Experiment Center

Economic experiments – be it in the lab or the field – provide a valuable method to explore the foundations, mechanisms, and implications of economic decision-making in financial contexts and institutions. Researchers at the SAFE Experiment Center use this method to study key questions, for example, in household finance, corporate governance, or financial markets. Experiments help to identify causal relations, measure “behavioral heterogeneity” (e.g., in economic preferences or beliefs), as well as assist policymakers in evaluating the effects of particular interventions and institutions.

The SAFE Experiment Center is a collaboration between the Leibniz Institute for Financial Research SAFE and the Frankfurt Laboratory for Experimental Economic Research FLEX.

Publications

Author/s	Title	Program Area	Type	Published	Keywords
Benjamin M. Abdel-Karim, Kevin Bauer, Oliver Hinz, Michael Nofer	The Effects of Discontinuing Machine Learning Decision Support SAFE Working Paper No. 370	Financial Intermediation, Experiment Center	SAFE Working Paper	2022
Markus Eyting	Why do we Discriminate? The Role of Motivated Reasoning SAFE Working Paper No. 356	Household Finance, Experiment Center	SAFE Working Paper	2022
Andrej Gill, Florian Hett, Johannes Tischer	Time Inconsistency and Overdraft Use: Evidence from Transaction Data and Behavioral Measurement Experiments SAFE Working Paper No. 347	Household Finance, Experiment Center	SAFE Working Paper	2022	Household Finance, Paycheck Sensitivity, Fintech, Time Inconsistency, Time Preferences, Experiment, Behavioral Measurement
Markus Kröll, Devesh Rustagi	Measuring Honesty and Explaining Adulteration in Naturally Occurring Markets Journal of Development Economics	Law and Finance, Experiment Center	Published Paper	2022	Motivation for honesty, asymmetric information, cheating, informal markets, die game, milk, India
Kevin Bauer, Oliver Hinz, Johanna Jagow, Cristina Mihale-Wilson, Max Speicher, Moritz von Zahn	The Smart Green Nudge: Reducing Product Returns through Enriched Digital Footprints & Causal Machine Learning SAFE Working Paper No. 363	Financial Intermediation, Experiment Center	SAFE Working Paper	2022
Victor Klockmann, Marie Claire Villeval, Alicia von Schenk	Artificial Intelligence, Ethics, and Intergenerational Responsibility SAFE Working Paper No. 335	Household Finance, Experiment Center	SAFE Working Paper	2022
Victor Klockmann, Marie Claire Villeval, Alicia von Schenk	Artificial Intelligence, Ethics, and Diffused Pivotality SAFE Working Paper No. 336	Household Finance, Experiment Center	SAFE Working Paper	2022	Artificial Intelligence, Big Data, Pivotality, Ethics, Experiment
Kevin Bauer, Michael Kosfeld, Ferdinand von Siemens	Incentives, Self-Selection, and Coordination of Motivated Agents for the Production of Social Goods SAFE Working Paper No. 318	Financial Intermediation, Experiment Center	SAFE Working Paper	2021
Kevin Bauer, Andrej Gill	Mirror, Mirror on the Wall: Machine Predictions and Self-Fulfilling Prophecies SAFE Working Paper No. 313	Financial Intermediation, Experiment Center	SAFE Working Paper	2021	Algorithmic transparency, algorithmic decision support, human–machine interaction
Kevin Bauer, Oliver Hinz, Christof Weinhardt, Wil van der Aalst	Expl(AI)n It to Me – Explainable AI and Information Systems Research Business & Information Systems Engineering	Financial Intermediation, Experiment Center	Published Paper	2021
Kevin Bauer, Oliver Hinz, Moritz von Zahn	Expl(AI)ned: The Impact of Explainable Artificial Intelligence on Users' Information Processing SAFE Working Paper No. 315	Financial Intermediation, Experiment Center	SAFE Working Paper	2021	XAI, explainable machine learning, Information Processing, Belief up-dating, algorithmic transparency
Ferdinand von Siemens	Motivated Beliefs and the Elderly’s Compliance with COVID-19 Measures SAFE Working Paper No. 299	Law and Finance, Experiment Center	SAFE Working Paper	2021	motivated beliefs; compliance behavior; age; health; COVID-19
Benjamin M. Abdel-Karim, Kevin Bauer, Oliver Hinz, Michael Kosfeld, Nicolas Winfried Pfeuffer	The Economic Consequences of Algorithmic Discrimination: Theory and Empirical Evidence SAFE Working Paper No. 287	Financial Intermediation, Experiment Center	SAFE Working Paper	2020	Algorithmic Discrimination, Artificial Intelligence, Game Theory, Economics, Batch Learning
Wenhui Li, Christian Wilde	Belief Formation and Belief Updating under Ambiguity: Evidence from Experiments SAFE Working Paper No. 251	Financial Markets, Experiment Center	SAFE Working Paper	2019	ambiguity, learning strategy, belief updates, non-Bayesian updates, pessimism, laboratory experiments
Sascha Baghestanian, Paul Gortner, Joël van der Weele	Peer Effects and Risk Sharing in Experimental Asset Markets European Economic Review	Household Finance, Financial Markets, Experiment Center	Published Paper	2019	peer effects, laboratory experiments, risk taking, asset markets
Paul Gortner, Baptiste Massenot	Leverage and Bubbles: Experimental Evidence SAFE Working Paper No. 239	Macro Finance, Experiment Center	SAFE Working Paper	2018
Andrej Gill, Florian Hett, Johannes Tischer	Measuring Time Inconsistency Using Financial Transaction Data White Paper No. 55	Household Finance, Experiment Center	Policy Paper	2018	financial transaction data, financial decision-making, time inconsistency, present bias
Florian Hett, Felix Schmidt	Pushing Through or Slacking Off? Heterogeneity in the Reaction to Rank Feedback SAFE Working Paper No. 203	Household Finance, Experiment Center	SAFE Working Paper	2018	heterogeneity, competitiveness; contest; rank feedback, relative performance evaluation
Florian Hett, Johannes Kasinger	Undermined Market Discipline: The Role of Bank Rescues and Bailout Expectations Policy Letter No. 59	Financial Intermediation, Experiment Center	Policy Paper	2017	bailout, market discipline, financial institutions, financial crisis, banks
Florian Hett, Alexander Schmidt	Bank Rescues and Bailout Expectations: The Erosion of Market Discipline During the Financial Crisis Journal of Financial Economics	Financial Intermediation, Transparency Lab, Experiment Center	Published Paper	2017	Bailout, Implicit Guarantees, Too-Big-To-Fail, Market Discipline
Sascha Baghestanian, Paul Gortner, Baptiste Massenot	Compensation Schemes, Liquidity Provision, and Asset Prices: An Experimental Analysis Experimental Economics	Law and Finance, Experiment Center	Published Paper	2017	compensation, liquidity, experimental asset markets, bubbles
Christian Eufinger, Andrej Gill	Incentive-Based Capital Requirements Management Science	Law and Finance, Transparency Lab, Experiment Center	Published Paper	2017	Basel III, capital regulation, compensation, leverage, risk
Michael Kosfeld, Ulrich Schüwer	Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education Review of Finance	Household Finance, Experiment Center	Published Paper	2017	consumer education,financial literacy, bounded rationality, competition, regulation
Markus Kröll, Devesh Rustagi	Reputation, Honesty, and Cheating in Informal Milk Markets in India SAFE Working Paper No. 134	Law and Finance, Experiment Center	SAFE Working Paper	2016	Motivation for honesty, asymmetric information, cheating, informal markets, die game, milk, India
Andrej Gill, Nikolai Visnjic	Performance Benefits of Tight Control The Journal of Private Equity	Law and Finance, Transparency Lab, Experiment Center	Published Paper	2015	private equity, leveraged buyouts, active shareholders, ownership concentration, corporate governance
Sascha Baghestanian, Baptiste Massenot	Credit Cycles: Experimental Evidence SAFE Working Paper No. 104	Macro Finance, Experiment Center	SAFE Working Paper	2015	-
Sascha Baghestanian, Paul Gortner, Baptiste Massenot	Compensation Schemes, Liquidity Provision, and Asset Prices: An Experimental Analysis SAFE Working Paper No. 108	Law and Finance, Experiment Center	SAFE Working Paper	2015	compensation, liquidity, experimental asset markets, bubbles
Sascha Baghestanian, Paul Gortner, Joël van der Weele	Peer Effects and Risk Sharing in Experimental Asset Markets SAFE Working Paper No. 67	Household Finance, Financial Markets, Experiment Center	SAFE Working Paper	2014	peer effects, laboratory experiments, risk taking, asset markets
Christian Eufinger, Andrej Gill	Incentive-Based Capital Requirements SAFE Working Paper No. 9	Law and Finance, Transparency Lab, Experiment Center	SAFE Working Paper	2013	Basel III, capital regulation, compensation, leverage, risk
Andrej Gill, Nikolai Visnjic	Insight Private Equity SAFE Working Paper No. 23	Law and Finance, Transparency Lab, Experiment Center	SAFE Working Paper	2013	private equity, leveraged buyouts, active shareholders, corporate restructuring, operational performance
Andrej Gill, Nikolai Visnjic	Performance Benefits of Tight Control SAFE Working Paper No. 24	Law and Finance, Transparency Lab, Experiment Center	SAFE Working Paper	2013	private equity, leveraged buyouts, active shareholders, ownership concentration, corporate governance
Florian Hett, Alexander Schmidt	Bank Rescues and Bailout Expectations: The Erosion of Market Discipline During the Financial Crisis SAFE Working Paper No. 36	Financial Intermediation, Transparency Lab, Experiment Center	SAFE Working Paper	2013	Bailout, Implicit Guarantees, Too-Big-To-Fail, Market Discipline
Michael Kosfeld, Ulrich Schüwer	Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education SAFE Working Paper No. 47	Household Finance, Experiment Center	SAFE Working Paper	2014	consumer education,financial literacy, bounded rationality, competition, regulation
Jan Pieter Krahnen, Peter Ockenfels, Christian Wilde	Measuring Ambiguity Aversion: A Systematic Experimental Approach SAFE Working Paper No. 55	Financial Intermediation, Financial Markets, Transparency Lab, Experiment Center	SAFE Working Paper	2014	ambiguity, valuation discount, experimental economics
Sascha Baghestanian, Todd B. Walker	Anchoring in Experimental Asset Markets SAFE Working Paper No. 54	Financial Markets, Experiment Center	SAFE Working Paper	2014	Experimental Asset Markets, Anchoring, Bubbles
Sascha Baghestanian, Todd B. Walker	Anchoring in Experimental Asset Markets Journal of Economic Behavior & Organization	Financial Markets, Experiment Center	Published Paper	2015	Experimental Asset Markets, Anchoring, Bubbles

Research Projects

Category	Project	Researcher	Project Duration	Keywords	Project ID	Publication Count
Law and Finance, Experiment Center	Decentralized Feature Selection: Analysis of User Involvement in the Feature Selection Process of Machine Learning-based Systems	Kevin Bauer, Victor Klockmann, Jan Zacharias, Alicia von Schenk	2022			1
Household Finance, Experiment Center	Leading by Example – The Causal Effect of Credible Action by Local Government on Citizens’ Motivation and Beliefs about Others to Flight Climate Change	Jakob Famulok, Michael Kosfeld, Christine Laudenbach	2022		232411	1
Household Finance, Experiment Center	Discrimination - Bank of Workers	Markus Eyting, Florian Hett	2022		232410	1
Household Finance, Experiment Center	Identity as an Excuse: Opportunistic Identity Management in Labor Markets	Kevin Bauer, Evgeniya Chabanova, Florian Hett	2022		232409	1
Financial Markets, Experiment Center	The Mechanisms behind the Effect of Echo Chambers on Biased Beliefs	Andreas Grunewald, Victor Klockmann, Alicia von Schenk, Ferdinand von Siemens	2022		232303	1
Household Finance, Experiment Center	Heterogeneity in Investor Preferences for Sustainable/Green Finance	Michael Kosfeld, Christine Laudenbach	2022		143106	1
Financial Markets, Experiment Center	Strategic Self-Deception in Repeated Interaction	David Poensgen	2022		232302	1
Household Finance, Experiment Center	The Effect of Echo Chambers on Biased Beliefs	Andreas Grunewald, Victor Klockmann, Alicia von Schenk, Ferdinand von Siemens	2021	Communication, Echo Chambers, Biased Beliefs	232408	1
Household Finance, Experiment Center	Experimental Evidence on Socially Responsible Investments – The Role of Preferences and Information	Fabian Braun, Andrej Gill, Florian Hett	2021	ESG; SRI; endogenous information acquisition; incentives; social preferences	232407	1
Household Finance, Experiment Center	Statistical Discrimination Revisited – The Role of Motivated Reasoning	Markus Eyting	2021	discrimination, motivated reasoning, beliefs, information	232406	1
Experiment Center	Developing Reliable and Globally Valid Measures for Economic Preferences – Worldwide Testing of the Global Preference Survey Module	Michael Kosfeld, Zahra Sharafi-Avarzaman, Maíra Sontag González, Na Zou	2021		238101	1
Financial Markets, Experiment Center	(Tho)roughly Explained: The Impact of Algorithmic Transparency on Beliefs and Human Decision Making	Kevin Bauer, Moritz von Zahn	2020		232301	1
Household Finance, Experiment Center	Social Identity Bias in Information Processing and Information Demand	Kevin Bauer, Yan Chen, Florian Hett, Michael Kosfeld	2020		232405	1
Household Finance, Experiment Center	Experiential Learning Through FinTech Applications	Andrej Gill, Florian Hett	2020	experiential learning, goal setting, personal finance management, financial literacy, overconfidence	232404	1
Household Finance, Experiment Center	Collective Action and Institution Formation - The Role of Group Size	Julian Detemple, Michael Kosfeld	2020		232403	1
Household Finance, Experiment Center	Moral (Mis)Behavior in the Era of Big Data	Victor Klockmann, Marie-Claire Villeval, Alicia von Schenk	2020		232402	1
Household Finance, Experiment Center	Moral Decisions and the Externality of AI Usage	Victor Klockmann, Marie-Claire Villeval, Alicia von Schenk	2020		232401	1
Financial Intermediation, Experiment Center	Digitalization of the Financial System	Kevin Bauer, Oliver Hinz	2020	Digital economics; Artificial intelligence; Human machine interaction; Algorithmic Unfairness; Hybrid human-machine behavior; Algorithms; Machine Learning, Decision Making;	123101	1
Financial Intermediation, Experiment Center	Mirror, Mirror in the Wall: Algorithmic Assessments and Self-Fulfilling Prophecies	Kevin Bauer, Andrej Gill	2020			1
Financial Markets, Experiment Center	Experimental Asset Markets - Price Formation in the Presence of Ambiguity	Wenhui Li, Peter Ockenfels, Christian Wilde	2019	Experimental asset markets, information transmission, price formation, ambiguity	133102	1
Household Finance, Experiment Center	Using Behavioral Experiments to Capture Time Inconsistency in Households Financial Decision Making	Andrej Gill, Florian Hett	2019	financial mistakes, transaction data, household finance, time-inconsistency, present bias, time preferences, online experiment, preference heterogeneity	21337	1
Financial Intermediation, Experiment Center	In or Out? In-Group Bias in Diverse Social Environments	Kevin Bauer, Florian Hett	2018	Overlapping group affiliations; Pro-social behavior; Ingroup bias; Diversity management		1
Household Finance, Experiment Center	Heterogeneity in the Sensitivity to Dynamic Incentives	Florian Hett, Felix Schmidt	2018	Peer Effects, Laboratory Experiments, Experimental Finance, Tournaments, Behavioral Finance, Rank Incentives	21329	1
Law and Finance, Experiment Center	Gender Diversity, Decision Rules, and the Risk Appetite of Teams	Renée Adams, Andreas Grunewald, Ferdinand von Siemens	2017	Corporate Boards, Gender Diversity, Risk Taking, Banking, Teams	21223	1
Household Finance, Experiment Center	Financial Decision Making and Present Bias	Andrej Gill, Florian Hett, Johannes Tischer	2017	financial mistakes, transaction data, household finance, time-inconsistency, present bias, time preferences, online experiment, randomized controlled trial, preference heterogeneity, commitment devices, nudging	21321	1
Financial Intermediation, Experiment Center	Measuring Time Inconsistency by Using Bank Account Data	Andrej Gill, Florian Hett	2016	financial mistakes, transaction data, household finance, time-inconsistency, present bias, time preferences	21640	1
Household Finance, Experiment Center	Financial Networks in the Field	Paul Gortner, Joël van der Weele	2016		21650	1
Financial Markets, Experiment Center	Experimental Asset Markets – Regulation and Design of Fragmented Markets	Peter Ockenfels, Christian Wilde	2016		21620	1
Financial Intermediation, Experiment Center	Financial Interactions in the Presence of Ambiguity	Wenhui Li, Peter Ockenfels, Christian Wilde	2016		21650	1
Financial Intermediation, Law and Finance, Financial Markets, Macro Finance, Experiment Center	Capital Requirements and Financial Stability: Experimental Evidence	Paul Gortner, Baptiste Massenot	2016		21650	1
Financial Intermediation, Experiment Center	Banking Structure and Dynamics of Small and Medium Sized Enterprises	Douglas Cumming, Christian Eufinger, Andrej Gill, David Heller, Jan Krzyzanowski, Uwe Walz	2016		21640	1

More ProjectsLess Projects

Current Research Team

Researcher	Position
Bauer, Kevin	External Researcher
Famulok, Jakob	External Researcher
Gill, Andrej	SAFE Fellow
Hett, Florian	SAFE Fellow
Klockmann, Victor	External Researcher
Kosfeld, Michael	Senior Researcher, SAFE Fellow
Laudenbach, Christine	Senior Researcher
Ockenfels, Peter	SAFE Fellow
von Schenk, Alicia	External Researcher
von Siemens, Ferdinand	External Researcher, SAFE Fellow

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