Willkommen am Lehrstuhl für Behavioral Finance Prof. Dr. Stefan Trautmann

Research Interests

Financial decisions under risk and uncertainty; financial wealth, social preferences and ethics; psychology of economic behavior; economics of religion

For a short bio see here. For a group of all researchers at the AWI in Heidelberg who work on experimental economics and finance see here. For data, instructions, and online appendices, consult the AWI Experimental Economics data repository. 


Recent Contributions

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

Becker, C. K., E. Ert, S. T. Trautmann, and G. 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.

König-Kersting, C., M. Pollmann, J. Potters, and S. T. Trautmann (2021). Good decision vs. good results: Outcome bias in the evaluation of financial agents. Theory and Decision 90, 31-61.

Fehr, D., H. Rau, S. T. Trautmann, and Y. Xu (2020). Inequality, Fairness and Social Capital. European Economic Review 129, 103566. [Discussion by Ulyces Science.]


Selected Publications [list of all publications]

Kocher, M. G., A. Lahno, and S. T. Trautmann (2018). Ambiguity aversion is not universal. European Economic Review 101, 268–283.

Trautmann, S.T., and G. van de Kuilen (2018). Higher Order Risk Attitudes: A Review of Experimental Evidence. European Economic Review 103, 108–124.

Brown, M., S.T. Trautmann, and R. E. Vlahu (2017). Understanding Bank-Run Contagion. Management Science 63, 2272–2282.

Trautmann, S. T., and G. van de Kuilen (2015). Belief Elicitation: A Horse Race among Truth Serums. Economic Journal 125, 2116-2135.

Trautmann, S. T., and G. 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.

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

Trautmann, S. T., G. van de Kuilen, and R. 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.

Sutter, M., M. Kocher, D. Rützler, and S. T. Trautmann (2013). Impatience and Uncertainty: Experimental Decisions Predict Adolescents’ Field Behavior. American Economic Review 103, 510–531.

Kocher, M., J. Pahlke, and S. T. Trautmann (2013). Tempus Fugit: Time Pressure in Risky Decisions. Management Science 59, 2380–2391.

Boksem, M.A.S, P.H. Mehta, B. van den Bergh, V. van Son, S. T. Trautmann, K. Roelofs, A. Smids, and A. G. Sanfey (2013). Testosterone Inhibits Trust, But Promotes Reciprocity. Psychological Science 24, 2306–2314.

Trautmann, S. T., F. M. Vieider and P. P. Wakker (2011). Preference Reversals for Ambiguity Aversion. Management Science 57, 1320–1333.


Working papers

Becker, C. K., T. Melkonyan, E. Proto, A. Sofianos, and S.T. Trautmann (2021). Reverse Bayesianism: Revising Beliefs in Light of Unforeseen Events. [paper]

Ecer, F. and S.T. Trautmann (2020). Done Deal!  Advisor impact on Pricing, Premia, Returns, and Deal Completion in M&A. [paper]

Fehr, D., H. Rau, S. T. Trautmann, and Y. Xu (2021). Fairness properties of compensation schemes. [paper]

Kling, L., C. König-Kersting, and S. T. Trautmann (2019). Investment Preferences and Risk Perception: Financial Agents versus Clients. [paper]

König-Kersting, C., C. Kops, and S.T. Trautmann (2020). A Test of (Weak) Certainty Independence. [paper]

König-Kersting, C., S.T. Trautmann, and R. Vlahu (2021). Bank instability: Interbank linkages and the role of disclosure. [paper]

Özgümüs, A., H. A. Rau, and S T. Trautmann (2021). Delayed Risk in Individual and Social Decisions. [paper]

Trautmann, S.T., G. van de Kuilen, and G. de Boeck (2021). Preferences for Precautionary Redistribution? [paper]

Trautmann, S.T., X. Wang, Y. Wang, and Y. Xu (2021). Noblesse Oblige:  Holding High-Status Individuals to Higher Standards.  [paper]

Trautmann, S.T., Y. Xu, C. König-Kersting, B. N. Patenaude, G. Harling, A. Sié, and Till Bärnighausen (2021). Value of Statistical Life Year in a very-low wealth setting: A randomized trial of alternative measurement methods in rural Burkina Faso. [paper]


Editorial Positions

Guest associate editor, Frontiers in Psychology - Section: Cognition, 2020

Academic editor, PLOS ONE, 2018-

Associate editor, Journal of Behavioral and Experimental Finance, 2016-

Associate editor, Journal of Economic Psychology, 2015-

Associate editor, Management Science, 2014-

Associate editor, Journal of Behavioral and Experimental Economics (formerly Journal of Socio-Economics), 2013-


Administrative Positions

Member of the academic Senate of the University of Heidelberg, 2019-2023

Member of the board of the Flagship Initiative Transforming Cultural Heritage, Excellence Strategy of the University of Heidelberg, 2020-2024

Member of the Board of Directors of the Alfred-Weber-Institute, 2020-


Other Activities

German Federal Institute for Risk Assessment (BfR), Advisory Committee for Risk Research and Risk Perception, 2014-2017, 2018-2021

German National Merit Foundation (Studienstiftung des dt. Volkes), Liaison Professor, 2018-

Swiss Society for Financial Market Research, Annual SGF Conference Track Chair Behavioral Finance, 2019, 2020, 2021

Society for Experimental Finance, Scientific Board

NWO-Rubicon, Selection Committee 2016

ATTRACT, Selection Committee 2018


Grants & Awards

DFG 2016-2018: Ambiguity attitudes

NWO-Veni 2010-2013: Higher order risk attitudes

Pierson medal 2012 of the Dutch Economic Association (KVS)


Recent Workshops and Conferences in Heidelberg

Workshop on Experimental Economics and Finance, November 2019, [program]

Workshop on Behavioral and Experimental Finance, December 2018, [program]

Society for Experimental Finance (EF2018), June 20-22, 2018, (with Christian König-Kersting and Matthias Stefan)

Risk, Uncertainty and Decision (RUD), June 14-16, 2018 (with Jürgen Eichberger and Christopher Kops)

Behavioral Finance for Policy and Regulation, July 6-9, 2017 (with Sebastian Ebert) [workshop report]

Economic Science Association (ESA), European Meeting, September 2-5, 2015 (with Christoph Brunner, Peter Dürsch, Jörg Oechssler, Christiane Schwieren, and Christoph Vanberg) [slides of Keynotes by Adele Diamond, Ulrike Mamendier, and Mike Tomasello]

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Letzte Änderung: 27.08.2021
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