Stephen Y CHIU
Dr. Stephen Y CHIU
Associate Professor

2859 1056

KK 918

Academic & Professional Qualification

  • Ph.D., M.A., The Pennsylvania State University
  • B.S., University of London
  • Honors Diploma, Hong Kong Baptist College


Dr. Stephen Y CHIU received his undergraduate education in Physics at the Hong Kong Baptist College, and graduate education in Economics at the Pennsylvania State University, where he obtained his Ph.D. degree in 1995.  He had since taught at The Chinese University of Hong Kong until he joined The University of Hong Kong in 2002.  He has been the principal investigator of seven competitive earmarked grants, and was a Research Fellow in the Hong Kong Institute of Monetary Research during the summer of 2001.

Steve is a theorist and has written papers in different areas of Economics.  He likes models in which decision makers have non-negligible effects on the environment where they situate. He has published a few papers on bargaining.  In one paper, the widely used solution concept Shapley value is implemented as the unique outcome in a non-cooperative game under the least restrictive conditions.  Two other papers clear up the profession’s confusion on two concepts in bargaining theory — threat point and outside option, providing important insights into the implications of the now influential property rights approach of firm theory.  He has also written papers on the micro-foundations of currency crisis, examining the issue of multiple equilibria in more realistic models of currency attacks.  More recently, he has worked on problems such as contract design, college admissions, and demography and political economy of reform, motivated by a contrast between China and Russia in their demography and reform experience.

For leisure, Steve enjoys hiking, reading and tai chi.

Research Interest

  • Contracts and Organizations
  • Applied Theory
  • Political Economy

Selected Publications

  • “Task Interdependence and Non-Contractibility in Public Good Provision,”
    (with Bin R. Chen), Journal of Institutional and Theoretical Economics, vol 170(4), 2014, pp. 731-748.
  • “Interim Performance Evaluation in Contract Design,”
    (with Bin R. Chen), Economic Journal, vol 123, issue 569, June 2013, pp. 665-698.
  • “Conglomerate Merger Control: From the Continents to a Small Economy,”
    (with Jessie Xinyu Wang), Frontiers on Law in China, vol. 8 (2), June 2013, pp. 304-334.
  • “Bargaining, Competition, and Efficient Investment,”
    (with Kalyan Chatterjee), Bargaining in the Shadow of the Market: Selected Papers in Bilateral and Multilateral Bargaining, (pp. 79-96), edited by Kalyan Chatterjee, World Scientific Press, 2013.
  • “Competitive Bidding with a Price Floor,”
    (with Bin R. Chen), International Journal of Economic Theory, vol 7(4), December 2011.
  • “To What Extent Defining a Group Predicates on Defining Other Groups?”
    (with Weifeng Zhong), Procedia-Social and Behavioral Science Journal (Elsevier), vol. 30, 2011, pp. 1672-1682.
  • “Public-Private Partnerships: Task Interdependence and Contractibility”
    (with Bin R. Chen), International Journal of Industrial Organization, vol 28 (6), 2010, pp. 591-603. (int contribution: III.8)
  • Game Theory and Economic Modeling,
    (in Chinese, with Pu Yongjian), the Renmin University Press, 2010.
  • “Endogenous Preferential Treatment in Centralized Admissions”
    (with Weiwei Weng), Rand Journal of Economics, 40(2), Summer 2009, 258-282.(int contributions: III.1)
  • “When Does Competition Lead to Efficient Investments?”
    (with Kalyan Chatterjee), The B.E. Journal of Theoretical Economics, vol. 7 : 2007, Iss. 1 (Topics), Article 27.
  • “Noncooperative Bargaining, Hostages, and Optimal Assets Ownership,”
    American Economic Review, 88(4), September 1998, pp. 882-901

Recent Publications






上月國家統計局公布2020年中國的本地生產總值(GDP)增加了2.3%,是全球少數同年錄得正增長的國家之一。兩星期前李克強總理宣布今年GDP的增長目標為6%,這亦表示中國已經進入了後疫情時代,經濟活動全面正常化。 本文將從幾方面勾畫出中國內地的發展成果,筆者曾在本欄回顧中國內地、香港、澳門、台灣的一些現況,讀者不妨參考對照。下文所用數據固然力求準確,但由於來源不一,某些出處就此從略。


上月國家統計局公布2020年中國的本地生產總值(GDP)增加了2.3%,是全球少數同年錄得正增長的國家之一。兩星期前李克強總理宣布今年GDP的增長目標為6%,這亦表示中國已經進入了後疫情時代,經濟活動全面正常化。 本文將從幾方面勾畫出中國內地的發展成果,筆者曾在本欄回顧中國內地、香港、澳門、台灣的一些現況,讀者不妨參考對照。下文所用數據固然力求準確,但由於來源不一,某些出處就此從略。


有留意國際金融事務的讀者,除了知道互惠基金、對沖基金、私募基金、風險投資等概念外,一定也會注意到主權財富基金(Sovereign Wealth Fund)。香港人最熟悉的可能是新加坡的淡馬錫,它亦是渣打銀行的主要股東。本文的目的是介紹主權財富基金,順帶談及香港財政儲備如何增值的問題。


有留意國際金融事務的讀者,除了知道互惠基金、對沖基金、私募基金、風險投資等概念外,一定也會注意到主權財富基金(Sovereign Wealth Fund)。香港人最熟悉的可能是新加坡的淡馬錫,它亦是渣打銀行的主要股東。本文的目的是介紹主權財富基金,順帶談及香港財政儲備如何增值的問題。

突破成規 增闢財源


突破成規 增闢財源







2008年10月,一個名叫中本聰的作者,將一篇論文傳到一個密碼學的電郵名單,其中詳細解釋如何構建一個去中心化的數字資產。2009年1月,第一批這樣的資產誕生了,正是今天鼎鼎大名的比特幣。 比特幣在誕生早期價格非常廉宜,曾經有用5000個比特幣購買一個意大利薄餅的紀錄。這個食客現在一定會後悔,本文執筆之時,每個比特幣價值約為19000美元,那個薄餅現價相當於7.4億港元! 比特幣有兩個優點。第一,它的總數是有一個數學上限的,並不如政府發行的貨幣沒有上限;政府濫發貨幣後果可大可小,輕則侵蝕貨幣的價值,重則引發經濟危機,甚至產生戰亂。第二,比特幣以匿名方式持有和使用,這固然會吸引犯罪分子,但同時也會是熱愛自由和重視保護私有產權的人所嚮往。


2007年,正當美國發生的金融海嘯急速演變之際,時任衍生工具交易員兼作家塔利伯(Nassim Nicholas Taleb)的著作《黑天鵝效應》(The Black Swan: The Impact of the Highly Improbable)面世。「黑天鵝」一詞,是指一些出現概率非常低,事前無從估計,但影響極為巨大的事件。作者認為影響世界的許多大事,其實都是黑天鵝事件,並批評學術界和風險管理的專家,往往忽略概率分布中極端可能性的重要性。當時百年一遇的金融海嘯,正是一次黑天鵝事件,該書出版合時,自然洛陽紙貴。

The 70 years Theory of Games

The article 《博弈論 七十年》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

How do Chinese companies overcome challenges for global expansion


Hong Kong National Security Law: Haste makes waste

筆者最近在某報(《紐約時報》或者《金融時報》)看到一則有趣的四格漫畫,主人公是習近平和特朗普。第一格中可見,他們言談甚歡,其中一人說:「最近國內事情很困擾哦」,對方附和道:「真是,我們國內事情也很困擾哦」。第二格內,一人說「幸虧有外國勢力的干預」,另一人得意地附和「正是!」第三格則是休息完畢,兩人要出場了。第四格中,兩個巨人在擂台上格鬥,習近平和特朗普各自帶領團隊,為自己的選手搖旗吶喊,力竭聲嘶。台上那兩位搏擊者,一個名叫中國,一個名叫美國。這則漫畫警惕我們,不要too simple,不要too naive;我們凡夫俗子看到的表象,可能與真相相差十萬幾千里!

Enhance covid-19 surveillance, recover from economic shutdown


Economic analysis on the history of witch trials

英語詞witch hunt原本是指對巫師的追捕,今天在英語世界使用時,則用上它的引伸義,指專制政府、有權勢者或政要對異見者的政治迫害。美國總統特朗普去年就把民主黨對他的彈劾調查,以及前任官員對他不利的爆料,稱為witch hunt。前些時候南韓新天地教會的發言人抱怨,他們的信眾作為新型冠狀病毒的受害者,卻被視為傳播病毒的禍首,英文媒體轉述他的發言時,就用上witch hunt這個詞(不知發言人原本用的是韓語還是英語!)。

WARS might end but not the damage of banning free speech


Simple solutions to serious problems


The significance of the 2019 Hong Kong protests

The article 《2019香港抗爭的意義》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Easy to suppress rioters, difficult to gain people’s trust

The article 《「暴民」易除 民心難挽 》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

How the Patriotic Youth is Developed and the Impact of Internet to them

The article 《愛國青年是怎樣煉成的和互聯網對他們的影響》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Civil resistance works better than violent protests

The article 《非暴力抗爭比暴力抗爭有效》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Who is going to be helpless and suffered severely?

The article 《誰焦頭爛額? 誰束手無策?》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Reflections on Anti-extradition Movement

The article 《對反修例運動的一些思考》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Anti-extradition Bill – The Way Forward and Long Term Strategy

The article 《反修例進退之道與長久之計》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

The Origin of the Phrase “I May Not Be the Pivot of Success”

The article 《「功成不必在我」考》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

Human Rights of China in International Reports

The article 《國際調查中的中國人權狀況》 was originally published in Hong Kong Economic Journal column 「龍虎山下」

A Review of Development in Mainland China, Taiwan, Hong Kong and Macau

The article 《海峽兩岸四地發展回顧》 was originally published in Hong Kong Economic Journal column 「龍虎山下」