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Department of Economics

Publications and Working Papers

Most recent publications in economics and other behavioral sciences

Teaching self-regulation

Nature Human Behaviour 2022, (with D. Schunk, E. Berger, H. Hermes, and K. Winkel)

Can people detect the trustworthiness of strangers based on their facial appearance? Evolution and Human Behavior, Forthcoming (with B. Jaeger, B. Oud, T. Williams, E. Krumhuber, and J. Engelmann)
Preferences predict who commits crime among young men (PDF, 1 MB)
PNAS 119 (6), 2022, (with T. Epper, K. B. Hvidberg, C. Thustrup Kreiner, S. Leth-Petersen, and G. Nytoft Rasmussen)
The rise of affectivism
Nature Human Behaviour 5, 2021, 816-820 (with D. Dukes, K. Abrams, D. Sander et al.)
Does market interaction erode moral values? (PDF, 697 KB)
Review of Economics and Statistics, 2021, (with B. Bartling and Y. Özdemir)
Behavioral Constraints on the Design of Subgame-Perfect Implementation Mechanisms (PDF, 3 MB)
American Economic Review 2021,111(4) 1055-91 (with M. Powell and T. Wilkening)
Time Will Tell: Recovering Preferences when Choices Are Noisy
Journal of Political Economy 2021, 129(6), 1828-1877 (with C. Alos-Ferrer and N. Netzer)

A registered replication study on oxytocin and trust
Nature Human Behaviour 2020, DOI: 10.1038/s41562-020-0878-x
(with C.H Declerck,C. Boone, L. Pauwels, and B. Vogt)

Summary: Does Oxytocin increase trust in humans, and if so, when? (PDF, 146 KB)

Blog: Establishing trust in oxytocin research

The Uncertainty Triangle – Uncovering Heterogeneity in Attitudes Towards Uncertainty (PDF, 1 MB)

Journal of Risk and Uncertainty, 2020, 60:125-156 (with D. Burghart and T. Epper)

The evolution of distorted beliefs versus mistaken choices under asymmetric error costs (PDF, 357 KB)

Evolutionary Human Sciences, forthcoming (with C. Efferson and R. McKay)

Motivated misremembering of selfish decisions (PDF, 423 KB)

Nature Communications 11, 2100, 2020, (with R. Carlson, M.A. Maréchal, B. Oud, and M. Crockett)

 Time Discounting and Wealth Inequality (PDF, 832 KB)
American Economic Review 2020, 110(4), 1177-1205, DOI 10.1257/aer.20181096 (with T. Epper, H. Fehr-Duda, C. Thustrup Kreiner, D. Dreyer Lassen, Soren Leth-Petersen, and G. Nytoft Rasmussen)

Revealed preferences in a sequential prisoner's dilemma: A horse-race between six utility functions (PDF, 2 MB)
Journal of Economic Behavior and Organization 2020, 173, 1-25, (with T. Miettinen, M. Kosfeld, and J. Weibull)

On the psychology and economics of antisocial personality (PDF, 743 KB)
PNAS DOI: 10.1073/pnas.1820133116, 2019 (with J.B. Engelmann, B. Schmid, C.K.W. De Dreu, and J. Chumbley)

Press release in English (PDF, 69 KB)
Press release in German (PDF, 75 KB)

The promise and the peril of using social influence to reverse harmful traditions (PDF, 2 MB)
Nature Human Behaviour 2019 doi:10.1038/s41562-019-0768-2 (with C. Efferson and S. Vogt)

Cultural evolutionary public policy (PDF, 1 MB), commentary in Nature Human Behavior

The Many Faces of Human Sociality: Uncovering the Distribution and Stability of Social Preferences
Journal of the European Economic Association, 2019, 17(4), 1025–1069 (with A. Bruhin and D. Schunk)

The Role of Bounded Rationality and Imperfect Information in Subgame Perfect Implementation - An Empirical Investigation
Journal of the European Economic Association 2018, 16(1), 2018 232–274 (with P. Aghion, R. Holden, and T. Wilkening)

Normative Foundations of human cooperation (PDF, 1 MB)
Nature Human Behavior 2, 2018, 458-468 (with I. Schurtenberger)

Do professional norms in the banking industry favor risk-taking?
Review of Financial Studies 30(11), 2017, 3801-3823, doi:10.1093/rfs/hhx003 (with A. Cohn and M.A. Maréchal)

Most recent publications in neuroeconomics and social neuroscience

A causal role for the right frontal eye fields in value comparison eLife 2021 10:e67477, DOI:7554/eLife.67477 (with I. Krajbich, A. Mitsumasu, R. Polania, and C.C. Ruff)
Testing models at the neural level reveals how the brain computes subjective value
PNAS 2021, 118(43), DOI 10.1073/pnas.2106237118 (with T. Williams, C. Burke, S. Nebe, K. Preuschoff, and P. Tobler)

Activation of D1 receptors affects human reactivity and flexibility to valued clues
Neuropsychopharmacology 45(5) 2020 780-785 (with A. Soutschek, R. Kozak, N. DeMartinis, W. Howe, C. Burke, A. Jetter, and P. Tobler)

The neural circuitry of affect-induced distortions of trust (PDF, 939 KB)
Science Advances 5(3), 2019, 10.1126/sciad.aau3413 (with J.B. Engelmann, F. Meyer, and C.C. Ruff)

Supplementary online material (PDF, 1 MB)

Dopamine Receptor-Specific Contributions to the Computation of Value (PDF, 1 MB)
Neuropsychopharmacology (2018) 43(6):1415-1424, DOI 10.1038/npp.2017.302 (with C. Burke, A. Soutschek, S. Weber, A. Beharalle, H. Haker, and P. Tobler)

The neural circuitry of affect-induced distortions of trust (PDF, 939 KB)
Science Advances 5(3), 2019, 10.1126/sciad.aau3413 (with J.B. Engelmann, F. Meyer, and C.C. Ruff)

Supplementary online material (PDF, 1 MB)

Computational and neurobiological foundations of leadership decisions (PDF, 3 MB)
Science (2018) | DOI: 10.1126/science.aat0036 (with J. M. Edelson, R. Polania, C.C. Ruff, and T. Hare)

A neural link between generosity and happiness (PDF, 780 KB)
Nature Communications 2017 doi:10.1038/ncomms15964 (with S.Q. Park, T. Kahnt, A. Dogan, S. Strang, and P. Tobler)


Neuroeconomics: Decision Making and the Brain, Second Edition

Edited by Paul W. Glimcher and Ernst Fehr

Neuroeconomics is a young, interdisciplinary field dealing with the neurobiology of decision making and how it affects cognitive social interactions between humans and societies/economies. It studies how economic behavior can shape our understanding of the brain, and how neuroscientific discoveries can constrain and guide models of economics. Neuroeconomics studies decision making by using a combination of tools from neuroscience, economics and psychology to avoid the shortcoming that arise from a single perspective approach.

Offering the necessary interdisciplinary approach, Neuroeconomics second edition presents research from neuroscience, psychology, and behavioral economics. Edited by two of the founders of the field, this edition once again offers a current and comprehensive review of the field. With chapters authored by all the major figures, this new edition will serve to advance understanding of the following as related to the human brain through neoclassical economic approaches, behavioral economics, social decision making, valuation, and neural mechanism for choice.

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Neuroeconomics: Decision Making and the Brain

by Paul W. Glimcher, Colin Camerer, Ernst Fehr, and Russell Poldrack. Academic Press, 2008

Neuroeconomics is a new promising approach to understanding the neurobiology of decision making and how it affects social interactions between humans. This book is the first edited reference on the science behind neuroeconomics. Offering a truly interdisciplinary approach, "Neuroeconomics" presents research from neuroscience, psychology, and behavioral economics, and includes chapters by the major figures in the field. Carefully edited for a cohesive presentation of the material, the book is also very useful as a textbook for the many newly emerging graduate courses on Neuroeconomics in Neuroscience, Psychology, and Economics schools. Editors and contributing authors represent the acknowledged experts and founders of the field of Neuroeconomics and include Nobel laureates Vernon Smith and Daniel Kahneman.

This book received the Award for Excellence in Social Sciences and was the winner in the Economics category.

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Moral Sentiments and Material Interests : The Foundations of Cooperation in Economic Life (Economic Learning and Social Evolution)

by Herbert Gintis, Samuel Bowles, Robert T. Boyd, Ernst Fehr

Moral Sentiments and Material Interests presents an innovative synthesis of research in different disciplines to argue that cooperation stems not from the stereotypical selfish agent acting out of disguised self-interest but from the presence of "strong reciprocators" in a social group. The book presents the evidence in favor of strong reciprocity among humans, provides a thorough analysis of cooperation in nonhuman primates and discusses the motivational and evolutionary origins of strong reciprocity. In addition, Moral Sentiments and Material Interests derives the implications of strong reciprocity for the functioning of markets and other political and economic institutions, including the political legitimacy of different social policies.

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Foundations of Human Sociality

What motives underlie the ways humans interact socially? Are these the same for all societies? Are these part of our nature, or influenced by our environments?

Over the last decade, research in experimental economics has emphatically falsified the textbook representation of Homo economicus. Literally hundreds of experiments suggest that people care not only about their own material payoffs, but also about such things as fairness, equity and reciprocity. However, this research left fundamental questions unanswered: Are such social preferences stable components of human nature; or, are they modulated by economic, social and cultural environments?

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Related Work

(PDF, 142 KB)

Economics and other behavioral sciences

2015 - present

Redefine Statistical Significance (PDF, 2 MB), Nature Human Behaviour 2, 6-10 (2018) (with D. Benjamin, J. Berger, et. al.)

Simple moral code supports cooperation, Nature (2018) 555(7695):169-170, DOI:10.1038/d41586-018-02621-x (with C. Efferson)

The risk of female genital cutting in Europe: Comparing immigrant attitudes toward uncut girls with attitudes in a practicing country (PDF, 585 KB), SSM - Population Health 3 (2017), 283-293 DOI: 10.1016/j.ssmph.2017.02.002 (with S. Vogt and C. Efferson)

Changing cultural attitudes towards femal genital cutting Nature 538, 2016, 506-509 2016 doi:10.1038/nature20100 (with S. Vogt, N.A.M. Zaid, H. El Fadil Ahmed, and C. Efferson)

NZZ Article | Jura Forum

Irrational time allocation in decision-making Proceedings of the Royal Society B: Biological Sciences 277 (2016) doi 10.1098/rspb.2015.1439 (with B. Oud, I. Krajbich, K. Miller, J.H. Cheong, and M. Botvinick)

Female genital cutting is not a social coordination norm Science 346(6255), 2015, 1446-1447,  doi:10.1126/science.aaa7978 (with C. Efferson, S. Vogt, A. Elhadi, and H. El Fadil Ahmed)

Decentralized matching and social segregation Games and Economic Behavior 90, 2015, 17-43 doi:10.1016/j.geb.2014.11.004 (with Y. Chen, U. Fischbacher, and P. Morgan) 

Evidence for Countercyclical Risk Aversion: An Experiment with Financial Professionals American Economic Review 105(2), 2015, 860-885 (with A. Cohn, J. Engelmann, and M. Maréchal)

2010 - 2014

Business Culture and Dishonesty in the Banking Industry (PDF, 896 KB)Nature 516, 2014, 56-89 doi:10.1038/nature13977 (with A. Cohn and M. Maréchal)

Related article on profesional identity: Professional identity can increase dishonesty (PDF, 1074 KB), Nature 516, 2014, 48-49 doi:10.1038/nature14068 (by Marie Claire Villeval)

Summary of the Study in English (PDF, 41 KB) (PDF, 40 KB)Zusammenfassung der Studie auf Deutsch (PDF, 44 KB) (PDF, 43 KB)

A Benefits of Neuroeconomic Modeling: New Policy Interventions and Predictors of Preference American Economic Review: Papers and Proceedings 104(5), 2014, 501-506 doi:10.1257/aer104.5.501 (with I. Krajbich and B. Oud)

The Intrinsic Value of Decision Rights Econometrica 82(6), 2014, 2005-2039 (with B. Bartling and H. Herz)

On the psychology of poverty (PDF, 1480 KB) Science 862(6186), 2014, 862-867 doi:10.1126/science1232491 (with J. Haushofer)

Social Comparison and Effort Provision: Evidence from a Field Experiment (PDF, 206 KB) Journal of the European Economic Association 12(4), 2014, 877-898 (with A. Cohn, B. Herrmann, and F. Schneider)

Can we see inside? Predicting strategic behavior given limited information Evolution and Human Behavior 34, 2013, 258-264 doi:1016/j.evolhumbehav.2013.03.003 (with C. Efferson and S. Vogt)

Game Human Nature, Nature 530 (2016), 413-415 (with H. Fehr-Duda)
Fair wages and effort provision: Combining evidence from the lab and the field (PDF, 568 KB), Management Science (2015), 61(8) 1777-1794, DOI: 10.1287/mnsc.2014.1970 (with A. Cohn and L. Goette)
The development of egalitarianism, altruism, spite and parochialism in childhood and adolescenceEuropean Economic Review 64 (2013) 369-383 (with D. Glätzle-Rützler and M. Sutter)
The Lure of Authority: Motivation and Incentive Effects of Power American Economic Review 103(4) (2013), 1325-1359 (with H. Herz and T. Wilkening)
Do high stakes and competition undermine fair behaviour? Evidence from Russia  Journal of Economic Behavior and Organization (2013) (with U. Fischbacher and E. Tougareva)Experimental instructions (DOC, 72 KB) (DOC, 70 KB)
Use and Abuse of Authority: A Behavioral Foundation of the Employment Relation, Journal of the European Economic Association, 11(4), 2013, 711-742 (with B. Bartling and K.M. Schmidt)
The development of egalitarianism, altruism, spite and parochialism in childhood and adolescence European Economic Review 64 (2013), 369-383 (with D. Glaetzle-Ruetzler and M. Sutter)
Can we see inside? Predicting strategic behavior given limited information (PDF, 470 KB)Evolution and Human Behavior 34 (2013), 258-264 (with C. Efferson and S. Vogt)
Big experimenter is watching you! Anonymity and prosocial behavior in the laboratory Games and Economic Behavior 2012, 75(1), 17-34 (with F. Barmettler and C. Zehnder)
Screening, Competition, and Job Design: Economic Origins of Good Jobs American Economic Review 102(2), (2012) 834-864 (with Björn Bartling and Klaus M. Schmidt)
Competition and Relational Contracts: The Role of Unemployment as a Disciplinary Device Journal of the European Economic Association 10(4) (2012) 887-907(with Martin Brown and Armin Falk)
The Social Dimension of Stress Reactivity: Acute Stress Increases Prosocial Behavior in Humans (PDF, 941 KB)Psychological Science, advance online publication doi:10.1177/0956797611431576, 2012 (with B. von Dawans, U. Fischbacher, C. Kirschbaum, and M. Heinrichs)
Health effects on children's willingness to compete, Experimental Economics 15(1) (2012) 58 - 70 (with B. Bartling and D. Schunk)
Contracts as Reference Points - Experimental Evidence American Economic Review 101(2) (2011) 493-525 (with O. Hart and C. Zehnder) Experimental Data (ZIP, 238 KB) (ZIP, 232 KB)
Tastes, Castes, and Culture: The Influence of Society on Preferences Economic Journal 121 (2011), F396-F412 (with Karla Hoff)
Caste and Punishment: The Legacy of Caste Culture in Norm Enforcement Economic Journal 121 (2011), F449-F475 (with Karla Hoff and Mayuresh Kshetramade)

A field study on cooperativeness and impatience in the Tragedy of the Commons Journal of Public Economics 95 (2011) 1144-1155 (with Andreas Leibbrandt)

On inequity aversion: A reply to Binmore and Shaked Journal of Economic Behavior & Organization 2010, 73(1), 101-108 (with K. Schmidt)

Wrath of God: religious primes and punishment Proceedings of the Royal Society B: Biological Sciences, 2010, doi:10.1098/rsbp.2021.2125 (with R. McKay, C. Efferson, and H. Whitehouse)

2005 - 2009

Eyes are on us, but nobody cares: are eye cues relevant for strong reciprocity?

Proccedings of the Royal Society B: Biological Sciences 277 (1686): 1315-1323, 2009, DOI: 10.1098/rspb.2009.1900 (with F. Scheider)

Fairness, errors and the power of competition Journal of Economic Behavior & Organization 72 (2009) 527-545 (with C.M. Fong and U. Fischbacher)
On the Economics and Biology of Trust Journal of the European Economic Association 7(2-3) (2009) 235-266
A Behavioral Approach to the Labor Market: The Role of Fairness ConcernsAnnual Review of Economics 1 (2009), 355-84 (with C. Zehnder and L. Goette)
Egalitarianism and Competitiveness American Economic Review 99:2, 93–98, 2009 (by Björn Bartling, Ernst Fehr, Michel André Maréchal, and Daniel Schunk)
Contracts, Reference Points, and Competition-Behavioral Effects of The Fundamental Transformation Journal of the European Economic Association, 2009, 7(2-3), 561-572 (with O. Hart and C. Zehnder)
On Reputation: A Microfoundation of Contract Enforcement and Price Rigidity Economic Journal, 2009, 119(536), 333-353 (with M. Brown and C. Zehnder)
A Behavioral Account of the Labor Market: The Role of Fairness Concerns Annual Review of Economics, 2009, 1(1), 355-384 (with L. Goette and C. Zehnder)
Self-reinforcing market dominance Games and Economic Behavior 67 (2009), 481-502 (with D. Halbheer, L. Goette, and A. Schmutzler)
Limited Rationality and Strategic Interaction: The Impact of the Strategic Environment on Nominal Inertia Econometrica 76 (2008), 353-394. (with J. R. Tyran)
Fairness and the optimal allocation of ownership rights The Economic Journal, 118 (August 2008), 1262–1284 (with Susanne Kremhelmer and Klaus M. Schmidt).
Testing theories of fairness - Intentions matter Games and Economic Behavior 62 (2008), 287-303 (with A. Falk and U. Fischbacher)
Spite and Development American Economic Review: Papers and Proceedings, 98:2 (2008) 494-499 (with Karla Hoff and Mayuresh Kshetramade)

Egalitarianism in young children (PDF, 258 KB)Nature 454 (2008) 1079-1084 (with Helen Bernhard and Bettina Rockenbach)

Experimental data (XLS, 167 KB)

Fairness and Contract Design Econometrica 75/1 (2007), 121-154 (with A. Klein and K.M. Schmidt)

Other-regarding preferences in a non-human primate: Common marmosets provision food altruistically Proceedings of the National Academy of Sciences 104(50), 2007, 19762-19766 (with J. Burkart, C. Efferson, and C. van Schaik)

Do Workers Work More if Wages Are High? Evidence from a Randomized Field Experiment The American Economic Review 97 (2007), 298-317 (with L. Goette)
Money illusion and coordination failure Games and Economic Behavior, 2007, 58(2), 246-268 (with J.-R. Tyran)
Adding a Stick to the Carrot? The Interaction of Bonuses and Fines American Economic Review, 2007, 97(2) 177-181 (with K. Schmidt)

Parochial altruism in humans Nature 442, 24 August 2006, 912-915 (with Helen Bernhard and Urs Fischbacher).

Group Affiliation and Altruistic Norm Enforcement American Economic Review, 2006, 96(2) 217-221 (with H. Bernhard and U. Fischbacher)
Fairness Perceptions and Reservation Wages - The Behavioral Impact of Minimum Wage Laws Quarterly Journal of Economics (2006), 1347-1381 (with A. Falk and C. Zehnder)
Inequality Aversion, Efficiency, and Maximin Preferences in Simple Distribution Experiments: Comment American Economic Review 96(5) (2006), 1912-1917 (with M. Naef and K.M. Schmidt)
When Does 'Economic Man' Dominate Social Behavior? (PDF, 214 KB) (PDF, 208 KB)Science 311, 6 January 2006, 47-52. (with Colin Camerer).
Robustness and Real Consequences of Nominal Wage Rigidity Journal of Monetary Economics 52 (2005), 779-809 (with L. Götte)
The Behavioral Effects of Minimum Wages
June 2005 (with Armin Falk and Christian Zehnder).
Individual Irrationality and Aggregate Outcomes Journal of Economic Perspectives 19 (2005), 43-66 (with J.R. Tyran).
'Economic Man' in Cross-Cultural Perspective: Ethnography and Experiments from 15 Small-Scale Societies (PDF, 679 KB) Behavioral and Brain Sciences (2005) 28, 795–855 (with J. Henrich, R. Boyd, S. Bowles, H. Gintis, C.Camerer, R. McElreath, M. Gurven, K. Hill, A. Barr, J. Ensminger, D. Tracer, F. Marlow, J. Patton, M. Alvard, F. Gil-White and N. Henrich).
Driving Forces Behind Informal Sanctions Econometrica 73 (6), November 2005, 2017–2030 (with Armin Falk and Urs Fischbacher).
Human Altruism—Proximate Patterns and Evolutionary Origins (PDF, 1.85 MB) Analyse & Kritik 27/2005 p. 6–47 (with Urs Fischbacher).
Altruists with Green Beards (PDF, 1.85 MB) Analyse & Kritik 27/2005 p. 73–84.
2000 - 2004

Human altruism: economic, neural, and evolutionary perspectives (PDF, 129 KB)Current opinion in Neurobiology 14:784-790, November 2004 (with Bettina Rockenbach)

Relational Contracts and the Nature of Market Interactions Econometrica Vol. 72, No. 3, May 2004, 747-780 (with Martin Brown and Armin Falk).
Loss Aversion and Labor Supply Journal of the European Economic Association 2(2-3), April/May 2004, 216-228 (with Lorenz Goette and David Huffman).
Fairness and Incentives in a Multi-task Principal-Agent Model Scand. J. of Economics 106(3), 453-474, 2004 (with Klaus M. Schmidt)
This is an electronic version of an article published in the Scandinavian Journal of Economics. Complete citation information for the final version of the paper, as published in the print edition of the Scandinavian Journal of Economics, is available on the Blackwell Synergy online delivery service, accessible via the journal's website or
The Hidden Costs and Returns of Incentives-Trust and Trustworthiness Among CEOs Journal of the European Economic Association, 2004, 2(5) 743-771 (with J. List)
The Hidden Costs and Rewards of IncentivesJournal of the European Economic Association 2 (2004), 741-771. (with J. List)
Social norms and human cooperationTRENDS in Cognitive SciencesVol.8 No.4, April 2004, 185-190 (with Urs Fischbacher)
Third Party Punishment and Social NormsEvolution and Human Behvavior 25, 2004, 63-87 (with Urs Fischbacher)Instructions to all treatments in German (ZIP, 713 KB) (ZIP, 696 KB)Original working paper (PDF, 2.21 MB) (PDF, 2 MB)
Why labour market experiments? Labour Economics 10, 2003, 399-406 (with Armin Falk).
Productivity of Failure (PDF, 351 KB) Nature 428 (2004) p. 701
Reasons for Conflicts - Lessons From Bargaining Experiments Journal of Institutional and Theoretical Economics 159 (2003), 171-187.
On the Nature of Fair Behavior Economic Inquiry 41 (2003), 20-26 (with A. Falk and U. Fischbacher).
The Nature of Human AltruismNature 425, 23 October 2003, 785-791 (with Urs Fischbacher)

Is Strong Reciprocity a Maladaptation? - On the Evolutionary Foundations of Human Altruism (PDF, 165 KB) (2003) in: P. Hammerstein (Ed.), The Genetic and Cultural Evolution of Cooperation, MIT Press, Cambridge, Mass. (with J. Henrich)

Explaining altruistic behavior in humans (PDF, 257 KB) Evolution and Human Behavior 24 (2003) 153–172 (with Herbert Gintis, Samuel Bowles, Robert Boyd)
A Nation-Wide Laboratory: Examining trust and trustworthiness by integrating behavioral experiments into representative surveys, Schmollers Jahrbuch 122(2002), 519-542 (with U. Fischbacher, B. von Rosenbladt, J. Schupp, and G. Wagner)
Psychological Foundations of Incentives Josef Schumpeter Lecture at the Annual Meeting of the European Economic Association 2001, European Economic Review 46 (2002), 687 - 724
Detrimental effects of sanctions on human altruismNature 422, 15 March 2002, 137-140 (with Bettina Rockenbach)
Instructions and raw data (ZIP, 41 KB)

Altruistic Punishment in HumansNature 415, 10 January 2002, 137-140 (with Simon Gächter)
Instructions in German (ZIP, 367 KB)

zCode for experiment (ZTT, 13 KB)

Experimental data (XLS, 1 MB)

Strong Reciprocity, Human Cooperation and the Enforcement of Social Norms, Human Nature 13, (2002), 1-25 (with Urs Fischbacher and Simon Gächter)
Strong Reciprocity may evolve with or without Group Selection (PDF, 45 KB) Comment in Theoretical Primatology (with Samuel Bowles and Herbert Gintis)

The economics of impatienceNature 415, 17 January 2002, 269-272.

Theories of Fairness and Reciprocity - Evidence and Economic Applications
Invited Lecture at the 8th World Congress of the Econometric Society 2000, M. Dewatripont, L. Hansen and St. Turnovsky (Eds.),Advances in Economics and Econometrics - 8th World Congress, Econometric Society Monographs, Cambridge, Cambridge University Press 2002 (with K. Schmidt).

Why Social Preferences Matter - The Impact of Non-selfish Motives on Competition, Cooperation and Incentives Frank Hahn Lecture at the Annual Meeting of the Royal Economic Society 2001, Economic Journal 112 (2002), C1-C33.

Appropriating the Commons - A Theoretical Explanation
Th. Dietz, N. Dolšak, E. Ostrom, P. Stern, S. Stonich, E. Weber (Eds.), The Drama of the Commons, National Academy Press, February 2002 (with A. Falk and U. Fischbacher)

Does Money Illusion Matter? American Economic Review 91 (2001), 1239-1262 (with J. R. Tyran).
Are people conditionally cooperative? Evidence from a public goods experiment Economic Letters 71(3), (2001), 397-404 (with U. Fischbacher and S. Gächter)

In Search of Homo Economicus: Behavioral Experiments in 15 Small-Scale SocietiesAmerican Economic Review 91, (2001), 73-78 (with Henrich, Boyd, Bowles, Gintis, Camerer and McElreath)

Fairness, incentives, and contractual choices European Economic Review, 2000, 44(4-6), 1057-1068 (with K. Schmidt)
Fairness and Retaliation - The Economics of Reciprocity Journal of Economic Perspectives 14, (2000), 159-181 (with Simon Gächter).
1990 - 2000
A Theory of Fairness, Competition and Cooperation Quarterly Journal of Economics 114, (1999), 817-868 (with K. Schmidt).
Wage Rigidity in a Competitive Incomplete Contract Market Journal of Political Economy 107, (1999), 106-134 (with A. Falk).Experimental Instructions (DOC, 122 KB) (DOC, 119 KB)

Collective Action as a Social Exchange Journal of Economic Behavior and Organization 39, (1999), 341-369 (with Simon Gächter)

Gift Exchange and Reciprocity in Competitive Experimental Markets European Economic Review 42, (1998), 1-34 (with G. Kirchsteiger und A. Riedl).
Do Addicts Behave Rationally? Scand. J. Economics 100 (1998) 643-662, 1998 (with P. K. Zych).
How effective are trust- and reciprocity- based incentives? (PDF, 1.21 MB) A. Ben-Ner, L. Putterman (Eds.), (1998) Economics, values and organization, Cambridge University Press, 1998 (with Simon Gächter)
Reciprocity and economics: The economic implications of Homo Reciprocans European Economic Review, 1998, 42(3-5) 845-859 (with S. Gaechter)
When Social Norms Overpower Competition: Gift Exchange in Experimental Labor Markets Journal of Labor Economics, 1998, 16(2) 324-351 (with E. Kirchler, A. Weichbold, and S. Gaechter)
Reciprocity as a Contract Enforcement Device Econometrica 65, (1997), 833-860 (with S. Gächter and G. Kirchsteiger)
Social Norms as a Social Exchange Swiss Journal of Economics and Statistics, 1997, 133(II) 275-292 (with S. Gaechter)
Does Social Exchange Increase Voluntary Cooperation? Kyklos, 1996, 49(4) 541-554 (with S. Gaechter and C. Kment)
Involuntary Unemployment and Non-compensating Wage Differentials in an Experimental Labour Market Economic Journal, 1996, 106(434) 106-121 (with G. Kirchsteiger and A. Riedl)
Institutions and Reciprocal Fairness Nordic Journal of Political Economy, 1996, 23 133-144 (with J.-R. Tyran)
Social exchange in the labor market: Reciprocity and trust versus egoistic money maximization Journal of Economic Psychology, 1996, 17(3) 313-341 (with E. Kirchler and R. Evans)
Insider Power, Wage Discrimination, and FairnessEconomic Journal Vol. 104, No. 424, (1994), 571-583 (with G. Kirchsteiger).
Wage bargaining and shock sensitivity of a small open economy Journal of Economics, 1994, 59(3) 259-286 (with F. Hof)
Two forms of workers' enterprises facing imperfect labor markets Economics Letters, 1993, 41(2) 121-127 (with M. Sertel)
Does Fairness prevent Market Clearing? Quarterly Journal of Economics 108, (1993), 437-460 (with G. Kirchsteiger und A. Riedl).Experimental data (XLS, 38 KB) (XLS, 37 KB)
Cooperation, Harassment and Involuntary Unemployment? American Economic Review 80, (1990), 624-630. ERRATUM (PDF, 34 KB) (PDF, 33 KB)American Economic Review 81, (1991), 384.

Neuroeconomics and Social Neuroscience

2010 - present

Combining Multiple Hypothesis Testing with Machine Learning Increases the Statistical Power of Genome-wide Association Studies Scientific Reports 6:36671, 2016| doi:10.1038/srep36671, (with B. Mieth, M. Kloft, J.A. Rodrigues, S. Sonnenburg, R. Vobruba, C. Mrocillo-Suarez, X. Farre, U. Marigorta, T. Dickhaus, G. Blanchard, D. Schunk, A. Navarro, and K.R. Mueller)

The brain's functional network architecture reveals human motives (PDF, 489 KB) Science 351(6277), 2016, 1074-1078doi:10.1126/science.aac7992 (with G. Hein, Y. Morishima, S. Leiberg, and S. Sul)

Perspective "Wiring the altruistic brain" Science 351(6277), 2016, 1028-1029 by S. Gluth and L. Fontanesi

Assessing statistical significance in multivariable genome wide association analysis Bioinformatics 32(13), 2016, 1990-2000 doi:10.1093/bioinformatics/btw128 (with L. Buzdugan, M. Kalisch, A. Navarro, D. Schunk, and P. Bühlmann)

The neurobiology of rewards and values in social decision making (PDF, 1 MB)Nature Reviews Neuroscience 15, 2014, 549-562 | doi:10.1038/nrn3776, 2014 (with C.C. Ruff)

Changing Social Norm Compliance with Noninvasive Brain Stimulation Science 342(6157), 2013, 482-484 doi: 1126/science1241399 (with C.C. Ruff and G. Ugazio)

Linking Brain Structure and Activation in Temporoparietal Junction to Explain the Neurobilogy of Human Altruism Neuron 75(1), 2012, 73-79 doi: 1016/j.neuron.2012.05.021 (with Y. Morishima, D. Schunk, A. Bruhin, and C.C. Ruff

Press releases

in English (PDF, 96 KB) (PDF, 93 KB)in German (PDF, 100 KB) (PDF, 97 KB)

Dorsolateral and ventromedial prefrontal cortex orchestrate normative choice (PDF, 877 KB)Nature Neuroscience 14(11), 2011, 1468-1474, doi:10.1038/nn.2933 (with T. Baumgartner, D. Knoch, P. Hotz, and C. Eisenegger)

The role of testosterone in social interaction (PDF, 550 KB) Trends in Cognitive Sciences 15(6), 2011, 263-271 doi: 10.1016/j.tics.2011.04.008 (with C. Eisenegger and J. Haushofer)

No sound evidence for a gender-specific effect of testosterone administration on aggressive motivation exists (Reply to Josephs et al.) Trends in Cognitive Sciences, 2011 | doi: 10.1016/j.tics.2011.09.006

The Mentalizing Network Orchestrates the Impact of Parochial Altruism on Social Norm Enforcement (PDF, 2 MB)Human Brain Mapping 33(6), 2012, 1452-1469 (with T. Baumgartner, L. Götte, and R. Gügler)

The slippery slope of dishonesty (PDF, 151 KB), Nature Neuroscience 19(12) (2016) 1543-1544, with J.B. Engelmann
Rethinking fast and slow based on a critique of reaction-time reverse inference (PDF, 617 KB), Nature Communications (2015) 6:7455 (with I. Krajbich, B. Bartling, and T. Hare)

A Common Mechanism Underlying Food Choice and Social Decisions, PLOS Computational Biology, (2015) DOI 10.1371/journal.pcbi.1004371 with I. Krajbich, T. Hare, B. Bartling, and Y. Morishima

Supplementary online material (ZIP, 91 KB)

Spatial gradient in value representation along the medial prefrontal cortex reflects individual differences in prosociality (PDF, 812 KB)PNAS doi/10.1073/pnas.1423895112 (2015) (with S. Sul, P. Tobler, G. Hein, S. Leiberg, D. Jung, and H. Kim)
Anticipatory anxiety disrupts neural valuation during risky choice, Journal of Neuroscience 35(7) 2015, 3085-3099 (with J. Engelmann, F. Meyer, and C. Ruff)
Endogenous Cortisol Predicts Decreased Loss Aversion in Young Men (PDF, 409 KB)Psychological Science 25(11), 2014, 2102-2105 (with J.R. Chumbley, I. Krajbich, J.B. Engelmann, E. Russell, S. Van Uum, and G. Koren)
Benefits of Neuroeconomic Modeling: New Policy Interventions and Predictors of Preference, American Economic Review: Papers and Proceedings, 104(5), 2014, 501-506 (with I. Krajbich and B. Oud)
Does General Motivation Energize Financial Reward-Seeking Behavior? Evidence from an Effort Task, PLOS One 9(9), 2014, Article Number 101936 (with J. R. Chumbley)
Inferring on the Intentions of Others by Hierarchical Bayesian Learning, PLOS Computational Biology 10(9), 2014, Article Number e1003810 (with A. Diaconescu, C. Mathys, L. Weber, J. Daunizeau, L. Kaspar, E. Lomakina, and K.E. Stephan)
Surprise Beyond Prediction Error (PDF, 346 KB)Human Brain Mapping 35(9), 2014, 4805-4814 (with J.R. Chumbley, C. Burke, K.E. Stephan, K. Friston, and P.N. Tobler)
Stress and Reward: Long term cortisol exposure predicts the strength of sexual preference (PDF, 807 KB), Physiology & Behavior 131 (2014), 33-40 (with J. Chumbley, O. Hulme, H. Köchli; E. Russell, s. Van Uum, and D. Pizzagalli)
The neurobiology of rewards and values in social decision making, Nature Reviews Neuroscience, Advanced Online Publication 2014, doi:10.1038/nrn3776 (with C.C. Ruff)
Fatal attraction: Ventral striatum predicts costly choice errors in humans, Neuromiage 81 (2013), 1-9 (with J.R. Chumbley and P.N. Tobler)
No Effects of Psychosocial Stress on Intertemporal Choice, PLOS ONE 8(11) (2013) e78598 (with J. Haushofer, S. Cornelisse, M. Seinstra, M. Joëls, and T. Kalenscher)
Changing social Norm Compliance with Noninvasive Brain StimulationScience 342 (2013), 482-484 (with C.C. Ruff and G. Ugazio)
Social brains on drugs: tools for neuromodulation in social neuroscience Social Cognitive and Affective Neuroscience, 9(2) 2013, 250-254, (with M. Crockett)
Pharmacokinetics of testosterone and estradiol gel preparations in healthy young men (PDF, 476 KB)Psychoneuroendocrinology 38 (2013), 171-178 (with C. Eisenegger, A. von Eckardstein, and S. von Eckardstein)
Linking Brain Structure and Activation in Temporoparietal Junction to Explain the Neurobiology of Human Altruism, Neuron 75, 2012, 73-79 (with Y. Morishima, D. Schunk, A. Bruhin, and C.C. Ruff)
Learning and Generalization under Ambiguity: An fMRI Study (PDF, 1.02 MB)PLos Computational Biology 8(1), 2012, 1-11 (with J.R. Chumbley, G. Flandin, D.R. Bach, J. Daunizeau, R.J. Dolan, and K.J. Friston)
New evidence on testosterone and cooperation: Reply (PDF, 118 KB) Nature 485, 2012, E6-E6 (with C. Eisenegger, M. Naef, R. Snozzi, and M. Heinrichs)
Dorsolateral and ventromedial prefrontal cortex orchestrate normative choice, Nature Neuroscience, advance online publicaton doi:10.1038/nn.2933 (with T. Baumgartner, D. Knoch, P. Hotz, and C. Eisenegger)
Neuroeconomic Foundations of Economic Choice - Recent Advances Journal of Economic Perspectives 25(4) 2011, 3-30, (with A. Rangel)
The role of testosterone in social interaction Trends in Cognitive Sciences 15(6), 2011, 263-271 (with C. Eisenegger and J. Haushofer
The Mentalizing Network Orchestrates the Impact of Parochial Altruism on Social Norm Enforcement (PDF, 2.19 MB) Human Brain Mapping 33(6), 1452-1469 (with T. Baumgartner, L. Götte, and R. Gügler)
Lateral prefrontal cortex and self-control in intertemporal choice Nature Neuroscience 13(5), 2010, 538-539 (with B. Figner, D. Knoch, E.J. Johnson, A.R. Krosch, S.H. Lisanby, and E.U. Weber)
Dopamine Receptor D4 Polymorphism Predicts the Effect of L-DOPA on Gambling Behavior (PDF, 158 KB)Biological Psychiatry 67(8), 2010, 702-706 (with C. Eisenegger, D. Knoch, R. Ebstein, L.R.R. Gianotti, and P. Sándor)
A Neural Marker of Costly Punishment Behavior (PDF, 436 KB)Psychological Science 21(3), 2010, 337-342 (with D. Knoch, L.R.R.Gianotti, and T. Baumgartner)
2005 - 2009
The Neural Circuitry of a Broken Promise (PDF, 1.41 MB)Neuron 64(5) (2009), 756-770 (with T. Baumgartner, U. Fischbacher, A. Feierabend, and K. Lutz)
Prejudice and truth about the effect of testosterone on human bargaining behaviour
Nature Advance online publication doi:10.1038/nature08711, 2009 (with C. Eisenegger, M. Naef, R. Snozzi, and M. Heinrichs)
Disrupting the prefrontal cortex diminishes the human ability to build a good reputation (PDF, 754 KB) Proceedings of the National Academy of Science 106 (49) (2009), 20895-99 (with D. Knoch, F. Schneider, D. Schunk, and M. Hohmann)
Tonic activity level in the right prefrontal cortex predicts individuals' risk taking (PDF, 462 KB)Psychological Science 20(1), 2009, 33-38 (with L.R. Gianotti, D. Knoch, P.L. Faber, D. Lehmann, R.D. Pascual-Marqui, C. Diezi, C. Schoch, and C. Eisenegger)
Time-course of “off-line” prefrontal rTMS effects — a PET study (PDF, 376 KB) NeuroImage 42 (2008) 379 – 384 (with C. Eisenegger, V. Treyer and D. Knoch).
Oxytocin Shapes the Neural Circuitry of Trust and Trust Adaptation in Humans (PDF, 752 KB)Neuron 58 (2008), 639-650 (with Thomas Baumgartner, Markus Heinrichs, Aline Vonlanthen, and Urs Fischbacher)
Studying the Neurobiology of Social Interaction with Transcranial Direct Current Stimulation — The Example of Punishing Unfairness (PDF, 217 KB)Cerebral Cortex 17 (12), 24 December 2007 (with Daria Knoch, Michael A. Nitsche, Urs Fischbacher, Christoph Eisenegger and Alvaro Pascual-Leone).
Social neuroeconomics: the neural circuitry of social preferences (PDF, 825 KB)TRENDS in Cognitive Sciences 11 (10), October 2007, 419-426 (with Colin F. Camerer).
The Neural Signature of Social Norm Compliance (PDF, 822 KB) Neuron 56 (1), 4 October 2007, 185-196 (with Manfred Spitzer, Urs Fischbacher, Bärbel Herrnberger and Georg Grön).
Diminishing Reciprocal Fairness by Disrupting thr Right Prefrontal Cortex (PDF, 177 KB)Science 314, 3 November 2006, 912-915 (with Daria Knoch, Alvaro Pascual-Leone, Kaspar Meyer, Valerie Treyer and Ernst Fehr).
Oxytocin increases Trust in Humans (PDF, 510 KB) Nature 435, 2 June 2005, 673-676 (with Michael Kosfeld, Markus Heinrichs, Paul Zak and Urs Fischbacher). Experimental instructions in English (PDF, 76 KB) (PDF, 73 KB)
The Neural Basis of Altruistic Punishment (PDF, 209 KB) Science 305, 27 August 2004, 1254-1258.
Neuroeconomic Foundations of Trust and Social Preferences American Economic Review - Papers & Proceedings 95 (2005), 346-351 (with Urs Fischbacher and Michael Kosfeld).
The Neuroeconomics of Mind Reading and Empathy American Economic Review - Papers & Proceedings 95(2005), 340-345 (with Tania Singer).

Publications in economics and neuroscience in German

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