Behavioral Finance and Contract TheoryProf. Dr. Stefan Trautmann


Phone: +49 6221 54 2952
Email: stefan.trautmann@awi.uni-heidelberg.de
Address: Bergheimer Straße 58 (Room 1.029), 69115 Heidelberg
Office hours by appointment (by email)

Prof. Dr. Stefan Trautmann

Research Interests

My research interests lie at the intersection of economics and psychology. Topics include financial decisions under risk and uncertainty, social preferences, financial wealth and ethics, and the economics of religion. I am part of the experimental economics group at Heidelberg. The group organizes both local and international workshops on experimental and behavioral topics on a regular basis. Experimental data are available at the AWI HeiData Repository.

Recent contributions

Trautmann, S.T., M. Vollmann, and C.K. Becker (2024). Performance Prediction and Performance-Based Task Allocation. Journal of Economic Behavior and Organization, forthcoming.

Özgümüs, A., H. A. Rau, and S. T. Trautmann (2024). Delayed Risk in Individual and Social Decisions. Journal of Economic Psychology, forthcoming.

Board Diversity: Business Case or Public Policy? Oxford Business Law Blog, June 13, 2023 (with Bettina Rentsch)

Trautmann, S. T. (2023). Procedural Fairness and Equality of Opportunity. Journal of Economic Surveys, forthcoming.

Trautmann, S.T., X. Wang, Y. Wang, and Y. Xu (2023). High-status Individuals are held to higher ethical standards. Scientific Reports 13, 15111.

Schmidt, R. and S. T. Trautmann (2023). Implementing (Un)fair Procedures? Favoritism and Process Fairness when Inequality is Inevitable. Journal of Law, Economics and Organization 39,  199–234.

Selected Publications

König-Kersting, C., C. Kops, and S.T. Trautmann (2023). A Test of (Weak) Certainty Independence. Journal of Economic Theory 209, 105623.

Gsottbauer, E., D. Müller, S. Müller, S. T. Trautmann, and G. Zudenkova (2022). Social Class and (Un)ethical Behavior: Causal and Correlational Evidence. Economic Journal 132, 2392–2411.

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.

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

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

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.

Current 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.

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

Fehr, D., H. Rau, S. T. Trautmann, Y. Xu and C. K. Becker (2023). Fairness properties of compensation schemes.

Goldfayn-Frank, O., P. Kieren, and S.T. Trautmann (2024). A Choice-Based Approach to the Measurement of Inflation Expectations. [Winner of the Heinrich-Wiemer-Prize for Economics 2024]

Kieren, P., G. Gertsman, and S. T. Trautmann (2024). Temporal Resolution of Ambiguity: Preferences for Timing and Graduality. 

Kieren, P., C. König-Kersting, R. Schmidt, S.T. Trautmann and F. Heinicke (2023).  First-Order and Higher-Order Inflation Expectations: Evidence about Households and Firms.

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


Editorial Positions

Editor, Journal of Economic Behavior and Organization, Special Issue “Macroeconomic expectations: Measurement, heterogeneity, and consequences,” with Zeno Enders and Dmitri Vinogradov (deadline August 31, 2024)

Advisory editor, Journal of Risk and Uncertainty, 2023-

Associate editor, Journal of Economic Behavior and Organization, 2022-

Academic editor, PLOSone, 2018-

Associate editor, Journal of Economic Psychology, 2015-

Associate editor, Management Science, 2014-

Editorial board, Journal of Behavioral and Experimental Economics, 2023- (associate editor 2013-2023)

Editorial board, Journal of Behavioral and Experimental Finance, 2022- (associate editor 2016-2022)

Administrative Positions

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

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

Member of the Board of Directors (2020-) and Head of Department (2023-), Alfred Weber Institute, Heidelberg University


I teach the mandatory course Corporate Governance in the B.Sc. program (each winter). Additionally I offer courses on financial intermediation and behavioral finance in the B.Sc. program, courses on preference measurement and survey methods in the M.Sc. program, and seminars on topical issues. Consult the course overview and moodle for details.   

Other Activities

Leibniz Association, Senate Committee Competition (SAW), External Member, 2024-

Dutch Science Foundation (NWO), Scientific Advisory Board for the Social Sciences and Humanities, 2022-

Marsilius Kolleg (Center for Advanced Study), Fellow, 2021-22 [see linked spotify podcast on the research project]

German Federal Institute for Risk Assessment (BfR), Advisory Committee for Risk Research and Risk Perception, 2014-2017, 2018-2021, 2022-2025

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

Swiss Society for Financial Market Research, Annual SGF Conference Track Chair Behavioral Finance, 2019-2022

Society for Experimental Finance, Scientific Board

Previous Conferences in Heidelberg

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)

Economic Science Association (ESA), European Meeting, September 2-5, 2015 (with Christoph Brunner, Peter Dürsch, Jörg Oechssler, Christiane Schwieren, and Christoph Vanberg)