Alle Publikationen


1"Cultural Impact on Attitudes towards Price Changes and Income Inequality Policy – A Study with Language Priming Method" (with Yanping He-Ulbricht), Review of Behavioral Economics, 2024.


2"Safety First, Loss Probability, and the Cross Section of Expected Stock Returns Journal of Economic Behavior and Organization" (with Zhao Lei and Cao Ji), Journal of Economic Behavior and Organization, 2023.
3"Economic Individualism, Perceived Fairness, and Policy Preference: A Cross-Cultural Comparison" (with Mei Wang, Rieger, Sebastian Reitz and Yanping He-Ulbricht), Review of Behavioral Economics, 2023.

"A New Axiomatization of Discounted Expected Utility” (with Berenice Neumann), Theory and Decision, 2023.


5"Sign Matters: Stock-Movement-Based Trading Decision of Individual Investors" (with Stefan Muhl, Ji Cao and Hungling Chen), Journal of Banking and Finance, 2022.

"How does culture affect people’s stock market predictions? Evidence from Switzerland, Ukraine and China" (with Mei Wang, Thuy Phan, Yujing Gong), Global Finance Journal, 2022


"COVID-19-related conspiracy beliefs among Chinese – empirical evidence", ASIEN, 2022.

8"Cheating, Trust and Social Norms: Data from Germany, Vietnam, China, Taiwan, and Japan", (with Huynh and several co-authors), Data, 2022.
9"Can Television Reduce Xenophobia? The Case of East Germany" (with Sven Hartmann and Lars Hornuf), Kyklos, 2022.

"Immigrant-native gap in risk and time preferences in Germany: Levels, socio-economic determinants, and recent changes" (with Sumit Deole), Journal of Population Economics, 2022.

11"Culture and Institutions: Long-Lasting Effects of Communism on Risk and Time Preferences of Individuals in Europe" (with Mei Wang and Johannes Schaewitz), Journal of Economic Behavior and Organization, 2022.
12"The Asset Allocation of Defined Benefit Pension Plans: The Role of Sponsor Contributions" (with Artem Dyachenko and Alexander Wagner), Journal of Asset Management, 2022.
13"The “alien” alien in Stanislaw Lem’s Solaris and its manifold echoes in the world of literature", Prace Literaturoznawcze, special issue on Stanislaw Lem, 2022.

"Survey evidence on core factors of behavioral biases" (with Mei Wang, Po-Kai Huang and Yuan-Lin Hsu), Journal of Behavioral and Experimental Economics, 2022.


"Locally translation-isometric and multi-isometric sets as generalizations of objective structures", Journal of the Mechanics and Physics of Solids, 2022.

16"Uncritical patriotism and Belief into COVID-19 Conspiracies”, Frontiers in Sociology-Migration and Society, 2022.
17Die Entwicklung von Behavioral Finance und die spezielle Rolle der deutschen Wirtschaftswissenschaften”; in: Wenzel Matiaske, Dieter Sadowski (ed.), Ideengeschichte der BWL II, Springer, 2022.
18"Keep that mask on: will Germans become more like East Asians?" (with Xenia Matschke), Humanities and Social Sciences Communications, 2022.
19"COVID-19 and the Wuhan Diary – how does overseas Chinese community react to group criticism?" (with Mei Wang), Journal of Chinese Political Science, 2021.


20"Institutional and cultural determinants of speed of government responses during COVID-19 pandemic" (with Diqiang Chen, Diefeng Peng and Mei Wang), Humanities and Social Sciences Communications, 2021.
21"Klassisch, per Zoom oder Live-Übertragung? Vorlesungsformate nach Corona“, Forschung und Lehre, 2021.
22"Trust in Government Actions During the COVID-19 Crisis" (with Mei Wang), Social Indicators Research, 2021.
23"The slow death of capital protection" (with Christian Bauer), Journal of Risk and Financial Management, 2021.
24"Stock market reactions to COVID-19 lockdown: A global analysis” (with Xenia Matschke and Matthias Scherf), Finance Research Letter, 2021.
25"Willingness to vaccinate against COVID-19 might be systematically underestimated", Asian Journal of Social Health and Behavior, 2021.
26"Pre-Decisional Information Acquisition: Why do we pay too much for information?" (with Mei Wang and Daniel Hausmann), Journal of Economic Psychology, 2021.
27"How Do Thinking Style and Motivation Influence Household Sector Innovation? Evidence from a Cross-Country Survey(with Gongjue Tian, Mei Wang and Jörn Block), International Review of Entrepreneurship, 2021.
28"Nudging against panic selling: Making use of the IKEA effect" (with Amin Ashtiani), Journal of Behavioral and Experimental Finance, 2021.
29"Universal Time Preference" (with Mei Wang and Thorsten Hens), PLOS One, 2021.
30"Cognitive Reflection and Theory of Mind of Go Players" (with Mei Wang), Advances in Cognitive Psychology, 2021.
31"Kisses, Handshakes, COVID-19 -- Will the Pandemic Change Us Forever?" (with Xenia Matschke), Review of Behavioral Economics, 2021.
32"East Asia’s success against COVID-19 - acclaimed or ignored?", Economic Bulletin, 2021.


33"Uncritical Patriotism in East Asia“,Transitions in Asia and Europe: Cultures, Societies and Nations, Masumoto et al. (ed.), 96-105, 2020.
34"Geographically nearer, culturally still distant: China’s `Belt and Road Initiative” (with Lei Shi and Mei Wang), Transitions in Asia and Europe: Cultures, Societies and Nations, Masumoto et al. (ed.), 70-81, 2020.
35Cultural Differences in Social Preferences between East Asia and Europe" (with Amin Ashtiani), Transitions in Asia and Europe: Cultures, Societies and Nations, Masumoto et al. (ed.), 82-94, 2020.
36"How to Measure Financial Literacy?", Journal of Risk and Financial Management, 2020.
37"Uncertainty avoidance, loss aversion and stock market participation”, Global Finance Journal, 2020.
38"How does the email matter to the civic honesty? A comment on Cohn et al. (2019)” (with Toan Huynh and Mei Wang), Business and Society Review, 2020.
39"Opinions on Technology: a Cultural Divide between East Asia and Germany?" (with Mei Wang, Denis Reinhardt and Max Massloch), Review of Behavioral Economics, 2020.
40"Maxing out: the puzzling influence of past maximum returns on future asset prices in a cross-country analysis" (with Nilüfer Caliskan and Shuonan Yuan), Management Review Quarterly, 70(4), 567-589, 2020.
41"Optimal Volatility Dependent Derivatives in the Stochastic Volatility Model" (with Artem Dyachenko), The Journal of Derivatives, 2021.
42"German and Chinese dataset on attitudes regarding COVID-19 policies, perception of the crisis, and belief in conspiracy theories" (with Yanping He-Ulbricht), Data in Brief, 2020.
43"Volatility Dependend Structured Products" (with Artem Dyachenko and Walter Farkas), The Journal of Investing, 2020.
44"What makes young people think positively about social distancing during the Corona crisis in Germany?Frontiers in Sociology, 2020.
45"Triggering Altruism Increases the Willingness to Get Vaccinated Against COVID-19", Social Health and Behavior, 2020.
46"Diversification with Options and Structured Products" (with Shuonan Yuan), Review of Derivatives Research, 2020.
47"Fund Size and the Stability of Portfolio Risk" (with Martin Ewen), Journal of Risk, 2020.
48"Secret erosion of the “lockdown”? Patterns in daily activities during the SARS-Cov2 pandemics around the world" (with Mei Wang), Review of Behavioral Economics, 2020.
49"To wear or not to wear? Factors influencing wearing of face masks in Germany during the Corona pandemics", Social Health and Behavior, 2020.
50"Taking more risk tomorrow: time horizons and investment decisions" (with Trang Minh Nguyen, Benjamin Schnur and Mei Wang), Applied Economics Letters, 2020.
51"Happy Savers and Happy Spenders:  An experimental study comparing US Americans and Germans"
(with Amin Ashtiani and Thomas Dudek), Journal of Behavioral and Experimental Economics, 2020.
52"Maxing out: replicating the influence of past maximum returns on future asset prices in a cross-country analysis" (with Shuonan Yuan and Nilüfer Caliskan), Management Review Quarterly, pp. 1-23,2 2019.


53"Non-cooperative games with prospect theory players and dominated strategies" (with Lars Peter Metzger), Games and Economic Behavior, Vol. 115, pp. 396-409, 2019.
54"Hedging with Regret" (with Olaf Korn), Journal of Behavioral and Experimental Finance, 22, pp. 192-205, 2019.


55"Survey data on Vietnamese retail investors' trading behavior and their psychological and behavioral patterns" (with Thuy Chung Phan and Mei Wang), Data in Brief, Vol. 19, pp. 1176-1180, 2019.
56"The Fundamental Equity Premium and Ambiguity Aversion in an International Context" (with Minh Hai Ngo and Shuonan Yuan), Risks 6.4, pp. 128-152, 2018. 
57"What leads to overtrading and under-diversification? Survey evidence from retail investors in an emerging market" (with Thuy Chung Phan and Mei Wang), Journal of Behavioral and Experimental Finance, 2018.
58"Asymmetric attention and volatility asymmetry" (with Michał Dzieliński und Tõnn Talpsepp), Journal of Empirical Finance, Vol. 45, pp. 59-67, 2018.
59"Segmentation of financial clients by attitudes and behavior: a comparison between Switzerland and Vietnam." (with Thuy Phan and Mei Wang), International Journal of Bank Marketing, Vol. 37 Issue: 1, pp.44-68, 2018.


60"Comment on Cenci et al. (2015): Half-full or half-empty? A model of decision making under risk", Journal of Mathematical Psychology, Vol. 81, pp. 110-113, 2017.
61"Characterization of acceptance sets for co-monotone risk-measures" , Insurance: Mathematics and Economics, Vol. 74, pp. 147-152, 2017.
62"The Impact of Culture on Loss Aversion" (with Mei Wang and Thorsten Hens), Journal of Behavioral Decision Making,Vol. 30, Issue 2, pp. 270-281, 2017.
63"Estimating Cumulative Prospect Theory Parameters from an International Survey" (with Mei Wang and Thorsten Hens), Theory and Decision, Vol. 82, Issue 4, pp. 567-596, 2017.
64"Should Your Bank Invest for You? Evidence from Private Banking Accounts" (with Ji Cao and Marcel Fischli), Journal of Behavioral and Experimental Finance, Vol 13, pp. 1-8, 2017.


65"How Time Preferences Differ: Evidence from 53 countries" (with Mei Wang and Thorsten Hens), Journal of Economic Psychology, Vol. 52, pp. 115-135, 2016.
66"Corporate Cash Holdings and Ambiguity Aversion" (with Wolfgang Breuer and K. Can Soypak), Review of Finance, Vol. 21, Issue 5, pp. 1933-1974, 2016.


67"The war puzzle: Contradictory effects of international conflicts on stock markets" (with Amelie Brune, Thorsten Hens and Mei Wang), International Review of Economics, Vol. 62, Issue 1, pp. 1-21, 2015.
68"Risk Preferences Around the World", (with Mei Wang and Thorsten Hens), Management Science, Vol. 61, Issue 3, pp. 637-648, 2015.


69"Evolutionary stability of prospect theory preferences", Journal of Mathematical Economics, Vol. 50, pp. 1-11, 2014.

"The behavioral foundations of corporate dividend policy a cross-country analysis" (with Wolfgang Breuer and K. Can Soypak), Journal of Banking and Finance, Vol. 42, pp. 247-265, 2014.

71"Can utility maximization explain the demand for structured investment products?" (with Thorsten Hens), Quantitative Finance, 14(4), pp. 673-681, 2014.
72"International evidence on the equity premium puzzle and time discounting" (with Thorsten Hens and Mei Wang), Multinational Finance Journal, 17(3/4), pp. 149-163, 2014.

Earlier publications (until 2013)


"Risk classes for structured products: mathematical aspects and their implications on behavioral investors" (with Ji Cao), Annals of Finance, Vol. 9, Issue 2, pp. 167-183, 2013.


"Can ambiguity aversion solve the equity premium puzzle? Survey evidence from international data" (with Mei Wang), Finance Research Letters, 9(2), pp. 63-72, 2012.


"Explaining the demand for structured financial products: survey and field experiment evidence" (with Thorsten Hens), ZfB, Vol. 82, Issue 5, pp. 491-508, 2012.


"Why do Investors buy bad financial products? Probability misestimation and preferences in financial investment decisions", Journal of Behavioral Finance, Vol. 13, Issue 2, pp. 108-118, 2012. 


"Optimal financial investments for non-concave utility functions", Economics Letters, Vol. 114, Issue 3, pp. 239-240, 2012.


"Too risk averse for prospect theory?" (with Thuy Bui), Modern Economy, Vol. 2, Issue 4, pp. 691-700, 2011.


"Volatility asymmetry, news and private investors" (with Michal Dzielinski and Tonn Talpsepp), The Handbook of News Analytics in Finance, Wiley & Sons, 2011.


"Co-monotonicity of optimal investments and the design of structural financial products", Finance and Stochastics, vol. 15, no. 1, pp. 27-55, 2011.

81"Explaining asymmetric volatility around the world" (with Tõnn Talpsepp), Journal of Empirical Finance, Vol. 17, Issue 5, pp. 938-956, 2010.
82"Financial Market Equilibria with Cumulative Prospect Theory" (with Enrico De Giorgi and Thorsten Hens), Journal of Mathematical Economics, Vol. 46, Issue 5, pp. 633-651, 2010.

"SP/A and CPT: A reconciliation of two behavioral decision theories", Economics Letters, Vol. 108, Issue 3, pp. 327-329, 2010.


"What is behind the Priority Heuristic? – A mathematical analysis and comment on Brandstätter, Gigerenzer and Hertwig" (with Mei Wang), Psychological Review, vol. 115, Issue 1, pp. 274-280, 2008.


"Prospect Theory for continuous distributions" (with Mei Wang), Journal of Risk and Uncertainty, Vol. 36, Nr. 1, pp. 83–102, 2008.


"Cumulative Prospect Theory and the St. Petersburg Paradox" (with Mei Wang), Economic Theory, Vol. 28, pp. 665-679, 2006.

Publications in applied mathematics 

87"Gradient flows in asymmetric metric spaces" with Chenchiah, Isaac Vikram; Zimmer, Johannes; in: Nonlinear Anal. 71 (2009), no. 11, 5820--5834.
88"Young measure flow as a model for damage" with Zimmer, Johannes; in: Z. Angew. Math. Phys. 60 (2009), no. 1, 1--32.
89"Higher dimensional problems with volume constraints - existence and Gamma-convergence"; in: Interfaces Free Bound. 10 (2008), no. 2, 155--172.
90"Local minimizers of functionals with multiple volume constraints" with Oudet, Édouard; in: ESAIM Control Optim. Calc. Var. 14 (2008), no. 4, 780--794.
91"Parameter dependence of multiscale systems and nanostructures on crystals" with Zirnstein, Heinrich-Gregor; in: Math. Mech. Solids 12 (2007), no. 5, 513--525.
92"Variational problems for functionals involving the value distribution. Variational problems in materials science", 25--41, Progr. Nonlinear Differential Equations Appl., 68, Birkhäuser, Basel, 2006.
93"Global existence for nonconvex thermoelasticity" with Zimmer, Johannes; in: Adv. Math. Sci. Appl. 15 (2005), no. 2, 559--569.
94"Parabolic systems with nowhere smooth solutions" with Müller, Stefan; Šverǎk, Vladimír; in Arch. Ration. Mech. Anal. 177 (2005), no. 1, 1--20.
95"A model for hysteresis in mechanics using local minimizers of Young measures. Elliptic and parabolic problems", 403--414, Progr. Nonlinear Differential Equations Appl., 63, Birkhäuser, Basel, 2005.
96"On the Gamma-limit of the Mumford-Shah functional" with Tilli, Paolo; in: Calc. Var. Partial Differential Equations 23 (2005), no. 4, 373--390.
97"A relaxed model for step-terraces on crystalline surfaces" with Kurzke, Matthias; in: J. Convex Anal. 11 (2004), no. 1, 59--67.
98"Abstract variational problems with volume constraints"; in: ESAIM Control Optim. Calc. Var. 10 (2004), no. 1, 84--98 (electronic).
99"Young-measure approximations for elastodynamics with non-monotone stress-strain relations" with Carstensen, Carsten; in: M2AN Math. Model. Numer. Anal. 38 (2004), no. 3, 397--418.
100"Exponential stability and global existence in thermoelasticity with radial symmetry", in: Quart. Appl. Math. 62 (2004), no. 1, 1--25.
101"Young measure solutions for nonconvex elastodynamics"; in: SIAM J. Math. Anal. 34 (2003), no. 6, 1380--1398 (electronic).
102"A volume constrained variational problem with lower-order terms", with Morini,
Massimiliano; in: Appl. Math. Optim. 48 (2003), no. 1, 21--38.
103"Time dependent Young measure solutions for an elasticity equation with diffusion"; in: International Conference on Differential Equations, Vol. 1, 2 (Berlin, 1999), 457--459, World Sci. Publ., River Edge, NJ, 2000.

Other publications

104Research on China – chances and challenges”, Frontiers in Sociology, section Migration and Society, 2022.
105“What do young Chinese think about social credit? It’s complicated” (mit Mei Wang und Mareike Ohlberg), MERICS China Monitor, März 2020. (wie Punkt 8)
106„Neue Perspektiven für eine alte Synagoge – Die ehemalige Synagoge Stavenhagen als authentischer Ort der Erinnerung”, in: Medaon – Magazin für jüdisches Leben, 2018.
107„Chosing the right tournament system for amateur competitions“ (mit Nicolas Niewald, Maximilian Lenz, Maolin Zhang, Mei Wang), in:中国围棋论丛 (Zhonguo weiqi luncong) – Chinese Weiqi Research Collection, Vol. 3, pp. 677–684, 2018.
108Ungeduld und Risikoeinstellungen: Hemmschuhe für Integration?“ (mit Mei Wang), in: Weiterbildung, Vol. 2 (2017), pp. 23-25. 
109Der globale Blick auf Risiko und Zeit“ (mit Mei Wang), in: Forschung und Lehre, 23 (2016), 3, pp. 236-237.



Transitions in Asia and Europe: Cultures, Societies and Nations” (with Hiroko Masumoto and Christian Soffel), Kobe University (2020).


Cultural Finance - A World Map of Risk, Time and Money”, 574 Seiten (with Mei Wang and Thorsten Hens), World Scientific (2020).

112"Solutions to Financial Economics: Exercises on Classical and Behavioral Finance", 220 Seiten (mit Thorsten Hens), erschienen im Springer Verlag (2019).
113Financial Economics – a concise introduction to classical and behavioral finance, ca. 400 S., (mit Thorsten Hens), erschienen im Springer Verlag (2010; zweite Auflage 2016).
114Optionen, Derivate und strukturierte Produkte – ein Praxisbuch, ca. 350 S., NZZ-Verlag, Zürich und Verlag Schäffer Poeschel (2009; zweite Auflage 2016).