论文
工作论文
Youcheng Lou, and Junghum Park. Strategic trading with uncertain market depth, 2025. [pdf]
Youcheng Lou, Moris S. Strub and Shouyang Wang. How many financial advisers do you need? 2025. [pdf]
Luca De Gennaro Aquino, Enrico G. De Giorgi, Youcheng Lou and Moris S. Strub. Investment and asset pricing with relative wealth concerns and multiple risky assets, 2025. [pdf]
Alexander Zimper and Youcheng Lou. Establishing perfect price collusion Bayesian Nash equilibria for Kyle's (1989) market microstructure model when assets have non-negative values. 2023. [pdf]
Youcheng Lou, Moris S. Strub and Shouyang Wang. Following the actions of others: The simple average of strategies in a rational expectations economy. 2023. [pdf]
部分期刊论文
Yaqing Yang
, Junqing Kang and Youcheng Lou (corresponding author). Can institutional investors always beat individual investors?. Journal of Financial Markets, forthcoming, 2025. [pdf]
具有信息优势的机构投资者在收益上始终优于内化价格影响的策略型个体投资者，但可能不及忽视价格影响、因而交易更为激进的个体投资者。
Yaqing Yang
and Youcheng Lou. Information sharing in a perfectly competitive market. North American Journal of Economics and Finance, 69 Part A, 102015, 2024. [pdf] Online Appendix
证明了和经典的知情和非知情交易者共存模型相比，当市场中不存在非知情交易者时，交易者之间的信息分享会弱化搭便车效应，进而使得经典文献中的结果不再成立。
Youcheng Lou and Rohit Rahi. Information, market power and welfare. Journal of Economic Theory, 214, 105756, 2023. [pdf] Online Appendix
由于逆向选择，和知情交易者相比，非知情交易者更不愿意提供流动性，且当资产价格揭示更多信息时，非知情交易者会有更大的竞价遮蔽 (bid shading); 当知情交易者数目不断增加时，非完全竞争均衡会收敛到一个相应的完全竞争均衡，但当非知情交易者数目不断增加时，市场仍然是非流动的。
Huichao Guo
and Youcheng Lou. The impact of relative wealth concerns on wealth gap and welfare in a noisy rational expectations economy. Economics Letters, 233, 111376, 2023. [pdf] Online Appendix
证明了在理性预期均衡模型中，一般情况下是不可能通过调整相对财富比较强度来同时减小贫富差距和增加投资者福利。
Youcheng Lou. On the functional equivalence of two perfectly competitive economies with negative exponential utility and linear utility with a quadratic holding cost. Mathematics and Financial Economics, 17(2): 239–245, 2023. [pdf]
证明了文献中广泛采用的CARA效用函数和类二次效用函数本质上是等价的，即存在风险厌恶系数和二次成本系数之间的一个一一映射使得相应的两个模型有完全相同的市场均衡。
Youcheng Lou and Yaqing Yang. Information linkages in a financial market with imperfect competition. Journal of Economic Dynamics and Control, 150, 104643, 2023. [pdf]
发现了非完全竞争市场中投资者之间私有信息的分享对市场均衡的影响不同于传统完全竞争市场中的结果。
Weijian Li, Zihan Chen, Youcheng Lou (corresponding author) and Yiguang Hong. On the convergence properties of a distributed projected subgradient algorithm. IEEE Transactions on Automatic Control, 68(12): 7546-7559, 2023. [pdf]
证明了经典的分布式次梯度算法在任意的非平衡周期切换图下都收敛，且收敛到一个权重化目标函数的最优解，权重和切换图邻接矩阵乘积的Perron向量有关。
Youcheng Lou, Moris S. Strub, Duan Li and Shouyang Wang. The impact of a reference point determined by social comparison on wealth growth and inequality. Journal of Economic Dynamics and Control, 127, 104120, 2021. [pdf]
将前景理论中参考点的概念扩展至社交网络框架下，研究社交网络环境对网络财富增长和贫富差距的影响，发现适当的增强社交程度有助于促进财富增长和减小贫富差距。
Youcheng Lou and Shouyang Wang. The equivalence of two rational expectations equilibrium economies with different approaches to processing neighbors’ information. Mathematical Social Sciences, 109: 93–105, 2021. [pdf]
证明了社交网络环境下基于全部信号和平均信号两种信息处理方式一般是非等价的，因此揭示了文献中采用的平均化信息处理方式缺乏理论基础。
Youcheng Lou and Shouyang Wang. A new approach to the existence and regularity of linear equilibrium in a noisy rational expectations economy. Journal of Mathematical Economics, 90: 119–127, 2020. [pdf]
突破信息维度、信息结构和投资者规模的限制，提出了一个技术上方便易处理的均衡证明新方法。除了传统的同质评估模型，新方法还可以处理已有方法不能处理的异质评估模型。
Youcheng Lou. Some properties of optimal investment strategies in a behavioral portfolio choice model. Optimization Letters, 14(7): 1731–1746, 2020. [pdf]
给出了前景理论框架下单周期行为投资模型最优投资策略的一些重要性质。
Youcheng Lou, Sahar Parsa, Debraj Ray, Duan Li and Shouyang Wang. Information aggregation in a financial market with general information structure. Journal of Economic Theory, 183: 594–624, 2019. [pdf] Online Appendix
将经典的理性预期市场均衡模型发展到社交网络框架下，建立了一般信号结构下的理性预期市场均衡模型，并证明了线性理性预期均衡的存在性、正则性和唯一性。
Youcheng Lou. On the investment direction of a behavioral portfolio choice model. Operations Research Letters, 47(4): 270–273, 2019. [pdf]
通过严格证明和举反例发现两点分布情形下的投资方向结果不能完全推广到一般分布。
Youcheng Lou, Lean Yu, Shouyang Wang and Peng Yi. Privacy preservation in distributed subgradient optimization algorithms. IEEE Transactions on Cybernetics, 48(7): 2154–2165, 2018. [pdf]
证明了经典的分布式同质歩长梯度下降算法以概率1不是隐私保护的，并设计了一个可以同时保护个体隐私信息和保证算法精确收敛的分布式异质歩长梯度下降算法。
Youcheng Lou and Shouyang Wang. Approximate representation of the Pareto frontier in multiparty negotiations: Decentralized methods and privacy preservation. European Journal of Operational Research, 254(3): 968–976, 2016. [pdf]
设计了一个多方谈判问题近似Pareto最优解集的分散式求解方案，证明了其具有隐私保护性能，并建立了近似解集与Pareto最优解集Hausdorff距离的一个上界关系式。
Youcheng Lou, Yiguang Hong and Shouyang Wang. Distributed continuous-time approximate projection protocols for shortest distance optimization problems. Automatica, 69: 289–297, 2016. [pdf]
对于分布式最短距离优化问题，给出了保证连续时间分布式近似投影算法精确收敛的投射精度条件，并证明了对于任意小于
的投射误差角度，该算法的系统状态一定是有界的。
Youcheng Lou, Yiguang Hong, Lihua Xie, Guodong Shi and Karl Henrik Johansson. Nash equilibrium computation in subnetwork zero-sum games with switching communications. IEEE Transactions on Automatic Control, 61(10): 2920–2935, 2016. [pdf]
突破文献中广泛采用的网络平衡图假设，分析分布式梯度下降算法在一般网络图（可能非平衡图）下的收敛性能，理论上证明了分布式梯度下降算法应对一般网络图的求解能力。
Youcheng Lou and Yiguang Hong. Distributed surrounding design of target region with complex adjacency matrices. IEEE Transactions on Automatic Control, 60(1): 283–288, 2015. [pdf]
设计了一个分布式控制器可以使得二维空间中多个个体到给定凸集有相同的距离，投影到凸集的向量满足提前给定的角度要求。
Youcheng Lou, Guodong Shi, Karl Henrik Johansson and Yiguang Hong. Approximate projected consensus for convex intersection computation: Convergence analysis and critical error angle. IEEE Transactions on Automatic Control, 59(7): 1722–1736, 2014. [pdf]
对于分布式凸交计算问题，给出了保证离散时间分布式近似投影算法精确收敛的投射精度条件，并证明了
是保证离散时间近似投影算法的系统状态是否有界的临界误差角度。
Youcheng Lou and Yiguang Hong. Target containment control of multi-agent systems with random switching interconnection topologies. Automatica, 48(5): 879–885, 2012. [pdf]
设计了一个分布式控制器可以使得随机切换拓扑情形下的多个二阶动力学个体达到集合包含控制的目的。
indicates my student