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Institute for Applied Microeconomics

Institute for Applied Microeconomics


Postal Address
University of Bonn
Institute for Applied Microeconomics
Adenauerallee 24–42
53113 Bonn


+49 228 73-9240 / -9238 / -9211

Fax: +49 228 73-9239


Office hours by arrangement via e-mail.

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Dr. Holger Gerhardt


Contact Information

Department of Economics
Institute for Applied Microeconomics
Adenauerallee 24–42
53012 Bonn
Tel. +49 228 73-9196 (BonnEconLab)
Tel. +49 228 73-9288 (IAME)
Fax +49 228 73-9193

Working Papers

Dertwinkel-Kalt, Markus, Holger Gerhardt, Gerhard Riener, Frederik Schwerter, Louis Strang (2017): “Concentration Bias in Intertemporal Choice.” URL: Revise and resubmit, Review of Economic Studies.

Gerhardt, Holger, Guido Biele, Hauke R. Heekeren, Harald Uhlig (2016): “Cognitive Load Increases Risk Aversion.” SFB 649 Discussion Paper No. 2016-011. URL:


Peer-Reviewed Journal Articles

Gerhardt, Holger,* Hannah Schildberg-Hörisch,* and Jana Willrodt* (2017): “Does self-control depletion affect risk attitudes?” Forthcoming, European Economic Review. DOI: 10.1016/j.euroecorev.2017.09.004. (Working-paper version: IZA Discussion Paper No. 9613. URL:
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), 15969–15701. 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. URL:


Professional Experience

2011–present Postdoctoral Researcher, CENs and Department of Economics, and Lab Manager, BonnEconLab, University of Bonn, Germany.
2005–2011 Research and teaching assistant, Institute of Economic Policy, Humboldt-Universität zu Berlin, Germany.


2005–2011 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.
Thesis advisors: Prof. Lutz Weinke (economics) and Prof. Hauke R. Heekeren (neuroscience).
1999–2004  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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