Household Finance

The department Household Finance conducts research on the financial decisions of private households and the interplay between the supply of and the demand for financial services. The research projects in this area are united by the overarching goal of developing solutions that lead to better financial decisions by households. In addition to the microeconomic perspective, the department also follows a macroeconomic perspective, for example concerning the design of pension systems as a determinant of both the depth and width of capital markets and long-term wealth formation in the household sector of an economy.

Publications

Author/s Title Area Type Published
Christiane Buschinger, Markus Eyting, Florian Hett, Judd B. Kessler Extreme Justifications Fuel Polarization
SAFE Working Paper No. 449 		Household Finance SAFE Working Paper 2025
Seunghun Chung, Markus Eyting, Pascal Geldsetzer, Simon Heß, Felix Michalik, Min Xie A Natural Experiment on the Effect of Herpes Zoster Vaccination on Dementia
Nature 		Household Finance Published Paper 2025
Andreas Hackethal, Vincent R. Lindner, Raimond Maurer Finanzielle Bildung stärken – Altersvorsorge sichern: Handlungsfelder für die nächste Bundesregierung
Policy Letter No. 107 		Household Finance Policy Paper 2025
Christine Laudenbach, Stephan Siegel Personal Communication in an Automated World: Evidence from Loan Repayments
The Journal of Finance 		Household Finance Published Paper 2025
Kamila Duraj, Christine Laudenbach, Vincent R. Lindner Hessenmonitor Finanzkompetenz: Was wissen junge Erwachsene in Hessen über Geld und Finanzen? Abschlussbericht
White Paper No. 110 		Household Finance Policy Paper 2025
Christine Laudenbach, Annika Weber, Rüdiger Weber, Johannes Wohlfart Beliefs About the Stock Market and Investment Choices: Evidence from a Field Experiment
forthcoming in The Review of Financial Studies 		Household Finance Published Paper 2025
Christine Laudenbach, Ulrike M. Malmendier, Alexandra Niessen-Ruenzi The Long-Lasting Effects of Living under Communism on Attitudes towards Financial Markets
forthcoming in The Journal of Finance 		Household Finance Published Paper 2025
Tabea Bucher-Koenen, Andreas Hackethal, Johannes Koenen, Christine Laudenbach Gender Differences in Financial Advice
accepted in American Economic Review 		Household Finance Published Paper 2025
Christine Laudenbach Finanzwissen versus Altersarmut: Warum die Bundesbürger ihr Schweigen über Geld brechen müssen
in: Thoms, A. et al. (eds.), Zukunft im Widerspruch. Wie Deutschland sich jetzt neu erfinden muss 		Household Finance Published Paper 2024
Peter Andre, Joel P. Flynn, George Nikolakoudis, Karthik A. Sastry Quick-Fixing: Near-Rationality in Consumption and Savings Behavior
SAFE Working Paper No. 434 		Household Finance, Behavioral Finance SAFE Working Paper 2024

Ongoing Research Projects

Household Finance, Experiment Center

Moral Licensing through ESG Investments: Causal Evidence on Individuals' Preferences and Actions

Jakob Famulok, Emily Kormanyos, Daniel Worret, Daniel Worring
Household Finance, Experiment Center

The Demand Side Effects of Discrimination in Finance

Olga Balakina, Markus Eyting, Judd B. Kessler, Christine Laudenbach, Bianca Putz
Household Finance

Human-AI Stacking (HAIS)/Novel modes of Human-AI collaboration

Kevin Bauer, Lena Liebich, Moritz von Zahn
Human-AI Collaboration, Human-AI Complementarities, Non-Monetary Incentives to Work, Meta-Learners
Household Finance, Experiment Center

Drivers of EV Adoption: The Role of Information Frictions

Aoife Fitzpatrick
Household Finance, Experiment Center

Which Mechanisms Drive the Effects of Social Norms on Sustainable Investments?

Household Finance, Experiment Center

The Effect of Experienced Discrimination on Groupiness, Particularly Ingroup Favoritism

Marius Dietsch
Household Finance, Experiment Center

Overconfidence and the Gender Application Gap

Vincent Selz
Household Finance, Experiment Center

Leading by Example or Crowding out? The Effect of Governmental Leadership on Individuals’ Willingness to Act Against Climate Change: Follow Up

Jakob Famulok, Michael Kosfeld, Christine Laudenbach
Household Finance, Experiment Center

MIFID II Regulation and Scope for Motivated Sustainability Investments

Fabian Braun, Andrej Gill, Florian Hett
Household Finance, Experiment Center

Separating the Effects of Beliefs and Attitudes on Pricing under Ambiguity

Wenhui Li, Peter Ockenfels, Christian Wilde
Household Finance

Financial Advice and Guidance in Pension Finance

Tabea Bucher-Koenen, Andreas Hackethal, Johannes Kasinger, Christine Laudenbach
Household Finance, Experiment Center

Cooperation of Asymmetric Players

Matthias Blonski, Steffen Eibelshäuser, Hendrik Hegemann
Household Finance

Household Cash Management

Fabian Braun, Andrej Gill, Andreas Hackethal, Florian Hett, Michael Kosfeld
Short-term and long-term consumption response to systematic income shocks, liquid hand-to-mouth, behavioral measurement, time preferences, bounded rationality, robust heterogeneity, structural behavioral, experiential learning, goal setting, financial li
Household Finance

Stock Market Participation - A New Approach

Kamila Duraj, Daniela Grunow, Michael Haliassos, Christine Laudenbach, Stephan Siegel
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
Law and Finance, Household 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
Household Finance, Experiment Center

The Mechanisms behind the Effect of Echo Chambers on Biased Beliefs

Andreas Grunewald, Victor Klockmann, Alicia von Schenk, Ferdinand von Siemens
Household Finance, Experiment Center

Identity as an Excuse: Opportunistic Identity Management in Labor Markets

Kevin Bauer, Evgeniya Chabanova, Florian Hett
Household Finance, Experiment Center

Discrimination - Bank of Workers

Markus Eyting, Florian Hett
Household Finance, Experiment Center

Heterogeneity in Investor Preferences for Sustainable/Green Finance

Jakob Famulok, Michael Kosfeld, Christine Laudenbach
Household Finance, Experiment Center

Strategic Self-Deception in Repeated Interaction

David Poensgen
Household Finance

The Impact of Monetary Conditions on Bank Lending Households

Gyozo Gyöngyösi, Steven Ongena, Ibolya Schindele
Household Finance, Experiment Center

The Effect of Echo Chambers on Biased Beliefs

Andreas Grunewald, Victor Klockmann, Alicia von Schenk, Ferdinand von Siemens
Communication, Echo Chambers, Biased Beliefs
Household Finance

Communication Toolbox for Engaging and Aiding Women in Pension Planning (PENGAGE)

Andreas Hackethal, Alexander Lang, Florian Nellessen
Household Finance

The Gender Wealth Gap: Participation in Financial Markets (GAP)

Kamila Duraj, Christine Laudenbach, Bianca Putz
Household Finance

The Impact of Unintended Discrimination in Financial Advice on Wealth Accumulation

Markus Eyting, Florian Hett, Christine Laudenbach
Household Finance

Transition Labels in Climate Finance: Perception and Use by Private Investors (ClimLabels)

Olga Balakina, Jakob Famulok, Christine Laudenbach
Household Finance

Lifelong Learning and Innovative Financial Education for All (INNOFIB)

Olga Balakina, Kamila Duraj, Jakob Famulok, Andrej Gill, Florian Hett, Christine Laudenbach, Lena Liebich, Oscar Stolper
Household Finance

Support in the scientifically sound development of workshop materials and the evaluation framework (IWJB)

Kamila Duraj, Christine Laudenbach

Current Research Team

Researcher Position
Balakina, Olga Postdoctoral Researcher
Chen, Jasmine Doctoral Student
Duraj, Kamila Doctoral Student
Eyting, Markus Postdoctoral Researcher
Famulok, Jakob Doctoral Student
Gill, Andrej SAFE Fellow
Hackethal, Andreas Professor
Hett, Florian SAFE Fellow
Hinz, Oliver Professor
Lang, Alexander Other Researcher
Laudenbach, Christine Professor
Liebich, Lena Doctoral Student
Maurer, Raimond SAFE Fellow
Meyer, Steffen SAFE Fellow
Mitchell, Olivia S. SAFE Fellow
Nellessen, Florian Other Researcher
Putz, Bianca Postdoctoral Researcher
Wies, Simone SAFE Fellow
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