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Published EF papers

We are proud to announce that the below papers, which were presented at Experimental Finance conferences (noted in square brackets), have since been published. (If your own paper is missing, please let us know with a short mail to!)


  • Bao, T., Hennequin, M., Hommes, C., Massaro, D., Forthcoming. Coordination on bubbles in large-group asset pricing experiments, Journal of Economic Dynamics and Control. [EF2017, University of Nice]
  • Choo, L., Kaplan, T. R., Zultan, R.’i., Forthcoming. Information aggregation in Arrow–Debreu markets: an experiment, Experimental Economics. [EF2015, Radboud University]
  • Füllbrunn, S., Luhan, W., Forthcoming. Responsibility and Limited Liability in Decision Making for Others - An experimental consideration, Journal of Economic Psychology[EF2015, Radboud University]
  • Halim, E., Riyanto, Y. E., Roy, N., Forthcoming. Costly Information Acquisition, Social Networks and Asset Prices: Experimental Evidence, Journal of Finance [EFRC2018, Queensland University of Technology]
  • Janssen, D.-J., Füllbrunn, S., Weitzel, U., Forthcoming. Individual speculative behavior and overpricing in experimental asset markets, Experimental Economics. [EF2014, University of Zurich]
  • Kendall, C., Forthcoming. Market Panics, Frenzies, and Informational Efficiency: Theory and Experiment, American Economic Journal: Microeconomics[EF2015, Radboud University]
  • Rud, O. A., Rabanal, J. P., Sharifova, M., Forthcoming. An experiment on the efficiency of bilateral exchange under incomplete markets, Games and Economic Behavior. [EF2017, University of Nice]
  • Weitzel, U., Huber, C., Huber, J., Kirchler, M., Lindner, F., Rose, J., Forthcoming. Bubbles and financial professionals. Review of Financial Studies[EF2017, University of Nice]

  • Anufriev, M., Bao, T., Sutan, A., Tuinstra Jan, 2019. Fee Structure, Return Chasing and Mutual Fund Choice: an Experiment, Journal of Economic Behavior & Organization 158, 449–474. [EF2013, Tilburg University]
  • Brodback, D., Guenster, N., Mezger, D., 2019. Altruism and egoism in investment decisions, Review of Financial Economics 37(1), 118–148. [EFRC2018, University of Melbourne]
  • Carle, T., Lahav, Y., Neugebauer, T., Noussair, C. N., 2019. Heterogeneity of beliefs and trade in experimental asset markets, Journal of Financial and Quantitative Analysis 54(1), 215-245. [EF2015, Radboud University]
  • Charness, G., Neugebauer, T., 2019. A test of the Modigliani Miller Invariance Theorem and Arbitrage in Experimental Asset Markets, Journal of Finance 74(1), 493-529. [EF2015, Radboud University, EFRC2016, University of Arizona]
  • Durand, R. B., Fung, L., Limkriangkrai, M., 2019. Myopic Loss Aversion, Personality, and Gender, Journal of Behavioral Finance 20(3), 339–353. [EF2016, University of Mannheim]
  • Huber, C., Huber, J., 2019. Scale matters: Risk perception, return expectations, and investment propensity under different scalings, Experimental Economics 22(1), 76-100. [EF2017, University of Nice]
  • Kocher, M. G., Lucks, K. E., Schindler, D., 2019. Unleashing Animal Spirits: Self-Control and Overpricing in Experimental Asset Markets, Review of Financial Studies 32(6), 2149-2178. [EF2014, University of Zurich]
  • Kocher, M. G., Schindler, D., Trautmann, S. T., Xu, Y., 2019. Risk, time pressure, and selection effects, Experimental Economics 22(1), 216-246. [EF2015, Radboud University]
  • Liu, J., Riyanto, Y. E., 2019. Liquidation policy and credit history in financial contracting: An experiment, Journal of Economic Behavior & Organization 158, 526–542. [EF2015, Radboud University]
  • Selten, R., Neugebauer, T., 2019. Experimental stock market dynamics: Excess bids, directional learning, and adaptive style-investing in a call-auction with multiple multi-period lived assets, Journal of Economic Behavior & Organization 157, 209-224. [EF2016, University of Mannheim]

  • Fenig, G., Mileva, M., Petersen, L., 2018. Deflating asset price bubbles with leverage constraints and monetary policy, Journal of Economic Behavior & Organization 155, 1–27. [EF2014, University of Zurich]
  • Groshans, D., Zeisberger, S., 2018. All's Well That Ends Well? On the Importance of How Returns Are Achieved, Journal of Banking and Finance 87, 397-410. [EF2015, Radboud University]
  • Hanaki, N., Akiyama, E., Ishikawa, R., 2018. Behavioral uncertainty and the dynamics of traders’ confidence in their price forecasts, Journal of Economic Dynamics and Control 88, 121–136. [EF2015, Radboud University, EF2016, University of Mannheim]
  • Kirchler, M., Lindner, F., Weitzel, U., 2018. Rankings and Risk-Taking in the Finance Industry, Journal of Finance 73(5), 2271-2302. [EF2015, Radboud University]
  • Königsheim, C., Lukas, M., Nöth, M., 2018. Individual Preferences and the Exponential Growth Bias, Journal of Economic Behavior & Organization 145, 352–369. [EF2015, Radboud University]
  • Nadler, A., Jiao, P., Johnson, C. J., Alexander, V., Zak, P. J., 2018. The Bull of Wall Street. Experimental Analysis of Testosterone and Asset Trading, Management Science 64(9). [EF2015, Radboud University]
  • Rabanal, J. P., Rud, O., 2018. Does competition affect truth-telling? An experiment with rating agencies, Review of Finance 22(4), 1581-1604. [EFRC2016, University of Arizona]
  • Rud, O., Rabanal, J. P., Horowitz, J., 2018. Does Competition Aggravate Moral Hazard? A Multi-Principal-Agent Experiment, Journal of Financial Intermediation 33, 115-121. [EFRC2016, University of Arizona]
  • Shakina, E., Angerer, M., 2018. Coordination and communication during bank runs, Journal of Behavioral and Experimental Finance 20, 115–130. [EF2017, University of Nice]
  • Stefan, M., Holzmeister, F., Müllauer, A., Kirchler, M., 2018. Ethnical discrimination in Europe: Field evidence from the finance industry, PloS one 13(1)e0191959. [EF2017, University of Nice]
  • Stöckl, T., Palan, S., 2018. Catch me if you can. Can human observers identify insiders in asset markets?, Journal of Economic Psychology 67, 1–17. [EF2015, Radboud University]
  • Weber, M., Duffy, J., Schram, A., 2018. An Experimental Study of Bond Market Pricing, Journal of Finance 73(4), 1857-1892. [EF2016, University of Mannheim]

  • Brown, M., Trautmann, S. T., Vlahu, R., 2017. Understanding Bank-Run Contagion, Management Science 63(7), 2272–2282. [EF2013, University of Luxembourg]
  • Fang, D., Holmen, M., Kirchler, M., Kleinlercher, D., 2017. How tournament incentives affect asset markets. A comparison between winner-take-all tournaments and elimination contests, Journal of Economic Dynamics and Control 75, 1-27. [EF2015, Radboud University]
  • Fairley, K., Weitzel, U., 2017. Ambiguity and risk measures in the lab and students’ real-life borrowing behavior, Journal of Behavioral and Experimental Economics 67, 85-98. [EF2015, Radboud University]
  • Fischbacher, U., Hoffmann, G., Schudy, S., 2017. The Causal Effect of Stop-Loss and Take-Gain Orders on the Disposition Effect, Review of Financial Studies 30(6), 2110–2129. [EF2013, Tilburg University]
  • Holzmeister, F., 2017. oTree: Ready-made Apps for Risk Preference Elicitation Methods, Journal of Behavioral and Experimental Finance 16, 33–38. [EF2016, University of Mannheim]
  • Huber, J., Kirchler, M., Kleinlercher, D., and Sutter, M., 2017. Market vs. residence principle. Experimental evidence on the effects of a financial transaction tax, Economic Journal 127, F610-F631. [EF2013, Tilburg University]
  • Keser, C., Özgümüs, A., Peterlé, E., Schmidt, M., 2017. An experimental investigation of rating-market regulation, Journal of Economic Behavior & Organization 144, 78-86. [EF2016, University of Mannheim]
  • Kirchler, M., Andersson, D., Bonn, C., Johannesson, M., Sørensen, E., Stefan, Matthias, Tinghög, G., Västfjäll, D., 2017. The effect of fast and slow decisions on financial risk taking, Journal of Risk and Uncertainty 54(1), 37-59. [EF2013, Tilburg University]
  • Krawczyk, M. W., Trautmann, S. T., van de Kuilen, G., 2017. Catastrophic risk. Social influences on insurance decisions, Theory and Decision 82(3), 309–326. [EF2014, University of Zurich]
  • Lazar, M., Levkowitz, A., Oren, A., Sonsino, D., 2017. A note on receptiveness to loss in structured Investment, Journal of Behavioral and Experimental Economics 69, 92–98. [EFRC2016, University of Arizona]
  • Palan, S., Stöckl, T., 2017. When chasing the offender hurts the victim. The case of insider legislation, Journal of Financial Markets 35, 104-129. [EF2014, University of Zurich, EFRC2016, University of Arizona]
  • Razen, M., Huber, J., Kirchler, M., 2017. Cash inflow and trading horizon in asset markets, European Economic Review 92, 359–384. [EF2016, University of Mannheim]
  • Shachat, J., Zhang, Z., 2017. The Hayek hypothesis and long run competitive equilibrium. An experimental investigation, Economic Journal 127(599), 199–228. [EF2013, University of Luxembourg]
  • Camerer, C., Dreber, A., Forsell, E., Ho, T.-H., Huber, J., Johanesson, M., Kirchler, M., Almenberg, J., Altmejd, A., Chan, T., Heikensten, E., Holzmeister, F., Imai, T., Isaksson, S., Nave, G., Pfeiffer, T., Razen, M., and Wu, H., 2016. Evaluating replicability of laboratory experiments in economics, Science 351(6280), 1433-1436. [EF2016, University of Mannheim]
  • Dimmock, S. G., Kouwenberg, R., Mitchell, O. S., Peijnenburg, K., 2016. Ambiguity aversion and household portfolio choice puzzles. Empirical evidence, Journal of Financial Economics 119(3), 559–577. [EF2014, University of Zurich]
  • Holzmeister, F., Pfurtscheller, A., 2016. oTree: The ‘Bomb’ Risk Elicitation Task, Journal of Behavioral and Experimental Finance 10, 105–108. [EF2016, University of Mannheim]
  • Huber, J., Kirchler, M., and Stöckl, T., 2016. The influence of investment experience on market prices. Laboratory evidence, Experimental Economics 19(2), 394-411. [EF2015, Radboud University]
  • Kirchler, M., Huber, J., Stefan, M., and Sutter, M., 2016. Market design and moral behavior, Management Science 62(9), 2615-2625. [EF2014, University of Zurich]
  • König-Kersting, C., Trautmann, S. T., 2016. Ambiguity attitudes in decisions for others, Economics Letters 146, 126–129. [EF2016, University of Mannheim]
  • Langnickel, F., Zeisberger, S., 2016. Do we measure overconfidence? A closer look at the interval production task, Journal of Economic Behavior & Organization 128, 121–133. [EF2015, Radboud University]
  • Meissner, T., 2016. Intertemporal consumption and debt aversion. An experimental study, Experimental Economics 19(2), 281-298. [EF2015, Radboud University]
  • Powell, O., 2016. Numeraire independence and the measurement of mispricing in experimental asset markets, Journal of Behavioral and Experimental Finance 9, 56–62. [EF2015, Radboud University]
  • Qiu, J., Weitzel, U., 2016. Experimental Evidence on Valuation with Multiple Priors, Journal of Risk and Uncertainty 53(1), 55–74. [EF2013, Tilburg University]

  • Afik, Z., Lahav, Y., 2015. Thinking Near and Far: Modeling the Formation of Traders’ Beliefs in Asset Markets using Experimental Data, Journal of Behavioral and Experimental Economics 57, 73–80. [EF2014, University of Zurich]
  • Asparohova, E., Bossaerts, P., Čopič, J., Cornell, B., Cvitanić, J., and Meloso, D., 2015. Competition in Portfolio Management. Theory and Experiment, Management Science 61(1)1868-1888. [EF2011, University of Innsbruck]
  • Cohn, A., Engelmann, J., Fehr, E., and Maréchal, M. A., 2015. Evidence for Countercyclical Risk Aversion. An Experiment with Finance Professionals, American Economic Review 105(2), 860-885. [EF2013, Tilburg University]
  • Dimmock, S. G., Kouwenberg, R., Mitchell, O. S., Peijnenburg, K., 2015. Estimating ambiguity preferences and perceptions in multiple prior models. Evidence from the field, Journal of Risk and Uncertainty 51(3), 219–244. [EF2015, Radboud University]
  • Eckel, C. C., and Füllbrunn, S., 2015. Thar 'she' blows? Gender, competition, and bubbles in experimental asset markets, American Economic Review 105(2), 906–920. [EF2011, University of Innsbruck]
  • Füllbrunn, S., Kreiner, S., and Palan, S., 2015. The Value of a Fallback Option, Central European Journal of Operations Research 23(2), 375–388. [EF2013, Tilburg University]
  • Kirchler, M., Bonn, C., Huber, J., and Razen, M., 2015. The 'Inflow-Effect'. Trader inflow and price efficiency, European Economic Review 77, 1–19. [EF2013, University of Luxembourg]
  • Palan, S., 2015. GIMS - Software for Asset Market Experiments, Journal of Behavioral and Experimental Finance 5, 1–14. [EF2014, University of Zurich]
  • Stöckl, T., Huber, J., Kirchler, M., and Lindner, F., 2015. Hot Hand and Gambler's Fallacy in teams: Evidence from investment experiments., Journal of Economic Behavior and Organization 117, 327-339. [EF2015, Radboud University]

  • Akiyama, E., Hanaki, N., and Ishikawa, R., 2014. How do experienced traders respond to inflows of inexperienced traders? An experimental analysis, Journal of Economic Dynamics and Control 45, 1–18. [EF2014, University of Zurich]
  • Bichler, M., Goeree, J., Mayer, S., and Shabalin, P., 2014. Spectrum auction design. Simple auctions for complex sales, Telecommunications Policy 38(7), 613–622. [EF2011, University of Innsbruck]
  • Cheung, S. L., and Coleman, A., 2014. Relative performance incentives and price bubbles in experimental asset markets, Southern Economic Journal 81(2), 345-363. [EF2011, University of Innsbruck]
  • Cohn, A., Fehr, E., and Maréchal, M. A., 2014. Business culture and dishonesty in the banking industry, Nature 516, 86–89. [EF2014, University of Zurich]
  • Dijk, O., Holmen, M. H., and Kirchler, M., 2014. Rank matters. The impact of social competition on portfolio choice, European Economic Review 66(1), 97–110. [EF2013, University of Luxembourg]
  • Eriksen, K. W., and Kvaløy, O., 2014. Myopic risk-taking in tournaments, Journal of Economic Behavior & Organization 97, 37–46. [EF2010, University of Gothenburg]
  • Füllbrunn, S., Rau, H. A., and Weitzel, U., 2014. Does ambiguity aversion survive in experimental asset markets?, Journal of Economic Behavior & Organization 107B, 810–826. [EF2013, University of Luxembourg]
  • Hinterleitner, G., Leopold-Wildburger, U., Mestel, R., and Palan, S., 2014. A Good Beginning Makes a Good Market. The Effect of Different Market Opening Structures on Market Quality, The Scientific World Journal(307808), 1–14. [EF2013, University of Luxembourg]
  • Holmen, M., Kirchler, M., and Kleinlercher, D., 2014. Do option-like incentives induce overvaluation? Evidence from experimental asset markets, Journal of Economic Dynamics and Control 40, 179–194. [EF2011, University of Innsbruck]
  • Huber, J., Kirchler, M., and Stefan, M., 2014. Experimental Evidence on Varying Uncertainty and Skewness in Laboratory Double-Auction Markets, Journal of Economic Behavior & Organization 107B, 798–809. [EF2013, University of Luxembourg]
  • Kiss, H. J., Rodriguez-Lara, I., and Rosa-Garcia, A., 2014. Do women panic more than men? An experimental study of financial decisions, Journal of Behavioral and Experimental Economics 52, 40–51. [EF2014, University of Zurich]
  • Kleinlercher, D., Huber, J., and Kirchler, M., 2014. The impact of different incentive schemes on asset prices, European Economic Review 68, 137–150. [EF2013, University of Luxembourg]
  • Pikulina, E., Renneboog, L., Horst, J. T., and Tobler, P. N., 2014. Bonus schemes and trading activity, Journal of Corporate Finance 29, 369–389. [EF2013, University of Luxembourg]
  • Smith, A., Lohrenz, T., King, J., Read Montague, P., and Camerer, C. F., 2014. Irrational exuberance and neural crash warning signals during endogenous experimental market bubbles, Proceedings of the National Academy of Sciences of the United States of America 111(29), 10503–10508. [EF2014, University of Zurich]
  • Stöckl, T., 2014. Price efficiency and trading behavior in limit order markets with competing insiders, Experimental Economics 17(2), 314–334. [EF2011, University of Innsbruck]
  • Stöckl, T., Huber, J., and Kirchler, M., 2014. Multi-period experimental asset markets with distinct fundamental value regimes, Experimental Economics, 1–21. [EF2011, University of Innsbruck]
  • Weinstock, E., Sonsino, D., 2014. Are risk-seekers more optimistic? Non-parametric approach., Journal of Economic Behavior & Organization 108, 236–251. [EF2013, Tilburg University]

  • Dai, Y., Gryglewicz, S., Smit, H. T., and Maeseneire, W. de, 2013. Similar bidders in takeover contests, Games and Economic Behavior 82, 544–561. [EF2011, University of Innsbruck]
  • Muehlfeld, K., Weitzel, U., and van Witteloostuijn, A., 2013. Fight or freeze? Individual differences in investors’ motivational systems and trading in experimental asset markets., Journal of Economic Psychology 34, 195–209. [EF2011, University of Innsbruck]
  • Sonsino, D., Regev, E., 2013. Informational overconfidence in return prediction-More properties, Journal of Economic Psychology 39, 72–84. [EF2011, University of Innsbruck]

  • Hedesström, M., Andersson, M., Gärling, T., and Biel, A., 2012. Stock investors’ preference for short-term vs. long-term bonuses, The Journal of Socio-Economics 41(2), 137–142. [EF2010, University of Gothenburg]
  • Huber, J., and Kirchler, M., 2012. The impact of instructions and procedure on reducing confusion and bubbles in experimental asset markets, Experimental Economics 15(1), 89–105. [EF2010, University of Gothenburg]
  • Kirchler, M., Huber, J., and Stöckl, T., 2012. Thar She Bursts - Reducing Confusion Reduces Bubbles, American Economic Review 102(2), 865–883. [EF2010, University of Gothenburg]

  • Hommes, C., 2011. The heterogeneous expectations hypothesis: Some evidence from the lab, Journal of Economic Dynamics and Control 35, 1–24. [EF2010, University of Gothenburg]
  • Huber, J., Angerer, M., and Kirchler, M., 2011. Experimental asset markets with endogenous choice of costly asymmetric information, Experimental Economics 14(2), 223–240. [EF2010, University of Gothenburg]
  • Kirchler, M., Huber, J., and Kleinlercher, D., 2011. Market microstructure matters when imposing a Tobin tax. Evidence from the lab, Journal of Economic Behavior & Organization 80(3), 586–602. [EF2010, University of Gothenburg]