The Society for Experimental Finance is an organization for scientists who use controlled experiments to understand human behavior on financial markets.


We are pleased to announce that Edward Halim, Yohanes Riyanto, and Nilanjan Roy won the 2020 Vernon L. Smith Excellence Award in Experimental Finance for their paper "Costly Information Acquisition, Social Networks, and Asset Prices: Experimental Evidence", published in the Journal of Finance (https://doi.org/10.1111/jofi.12768).

The award panel also wants to give special recognition to the paper "An Experimental Test of the Lucas Asset Pricing Model" by Sean Crockett, John Duffy, and Yehuda Izhakian, published in the Review of Economic Studies (https://doi.org/10.1093/restud/rdy035).

The award panel is impressed by the depth and scope of the studies and is convinced that both papers make a very important contribution to Finance research. The panel members are Elena Asparouhova (University of Utah), Michael Kirchler (University of Innsbruck), Dave Porter (Chapman University), and Utz Weitzel (VU Amsterdam and Radboud University).

The award and special recognition will be handed over officially during the conference dinner at the next Experimental Finance World Conference in Innsbruck in June 16-18, 2021.

Congratulations to all authors for their contribution.

Upcoming Events

The next scheduled events will be the Experimental Finance 2021 conference and summer school, to be held at the University of Innsbruck. Stay tuned for details.

Recently published papers

  • Mugerman, Y., Sade, O., Winter, E., 2020. "Out-of-pocket vs. out-of-investment in financial advisory fees: Evidence from the lab", Journal of Economic Psychology 81, 102317. [EFRC2017, Virginia Commonwealth University]

  • Riley, C., Summers, B., Duxbury, D., 2020. Capital Gains Overhang with a Dynamic Reference Point, Management Science 66(10), 4726–4745. [EF2018, University of Heidelberg]

  • Kopányi-Peuker, A., Weber, M., 2020. Experience Does Not Eliminate Bubbles: Experimental Evidence, Review of Financial Studies. [EF2018, University of Heidelberg]

(All listed papers were previously presented at an EF conference, given in square brackets. See published EF papers for more papers.)

Recent newsletters

2020/03 - August 25, 2020

2020/02 - April 23, 2020

2020/01 - January 14, 2020