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Dr. Holger Gerhardt

ORCID iD icon 0000-0002-5045-2326


Contact Information

Department of Economics
Institute for Applied Microeconomics
Adenauerallee 24–42
53012 Bonn
Tel. +49 228 73-9196


Peer-Reviewed Journal Articles

Dertwinkel-Kalt, Markus, Holger Gerhardt, Gerhard Riener, Frederik Schwerter, Louis Strang (2021): “Concentration Bias in Intertemporal Choice.” Review of Economic Studies, DOI: 10.1093/restud/rdab043. [Latest discussion paper version; replication package.]

Rramani, Qëndresa, Holger Gerhardt,* Xenia Grote,* Weihua Zhao, Johannes Schultz, and Bernd Weber (2020): “Do Disadvantageous Social Contexts Influence Food Choice? Evidence From Three Laboratory Experiments.” Frontiers in Psychology, 11, Article 575170 (1–18). DOI: 10.3389/fpsyg.2020.575170.

Schulreich, Stefan, Holger Gerhardt, Dar Meshi, and Hauke R. Heekeren (2020): “Fear-induced increases in loss aversion are linked to increased neural negative-value coding.” Social Cognitive and Affective Neuroscience, 15(6), 661–670. DOI: 10.1093/​scan/​nsaa091.

Gerhardt, Holger,* Hannah Schildberg-Hörisch,* and Jana Willrodt* (2017): “Does self-control depletion affect risk attitudes?” European Economic Review, 100, 463–487. DOI: 10.1016/​j.euroecorev.​2017.09.004. [PDF of the accepted manuscript.]

Marsh, Nina, Dirk Scheele, Justin Feinstein, Holger Gerhardt, Sabrina Strang, Wolfgang Maier, René Hurlemann (2017): “Oxytocin-enforced norm compliance reduces xenophobic outgroup rejection.” Proceedings of the National Academy of Sciences USA, 114(35), 9314–9319. DOI: 10.1073/​pnas.​1705853114.

Behrens, Janina R., Antje Kraft, Kerstin Irlbacher, Holger Gerhardt, Manuel C. Olma, Stephan A. Brandt (2017): “Long-Lasting Enhancement of Visual Perception with Repetitive Noninvasive Transcranial Direct Current Stimulation.” Frontiers in Cellular Neuroscience, 11, Article 238 (1–10). DOI: 10.3389/​fncel.​2017.00238.

Strang, Sabrina, Holger Gerhardt, Nina Marsh, Sergio Oroz Artigas, Yang Hu, René Hurlemann, and Soyoung Q. Park (2017): “A matter of distance—The effect of oxytocin on social discounting is empathy-dependent.” Psychoneuroendocrinology, 78, 229–232. DOI: 10.1016/​j.psyneuen.​2017.01.031.

Schulreich, Stefan, Holger Gerhardt, and Hauke R. Heekeren (2016): “Incidental Fear Cues Increase Monetary Loss Aversion.” Emotion, 16(3), 402–412. DOI: 10.1037/​emo0000124.

Marsh, Nina, Dirk Scheele, Holger Gerhardt, Sabrina Strang, Laura Enax, Bernd Weber, Wolfgang Maier, and René Hurlemann (2015): “The Neuropeptide Oxytocin Induces a Social Altruism Bias.” Journal of Neuroscience, 35(47), 15696–15701. DOI: 10.1523/​JNEUROSCI.​3199-15.2015.

Schulreich, Stefan,* Yana G. Heussen,* Holger Gerhardt,* Peter N. C. Mohr, Ferdinand C. Binkofski, Stefan Koelsch, and Hauke R. Heekeren (2014): “Music-evoked incidental happiness modulates probability weighting during risky lottery choices.” Frontiers in Psychology, 4, Article 981 (1–17). DOI: 10.3389/​fpsyg.​2013.00981.

* These authors contributed equally to the respective work.

Book Chapter

Antoine, Nadja M., and Holger Gerhardt (2014): “Bestätigende und herausfordernde Impulse in der kokreativen Interaktion. Kokreative Wertschöpfung unter den Bedingungen von Koopetition am Beispiel der Ideenplattform jovoto,” in: Klein, Inga and Sonja Windmüller (eds.), Kultur der Ökonomie. Zur Materialität und Performanz des Wirtschaftlichen, Edition Kulturwissenschaft. transcript Verlag, Bielefeld, Germany, pp. 259–281. DOI: 10.14361/transcript.9783839424605.259.

Working Papers

Gerhardt, Holger, Guido Biele, Hauke R. Heekeren, Harald Uhlig (2016): “Cognitive Load Increases Risk Aversion.” SFB 649 Discussion Paper No. 2016-011. DOI: 10.18452/4622. [PDF.]

Professional Experience


Postdoctoral Researcher, CENs—Center for Economics and Neuroscience and Department of Economics, and Lab Manager, BonnEconLab, University of Bonn, Germany.


Research and teaching assistant, Institute of Economic Policy, Humboldt-Universität zu Berlin, Germany.




Humboldt-Universität zu Berlin, School of Business and Economics and Berlin School of Mind and Brain (2007–2011), Dr. rer. pol. (Ph.D. in Economics), summa cum laude. Dissertation: Essays in Experimental and Neuroeconomics. DOI: 10.18452/​16722. [PDF.]
Thesis advisors: Prof. Lutz Weinke (economics) and Prof. Hauke R. Heekeren (neuroscience).


Humboldt-Universität zu Berlin, School of Business and Economics, Diplom-Volkswirt (Diploma in Economics, M.Sc.-equivalent).
Awarded the WWG Prize for the best diploma degree obtained during the winter term 2004/05.



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