Universität Bonn

Department of Economics / IAME

Dr. Holger Gerhardt

Gerhardt, Holger 1:1 cropped
© Uni Bonn/ECONtribute/Simone Jost

Dr. Holger Gerhardt

Institute for Applied Microeconomics
Room 0.005
Lennéstraße 43
53113 Bonn, Germany

+49 228 73-9196

Office hours
By appointment


Research Topics

  • Experimental Economics
  • Behavioral Economics
  • Neuroeconomics

Working Papers

  • Holger Gerhardt, Guido Biele, Hauke R. Heekeren, and Harald Uhlig. “Cognitive Load Increases Risk Aversion.” SFB 649 Discussion Paper No. 2016-011, 2016. PDF


Journal Articles

  • Markus Dertwinkel-Kalt, Holger Gerhardt, Gerhard Riener, Frederik Schwerter, and Louis Strang. “Concentration Bias in Intertemporal Choice.” Review of Economic Studies 89, no. 3 (2022): 1314–1334. DOI, URL [Latest discussion paper version; replication package]
  • Qëndresa Rramani, Holger Gerhardt,* Xenia Grote,* Weihua Zhao, Johannes Schultz, and Bernd Weber. “Do Disadvantageous Social Contexts Influence Food Choice? Evidence From Three Laboratory Experiments.” Frontiers in Psychology 11 (2020): Article 575170 (1–18). DOI
  • Stefan Schulreich, Holger Gerhardt, Dar Meshi, and Hauke R. Heekeren. “Fear-induced increases in loss aversion are linked to increased neural negative-value coding.” Social Cognitive and Affective Neuroscience 15, no. 6 (2020): 661–670. DOI
  • Holger Gerhardt, Hannah Schildberg-Hörisch, and Jana Willrodt. “Does self-control depletion affect risk attitudes?” European Economic Review 100 (2017): 463–487. DOI [PDF of the accepted manuscript]
  • Nina Marsh, Dirk Scheele, Justin Feinstein, Holger Gerhardt, Sabrina Strang, Wolfgang Maier, René Hurlemann. “Oxytocin-enforced norm compliance reduces xenophobic outgroup rejection.” Proceedings of the National Academy of Sciences USA 114, no. 35 (2017): 9314–9319. DOI
  • Janina R. Behrens, Antje Kraft, Kerstin Irlbacher, Holger Gerhardt, Manuel C. Olma, and Stephan A. Brandt. “Long-Lasting Enhancement of Visual Perception with Repetitive Noninvasive Transcranial Direct Current Stimulation.” Frontiers in Cellular Neuroscience 11 (2017): Article 238 (1–10). DOI
  • Sabrina Strang, Holger Gerhardt, Nina Marsh, Sergio Oroz Artigas, Yang Hu, René Hurlemann, and Soyoung Q. Park. “A matter of distance—The effect of oxytocin on social discounting is empathy-dependent.” Psychoneuroendocrinology 78 (2017): 229–232. DOI
  • Stefan Schulreich, Holger Gerhardt, and Hauke R. Heekeren. “Incidental fear cues increase monetary loss aversion.” Emotion 16, no. 3 (2016): 402–412. DOI
  • Nina Marsh, Dirk Scheele, Holger Gerhardt, Sabrina Strang, Laura Enax, Bernd Weber, Wolfgang Maier, and René Hurlemann. “The Neuropeptide Oxytocin Induces a Social Altruism Bias.” Journal of Neuroscience 35, no. 47 (2015): 15696–15701. DOI
  • Stefan Schulreich,* Yana G. Heussen,* Holger Gerhardt,* Peter N. C. Mohr, Ferdinand C. Binkofski, Stefan Koelsch, and Hauke R. Heekeren. “Music-evoked incidental happiness modulates probability weighting during risky lottery choices.” Frontiers in Psychology 4 (2014): Article 981 (1–17). DOI

* These authors contributed equally to the respective work.

Book Chapter

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

Professional Experience

  • 2011–present: Postdoctoral Researcher, CENs—Center for Economics and Neuroscience 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 [PDF] 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 2004/05 winter term.
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