eds.), Advances in Health Economics and Health Services Research, Vol. 20, Neuroeconomics, 179-210.

Working papers

“Information, Cognition and Choice: A Field Experiment” with Andreas Hefti and Peiyao Shen. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3797548
“A Simple Experiment on Simple Bayesian Persuasion” with Pak Hung Au and OSub Kwon.
“Matching Friction and Monetary Nonneutrality” with Tao Zhu.
“Childbearing Age and the Shadow Mommy Effect on Hiring: A Large-Scale Field Experiment” with Shi Wei, Li Lunzheng, and Xu Zhibo https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4199754

Research Grants and Awards

Research Grants

PI, National Natural Science Foundation of China 中國自然科學基金面上項目2019, To Go Electric or Burn Coal: A Field Experiment 用電還是燒煤取暖？關於清潔取暖行為的實地實驗研究, RMB480,000
PI, 年轻人的借贷行为研究Financial Decision-Making of Young People, RMB360,000 (Sponsored by WeBank 微眾銀行)
PI, HK Research Grants Council GRF Grant 2017, Helping People to Reduce Energy Consumption: An Experimental Study, Project No. 11502117, HK$340,982
PI, HK Research Grants Council ECS Grant 2015, Can Risk Attitudes in the Lab Predict Actual Portfolio Choice?, Project No. 21501915, HK$575,610
PI, CityU Strategic Research Grant 2016, An Experimental Investigation on Stock Price Volatility Control Mechanisms, Project No. 7004768, HK$100,000
PI, CityU Startup Grant 2015, Measuring Ambiguity Aversion, Project No. 7200470, HK$299,800
Co-PI, HK Research Grants Council GRF Grant 2014, Nominal Rigidity and Coordination: An Experimental Investigation, Project No. 16505014, HK$614,111
CityUHK Teaching Start-Up Grant (to Support Discovery-Based Learning (teaching of Experimental Economics), HK$100,000

Teaching related awards

- 深圳大學2023屆百篇優秀本科畢業論文指導教師 Advisor of Shenzhen University Outstanding Undergraduate Thesis 2023
- 深圳大學2022屆百篇優秀本科畢業論文指導教師 Advisor of Shenzhen University Outstanding Undergraduate Thesis 2022

Business and Professional Engagement

Referee

Journal of Finance, Management Science, International Economic Review, Journal of Economic Theory, Games and Economic Behavior, Economic Journal, Experimental Economics, Journal of Economic Behavior and Organization, European Economic Review, Journal of the Economic Science Association, Journal of Economic Psychology, Journal of Behavioral and Experimental Economics, China Economic Review, Pacific Basin Finance Journal, Pacific Economic Review, Economics Letters, Journal of Behavioral Decision Making, Scandinavian Journal of Psychology, Research Grants Council Hong Kong, NSFC, National Science Center, Poland.

Invited Seminars

2025: HKBU, NYU Shanghai, IESR Jinan University, HKUST GZ, GDUFE, BNU-HKBU

2024: ISER Osaka University, Deakin University, DUFE, Shanxi Normal University

2023: Lingnan University, NYU Abu Dhabi, Maastricht University, Max Planck Institute for Research on Collective Goods, NSD Peking University National School of Development

2022: CUHK Business School, Renmin University, University of Macau

2021: WeBank, SHUFE, HKUST GZ

2020: Deakin University Webinar, ESA Discussion Group Experimental and Behavioral Economics Webinar

2019: SZU Psychology, Monash University, Melbourne University, Wuhan U, HIT SZ

2018: CUHK Business School, Hong Kong Monetary Authority, ShanghaiTech University, NYU Shanghai, East China Normal University, Fanhai International School of Finance, Fudan University, Shenzhen University, 2017: HKBU, University of New South Wales, 2016: Monash University, University of Amsterdam, Erasmus University, University of Macau, 2015: Erasmus University, Nanyang Technological University, Academia Sinica, 2014: CityUHK, HKU, HKUST, Fudan University

Organisation of Conference

SZU Public Policy and Experimental Economics Workshop 2023

SZU Public Policy and Experimental Economics Workshop 2022

SZU Public Policy and Experimental Economics Workshop 2021

China Greater Bay Area Experimental Economics Workshop 2018, Hong Kong

Service to Community

Introduction to Behavioral Economics (for Hong Kong Monetary Authority, Central Banking Course)