Homepage of Sebastian Ebert

Contact Information

Sebastian Ebert 

Professor of Economics

Heidelberg University | Alfred-Weber-Institute of Economics

Chair of Economic Theory I

Bergheimer Str. 58, 69115 Heidelberg, Germany

Phone: +49 6221 54 3443

Assistant (Ulrike Arnold): +49 6221 54 2944

Email: first name dot last name at awi.uni-heidelberg.de

Website: Profile at Heidelberg University 


Stefan Trautmann and I host a  Ph.D. Workshop in Behavioral Finance in Heidelberg on July 19, 2024. See the Call for Papers here.

Research Interests

Microeconomics; Behavioral Economics, Finance, and Insurance; Negotiating and Decision Making under Uncertainty

Editorial Positions

Operations Research, Associate editor (2023 – )

Journal of Risk and Insurance, Editor (2019 – )

Geneva Risk and Insurance Review, Associate editor (2017 – )

Published and Accepted Papers

Dertwinkel-Kalt, M., Ebert, S. & M. Köster (2023): On Correlated Lotteries in Economic Applications. Journal of Economic Behavior and Organization, 215(11), 292–306. [Link to publication (Open Access)]

Ebert, S. (2021):  Prudent Discounting: Experimental Evidence on Higher-Order Time Risk Preferences. International Economic Review, 62(4), 14891511. [Link to SSRN] 

Ebert, S., Wei, W. & X.Y. Zhou (2020): Weighted discounting—On group diversity, time-inconsistency, and consequences for investment, Journal of Economic Theory, 189, Article 105089. [Link to journal website] [Link to SSRN]

Ebert, S. (2020): Decision Making When Things Are Only a Matter of Time, Operations Research, 68(5), 15641575. [Link to journal website] [Link to SSRN] [A discussion by Georg Weizsäcker with applications to the COVID-19-crisis.]

Ebert, S. and C. Hilpert (2019): Skewness Preference and the Popularity of Technical Analysis, Journal of Banking and Finance. 109, Article 105675. [Link to SSRN]

Baele, L., Driessen, J., Ebert, S., Londono, J.-M. & O. Spalt (2019): Cumulative Prospect Theory, Option Returns, and the Variance Premium [Link to SSRN], Review of Financial Studies, 32(9), 3667–3723.

Ebert, S., Nocetti, D. & H. Schlesinger (2018): Greater Mutual Aggravation, Management Science, 64(6), 2473–2972.[Link to SSRN] [Web Appendix]

Ebert, S. (2015): On Skewed Risks in Economic Models and Experiments. Journal of Economic Behavior and Organization, 112(4), 85–97.

Ebert, S. & P. Strack (2015): Until the Bitter End: On Prospect Theory in a Dynamic Context. American Economic Review, 105(4), 1618–1633. [Web Appendix]

Ebert, S. & D. Wiesen (2014). Joint Measurement of Risk Aversion, Prudence, and Temperance. Journal of Risk and Uncertainty, 48(3), 231–252. [Web Appendix]

Ebert, S. (2013). Even (mixed) Risk Lovers are Prudent: Comment. American Economic Review, 103(4), 1536–1537. 

Ebert, S. (2013). Moment Characterization of Higher-Order Risk Preferences. Theory and Decision, 74(2), 267–284.

Ebert, S. & E. Lütkebohmert (2012). An Asset Drop Model as an Alternative to the Treatment of Double Default Effects within the Basel Framework. Journal of Credit Risk, 8(3), 41–63.

Ebert, S. & D. Wiesen (2011). Testing for Prudence and Skewness Seeking. Management Science, 57(7), 1334–1349. [Web Appendix]

Ebert, S. & E. Lütkebohmert (2011). Treatment of Double Default Effects within the Granularity Adjustment for Basel II. Journal of Credit Risk, 7(1), 3–33.

Google Scholar Profile: [Link]

Working Papers

Ebert, S. & M. Voigt (2023): Eliciting Stopping Times [Link to SSRN]

Ebert, S. (2023): On Taking a Skewed Risk More Than Once [Link to SSRN] 

Ebert, S. & P. Karehnke (2023):  First-Order Prudence and its Implications for Precautionary Savings and the Risk-Free Rate [Link to SSRN] 

Driessen, J., Ebert, S. & J. Koeter (2021): Π-CAPM: An Asset Pricing Model with Probability Weighting and Skewed Assets [Link to SSRN] 

Ebert, S. & P. Karehnke (2019):  Skewness Preferences in Choice under Risk [Link to SSRN] The online appendix that contains the complete characterizations of skewness preferences in leading theories of choice under risk (including prospect theory) and many other additional results is available [here.]

Ebert, S. & G. van de Kuilen (2016): Measuring Multivariate Risk Preferences [Link to SSRN]

Ebert, S. & P. Strack (2016): Never, Ever Getting Started: On Prospect Theory without Commitment [Link to SSRN]

Research Grants

- 2023: DFG Grant (EUR 595.108, joint with Hannah Schildberg-Hörisch)

- 2018: Thyssen Foundation  Grant (EUR 10.000, joint with Heiko Karle)

- 2018: ERC Starting Grant (EUR 917.500)

- 2014: NWO Veni Grant (EUR 250.000)

- 2013: Unicredit/ Modigliani Research Grant (EUR 20.000)

Ad-hoc reviewer

American Economic Journal: Microeconomics, American Economic Review, American Economic Review: Insights, Annals of Finance, Applied Economics Letters, B.E. Journal of Theoretical Economics, Canadian Journal of Economics, Decision Analysis, Economic Journal, Economics Bulletin, Economic Theory, European Journal of Finance, Eastern Economic Journal, Econometrica, Economics Letters, European Economic Review, European Journal of Operational Research, Experimental Economics, Games and Economic Behavior, Geneva Risk and Insurance Review, Health Economics, International Economic Review, International Finance, Journal of Economic Behavior and Organization, Journal of Behavioral and Experimental Finance, Journal of Economic Dynamics and Control, Journal of Economic Theory, Journal of Finance, Journal of Health Economics, Journal of Institutional and Theoretical Economics, Journal of Mathematical Economics, Journal of Risk and Insurance, Journal of Political Economy, Journal of Risk and Uncertainty, Journal of the European Economic Association, Journal of Economic Psychology, Management Science, Mathematical Social Sciences, Mathematical Finance, Operations Research, Oxford Development Studies, Quantitative Finance, Review of Economic Studies, Review of Financial Studies, Risk Analysis, Theory and Decision 

Teaching Activities & Evaluations [Link]

My doctoral thesis

Treatment of Double Default Effects within the Basel Regulatory Framework and a Theoretical and an Experimental Investigation of Higher-Order Risk Preferences [Link]