Chair Behavioral Finance Prof. Dr. Stefan Trautmann

Research Interests

Financial decisions under risk & uncertainty; social preferences and ethics; psychology of economic behavior

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


Recent Contributions

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 (2016). Process fairness, outcome fairness, and dynamic consistency: Experimental evidence for risk and ambiguity. Journal of Risk and Uncertainty 53, 75–88.

Trautmann, S.T. and B. Zia (2015). Household Finance. World Development Report 2015: Mind, Society, and Behavior. Chapter 6.  Washington, DC: The World Bank.

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.


Working papers

Kirchmaier, I., J. Prüfer, and S. T. Trautmann (2016). Religion, Moral Attitudes, and Economic Behavior

Kocher, M., A. Lahno, and S. T. Trautmann (2016). Ambiguity aversion is the exception.

König-Kersting, C., M. Pollmann, J. Potters, and S. T. Trautmann (2016). Good decision vs. good results: Outcome bias in the evaluation of financial agents. [paper]

Trautmann, S.T. (2016). Distance from a Distance: The Robustness of Psychological Distance Effects [paper]

Trautmann, S.T., and P.P. Wakker (2013). Making the Anscombe-Aumann Approach to Ambiguity Suited for Descriptive Applications [paper]


Selected Publications [list of all publications]

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.

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.

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.


Other Activities

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-

Scientific Board, Society for Experimental Finance

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

NWO-Rubicon, Selection Committee 2016


Grants & Awards

DFG 2016-2018: Ambiguity attitudes

NWO-Veni 2010-2013: Higher order risk attitudes

KVS-Pierson medal 2012

Editor: Email
Latest Revision: 2017-09-13
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