Qu, Yiwei. “Minimum-effort game under stochastic monitoring.” Journal of Behavioral and Experimental Economics, 122 (2026): 102545. [working paper]
Qu, Yiwei, and Ying Zhang. “The change of demand structure in the process of economic development: Cross-economy comparative analysis in the middle-income stage.” Economic Review, 05 (2018): 160-170. (in Chinese)
“Emotional state and market activity: Cause or consequence?” w. Daniel Gotsman and Charles Noussair, conditionally accepted at the Economic Journal [working paper]
Abstract: Many observers have asserted that there is a correlation between traders’ emotional states and asset market behavior, with Joviality associated with high prices and Fear with low prices. In this paper, we conduct a laboratory experiment to examine the direction of causality in this relationship. The results show that moods, induced by videos, shown in virtual reality, do not influence market prices. However, there is a strong relationship between market activity and subsequent emotional states, suggesting that the correlation between emotional state and market activity is driven by the influence of market activity on emotional state, not the other way around.
Abstract: Do traders use market emotion to form beliefs about market movements? Does such information translate into bids and asks? In this study, I use a laboratory call market experiment to test these causal relationships. Participants submit limit orders, report their beliefs about market prices, and self-report their emotional states. I manipulate the visibility of expressed market emotion while keeping other factors like fundamental values under control. By comparing a control group, in which expressed market emotion remains private, with a treatment group, in which it is public, I test whether traders incorporate expressed market emotion into their beliefs and trading decisions. Results forthcoming.
“Emotion-colored choice under ambiguity” (2026)
“Information avoidance and polarizing narratives: Insights from inflation expectations” with David Ruttenberg (2026)
“Emotional echoes: A study of reference-dependent frustration dynamics” with Clément Staner (2024)