Bundesbank Prize for AWI Graduate

We congratulate AWI graduate Luca Widenhorn for receiving a Bundesbank Master Thesis Prize for his thesis entitled “Financial Advice and Investment Decisions: The Role of Financial Literacy”! 

In his thesis, he uses an online experiment to study the effect of transparent versus shrouded cost information on consumers’ investment choices. He finds that information shifts investment choices especially for moderate financial literacy investors, with transparent information leading to better choices, and shrouded information leading to worse choices, compared to investors’ investments in the absence of additional information. 

The award was presented to Luca by the President of the Bundesbank main administration in Baden-Württemberg, Patricia Staab, during the annual graduation ceremony of the Faculty of Economics and Social Sciences on November 28, 2025.