This page gives an (incomplete) overview of the research topics the AWI experimental group has worked on in recent years. For more information on research and publications refer to people’s personal websites.

Asset Pricing and Financial Markets

Kieren, Pascal, Jan Müller-Dethard, and Martin Weber (2023). Risk-Taking and Asymmetric Learning in Boom and Bust Markets. Review of Finance 27, 1743–1779. (link)

Noussair, Charles. N., Steven Tucker, and Yilong Xu (2016). Futures markets, cognitive ability, and mispricing in experimental asset markets. Journal of Economic Behavior & Organization 130, 166-179. (link)

Drehmann, Mathias, Jörg Oechssler, and Andreas Roider (2005). Herding and Contrarian Behavior in Financial Markets – An Internet Experiment. American Economic Review 95, 1403-1426. (link)

Household Finance

Apesteguia, Jose, Jörg Oechssler, and Simon Weidenholzer (2019). Copy Trading. Management Science 66, 5485-6064. (link)

Noussair, Charles N., Stefan T. Trautmann, and Gijs van de Kuilen (2014).Higher Order Risk Attitudes, Demographics, and Financial Decisions. Review of Economic Studies 81, 325−355. (link)

Expectation Formation

Kieren, Pascal and Martin Weber (2024). Expectation Formation under Uninformative Signals. Management Science, forthcoming.

Bordalo, Pedro, Giovanni Burro, Katherine Coffman, Nicola Gennaioli and Andrei Shleifer (2024). Imagining the Future: Memory, Simulation and Beliefs. Review of Economic Studies, forthcoming.

Hagenhoff, Tim and Joep Lustenhouwer (2023). The role of stickiness, extrapolation and past consensus forecasts in macroeconomic expectations. Journal of Economic Dynamics and Control 149, 104638. (link)


Fehr, Dietmar, Johanna Mollerstrom, and Ricardo Perez-Truglia (2022). Your Place in the World: Relative Income and Global Inequality. American Economic Journal: Economic Policy 14, 232-268. (link)

Gsottbauer, Elisabeth, Daniel Müller, Samuel Müller, Stefan T. Trautmann, and Galina Zudenkova (2022). Social Class and (Un)ethical Behavior: Causal and Correlational Evidence. Economic Journal 132, 2392–2411. (link)

Marandola, Ginevra and Yilong Xu (2021). (Mis-)perception of Inequality: Measures, determinants and consequences. Publications Office of the European Union, Luxembourg, EUR 30819 EN, ISBN 978-92-76-41246-5. (link)

Fehr, Dietmar, Hannes Rau, Stefan T. Trautmann, and Yilong Xu (2020). Inequality, Fairness and Social Capital. European Economic Review 129, 103566. (link)

Public Policy

Bahn, Oliver, Marc Chesney, Jonathan Gheyssens, Reto Knutti, and Anca Pana [Balietti] (2015). Is there room for geoengineering in the optimal climate policy mix? Environmental Science & Policy 48, 67-76 . (link)

Marandola, Ginevra and Yilong Xu (2021). (Mis-)perception of Inequality: Measures, determinants and consequences. Publications Office of the European Union, Luxembourg, EUR 30819 EN, ISBN 978-92-76-41246-5. (link)

Public Economics

Goeschl, Timo, and Johannes Lohse (2018). Cooperation in public good games: Calculated or confused? European Economic Review 107, 185-203. (link)

Reischmann, Andreas and Jörg Oechssler (2018) The Binary Conditional Contribution Mechanism for Public Good Provision in Dynamic Settings – Theory and Experimental Evidence.  Journal of Public Economics 159, 104-115. (link)

Psychology & Economics

Buckert, Magdalena, Christiane Schwieren, Brigitte M. Kudielka and Christian J. Fiebach (2017). How stressful are economic competitions in the lab? An investigation with physiological measures. Journal of Economic Psychology 62, 231-245. (link)

Klein, Sina A., Daniel Heck, Gerhard Reese, and Benjamin Hilbig (2019). On the relationship between Openness to Experience, political orientation, and pro-environmental behavior. Personality and Individual Differences 138344-348. (link)

Proto, Eugenio, Aldo Rustichini, and Andis Sofianos (2019). Intelligence, Personality and Gains from Cooperation in Repeated Interactions. Journal of Political Economy 127, 1351-1390. (link)

Trautmann, Stefan T., Gijs van de Kuilen, and Richard J. Zeckhauser (2013). Social Class and (Un)ethical Behavior: A Framework, With Evidence From a Large Population Sample. Perspectives on Psychological Science 8, 487–497. (link)

Behavioral Game Theory

Bhattacharya, Puja, Kirby Nielsen, and Arjun Sengupta (2019). Timing of Communication. Economic Journal 130, 1623–1649. (link)

Vanberg, Christoph (2008). Why do people keep their promises? An experimental test of two explanations. Econometrica 76, 1467-1480. (link)

Dynamics & Learning

Proto, Eugenio, Aldo Rustichini, and Andis Sofianos (2021). Intelligence, Errors and Cooperation in Repeated Interactions. Review of Economic Studies 89, 2723-2767. (link)

Becker, Christoph, Eyal Ert, Stefan T. Trautmann, and Gijs van de Kuilen (2021). Experiencing Risk: Higher-order Risk Attitudes in Description- and Experience-based Decisions. Journal of Experimental Psychology: Learning, Memory & Cognition 47, 727-746. (link)

Group Processes & Discrimination

Solda, Alice, and Marie Claire Villeval (2018). Exclusion and reintegration in a social dilemma. Economic Inquiry 58, 120-149. (link)

Cardenas, Juan-Camilo, Santiago Gomez, and Cesar Mantilla (2019). Between-group competition enhances coopera-tion in public goods appropriation games. Ecological Economics 157, 19-26. (link)

Schmidt, Robert, and Stefan T. Trautmann (2021). Implementing (Un)fair Procedures? Favoritism and Process Fairness when Inequality is Inevitable. Journal of Law, Economics, and Organization, forthcoming. (link)

Alysandratos, Theodore, and Konstantinos Kalliris (2022). One judge to rule them all: single-member courts as an answer to delays in criminal trials. Journal of Empirical Legal Studies, forthcoming.

Environmental Economics

Van den Broek, Karlijn L., and Ian Walker (2019). Exploring Perceptions of the Drivers of Energy Behaviour. Energy Policy  129, 1297-1305. (link)

Anderson, Brile, Thomas Bernauer, and Stefano Balietti (2017). Effects of fairness principles on willingness to pay for climate change mitigation. Climatic Change 142, 447-461. (link)

Goeschl, Timo and Johannes Diederich (2018) Voluntary action for climate change mitigation does not exhibit locational preferences.  Journal of Environmental Economics and Management  90, 175-180. (link)

Diekert, Florian K. (2017). Threatening Thresholds? The effect of disastrous regime shifts on the non-cooperative use of environmental goods and services. Journal of Public Economics  147, 30-49. (link)

Lohse, Johannes and Israel Waichman (2020). The effects of contemporaneous peer punishment on cooperation with the future. Nature Communications 11, Article number: 1815 . (link)

Experimental Macro and Banking

Dürsch, Peter and Thomas Eife (2019). Price Competition in an Inflationary Environment. Journal of Monetary Economics 104, 48-66 . (link)

Dietmar Fehr, Frank Heinemann, and Aniol Llorente-Saguer  (2019). The Power of Sunspots: An Experimental Analysis.  Journal of Monetary Economics 103, 123-136. (link)

Hommes, Cars and Joep Lustenhouwer (2019). Inflation Targeting and Liquidity Traps under Endogenous Credibility. Journal of Monetary Economics 107, 48-62. (link)

Brown, Martin, Stefan T. Trautmann, and Razvan E. Vlahu (2017). Understanding Bank-Run Contagion. Management Science 63, 2272-2282. (link)

Development Economics

Laitin, David D., Rajesch Ramachandran, and Stephen L. Walter (2019). The Legacy of Colonial Language Policies and its Impact on Student Learning: Evidence from an Experimental Program in Cameroon. Economic Development and Cultural Change 68, 239-272. (link)

Christine Binzel and Dietmar Fehr (2013). Social Distance and Trust: Experimental Evidence from a Slum in Cairo (with Christine Binzel), Journal of Development Economics 103, 99-106. (link)

Fehr, Dietmar, Günther Fink, and B. Kelsey Jack (2022). Poor and Rational: Decision-Making under Scarcity. Journal of Political Economy, forthcoming.

Public Choice / Voting

Miettinen, Topi and Christoph Vanberg (2024). Commitment and conflict in unanimity bargaining. American Economic Journal: Microeconomics, forthcoming.

Momsen, Katharina and Markus Ohndorf (2022): Expressive Voting vs. Self-Serving Ignorance: Experimental Evidence in the Context of Climate Change Mitigation. Public Choice 194, 45-74. (link)

Miller, Luis, Maria Montero, and Christoph Vanberg (2018). Legislative bargaining with heterogeneous disagreement values: theory and experiments. Games and Economic Behavior  107, 60-92. (link)

Tremewan, James, and Christoph Vanberg (2016). The dynamics of coalition formation – a multilateral bargaining experiment with free timing of moves. Journal of Economic Behavior & Organization  130, 33-46. (link)

Risk & Uncertainty

Dominiak, Adam and Peter Dürsch (2019). Interactive Ellsberg Tasks: An Experiment. Journal of Behavior & Organization 161, 145-157. (link)

Eichberger, Jürgen and Ani Guerdjikova (2013). Ambiguity, Data and Preferences for Information – A Case-Based Approach.  Journal of Economic Theory 148, 1433-1462. (link)

Oechssler, Jörg, Hannes Rau, and Alex Roomets (2019). Hedging, Ambiguity, and the Reversal of Order Axiom. Games and Economic Behavior 117, 380-387. (link)

Trautmann, Stefan T. and Gijs van de Kuilen (2015). Ambiguity Attitudes. In: G. Keren and G. Wu (eds.), The Wiley Blackwell Handbook of Judgment and Decision Making, Blackwell, Chapter 3, 89-116. (link)

Time Preference

Sutter, Matthias, Martin Kocher, Daniela Rützler, and Stefan T. Trautmann (2013). Impatience and Uncertainty: Experimental Decisions Predict Adolescents’ Field Behavior. American Economic Review 103, 510–531. (link)

Sengupta, Arjun, and Krishna Savani (2022). The cancellation heuristic in intertemporal choice shifts people’s time preferences. Scientific Reports 12, 4627.

Labor Economics

Dürsch, Peter, Jörg Oechssler, and Radovan Vadovic (2012). Sick Pay Provision in Experimental Labor Markets. European Economic Review 56, 1-19. (link)

Schwieren, Christiane (2012). The gender wage gap in experimental labour markets. Economics Letters 117, 592–595. (link)

Experimental Method

Balietti, Stefano, Brennan Klein, and Christoph Rield (2020). Optimal Design of Experiments to Identify Latent Behavioral Types. Experimental Economics, forthcoming. (link)

Avdeenko, Alexandra, and Markus Fröhlich (2020). Research standards in empirical development economics: What’s well begun, is half done. World Development 127, 104786. (link)