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 |
|---|---|---|---|---|---|
| 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 forthcoming in Journal of Development Economics | Law and Finance, Experiment Center | Published Paper | 2022 | Motivation for honesty, asymmetric information, cheating, informal markets, die game, milk, India |
| 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 Cognitive Processes 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
| Publication Count | ||||||
|---|---|---|---|---|---|---|
| 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 | 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 | 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 |
Current Research Team
In this Section: