Mathematics of Behavioral Economics and Knightian Uncertainty in Financial Markets
Date: 14 - 18 May 2018
Convenors: Ulrich Horst (Berlin, GER), Frank Riedel (Bielefeld, GER)
The workshop gathered leading experts from the fields of business, mathematics, and economics from all five continents in order to explore recent advances and challenges in a better understanding of behavior in conditions of Knightian Uncertainty. In a Research Group (2015) at the Center for Interdisciplinary Research ('Robust Finance: Strategic Power, Knightian Uncertainty, and the Foundations of Economic Policy Advice', convenors Frank Riedel and Chris Shannon (UC Berkeley)), the issues of Knightian uncertainty in financial markets and related consequences for robust finance were explored. The workshop was the starting point for taking the insights of this Research Group to new topics in economics, business, and related fields. Currently, Behavioral Economics is at the forefront of research as laboratory experiments and empirical studies challenge more and more the classic assumption of homo oeconomicus, a rational, egoistic being with perfect foresight. The workshop explored possibilities to apply and connect the recent advances in research on Knightian Uncertainty to Contract Theory, Other-Regarding Preferences, and Market Behavior.
Peter Bank (Berlin, GER), Patrick Beißner (Canberra, AUS), Catriona Byrne (Heidelberg, GER), Jouatsa Ghislain Herman Demeze (Bielefeld, GER), Jodi Dianetti (Bielefeld, GER), José Heleno Faro (São Paulo, BRA), Giorgio Ferrari (Bielefeld, GER), Tobias Gamp (London, GBR), Miryana Grigorova (Bielefeld, GER), Vicky Henderson (Coventry, GBR), Julian Hölzermann (Bielefeld, GER), Christian Kellner (Southampton, GBR), Robin Kemminer (Bielefeld, GER), Michael Kupper (Konstanz, GER), Ali Lazrak (Vancouver, CAN), Fabio Maccheroni (Mailand, ITA), Johannes Maier (München, GER), Ute Motz (Heidelberg, GER), Max Nendel (Bielefeld, GER), Neofytos Rodosthenous (London, GBR), Maren Diane Schmeck (Bielefeld, GER), Patrick Schuhmann (Bielefeld, GER), Sebastian Schweighofer-Kodritsch (Berlin, GER), Beatrice Desiree Simo-Kengne (Johannesbourg, RSA), Halil Mete Soner (Zürich, SUI), Yangwei Song (Berlin, GER), Jan-Henrik Steg (Bielefeld, GER), Oktay Sürücü (Bielefeld, GER), Jean-Marc Tallon (Paris, FRA), Jacco Thijssen (York, GBR), Christian Vieth (Bielefeld, GER), Leonie Wecker (Bielefeld, GER), Georg Weizsäcker (Berlin, GER), Jan Werner (Minneapolis, USA), Zhao Xing (Bielefeld, GER), Chao Zhou (Singapur, SIN), Michael Zierhut (Berlin, GER), Alexander Zimper (Hatfield, RSA)