I am interested in how people manage risks over their life-cycles and in how much scope there is for public policy to reduce human inequality. What are the labour market consequences of ill health? How to efficiently design disability schemes? What can we say about individuals investing their wealth very inefficiently? Why do some people invest in the stock market and many do not? What influences retirement decisions? How do wages evolve over time in different occupations? I address these types of questions by combining innovative data, economic models, and up-to-date econometric methods.

CoViD-19 Research

We have collected several waves of data in the Dutch LISS panel. Some links:

  • Christian Zimpelmann, Hans-Martin von Gaudecker, Radost Holler, Lena Janys, and Bettina Siflinger: “Hours and income dynamics during the Covid-19 pandemic: The case of the Netherlands”. Labour Economics, forthcoming.
  • Bettina Siflinger, Michaela Paffenholz, Sebastian Seitz, Moritz Mendel, and Hans-Martin von Gaudecker: “The COVID-19 Pandemic and Mental Health: Disentangling Crucial Channels”. IZA Discussion Paper No. 142666, April 2021.
  • Data documentation

In addition, I have been part of a great effort led by Janoś Gabler, Klara Röhrl, and Tobias Raabe to model the spread of SARS-CoV-2 in Germany. We had several policy publications (will list them at some point), the key scientific paper is:

  • Janoś Gabler, Tobias Raabe, Klara Röhrl, and Hans-Martin von Gaudecker: “The Effectiveness of Strategies to Contain SARS-CoV-2: Testing, Vaccinations, and NPIs.” Avaible on arXiv, July 2021

Household finance / preferences


  • Hans-Martin von Gaudecker, Axel Wogrolly, and Christian Zimpelmann. “The Distribution and Stability of Ambiguity Attitudes”.


  • Hans-Martin von Gaudecker and Axel Wogrolly “Heterogeneity in households’ stock market beliefs: Levels, dynamics, and epistemic uncertainty”. In: Journal of Econometrics, forthcoming. Online Appendix. Supersedes an earlier version titled “The Dynamics of Households’ Stock Market Expectations”.
  • Tilman Drerup, Benjamin Enke, and Hans-Martin von Gaudecker. “The Precision of Subjective Data and the Explanatory Power of Economic Models”. In: Journal of Econometrics (Measurement Error Models), 200.2 (Oct. 1, 2017), pp. 378–389. Online Appendix, Replication Code
  • Hans-Martin von Gaudecker. “How Does Household Portfolio Diversification Vary with Financial Sophistication and Financial Advice?” In: Journal of Finance 70.2 (Apr. 2015), pp. 489–507. Replication Code (you will have to register for data access)
  • Hans-Martin von Gaudecker, Arthur van Soest, and Erik Wengström. “Experts in Experiments: How Selection Matters for Estimated Distributions of Risk Preferences”. In: Journal of Risk and Uncertainty 42.2 (Oct. 2012), pp. 159–190.
  • Hans-Martin von Gaudecker, Arthur van Soest, and Erik Wengström. “Heterogeneity in Risky Choice Behaviour in a Broad Population”. In: American Economic Review 101.2 (Apr. 2011), pp. 664–694.

Labour, income, health


  • Michael J. Böhm, Hans-Martin von Gaudecker, and Felix Schran. “Occupation Growth, Skill Prices, and Wage Inequality”. IZA Discussion Paper No. 12647, August 2020 update, Online Appendix, Replication Code (you will need to make a contract with the IAB for data access) Revise and resubmit at the Journal of Labor Economics
  • Eric French, Hans-Martin von Gaudecker, and John Bailey Jones. “The Effect of the Affordable Care Act on the Labor Supply, Savings, and Social Security of Older Americans”. Michigan Retirement Research Center Research Paper No. 2016-354, Oct. 2016 (no results from the structural model in that version yet).
    • A summary of preliminary results appeared in Korean: Eric French, Hans-Martin von Gaudecker, John Bailey Jones. (2017). 부담적정보험법이 미국 노동공급에 미치는 영향. International Labor Brief, 15(11), 9-22.
  • Hans-Martin von Gaudecker, Tim Obermeier, and Holger Stichnoth. “Women’s Career and Fertility Behaviours: Germany 1975-2007”.


  • Norma B. Coe, Hans-Martin von Gaudecker, Maarten Lindeboom, and Jürgen Maurer. “The Impact of Retirement on Cognitive Functioning”. In: Health Economics 21.8 (Aug. 2012), pp. 913–927.
  • Pilar García-Gómez, Hans-Martin von Gaudecker, and Maarten Lindeboom. “Health, Disability and Work: Patterns for the Working Age Population”. In: International Tax and Public Finance 18.2 (2011), pp. 146–165.
  • Jérôme Adda, James Banks, and Hans-Martin von Gaudecker. “The Impact of Income Shocks on Health: Evidence from Cohort Data”. In: Journal of the European Economic Association 7.6 (Dec. 2009), pp. 1361–1399.
  • Vladimir M. Shkolnikov, Rembrandt D. Scholz, Dmitri A. Jdanov, Michael Stegmann, and Hans-Martin von Gaudecker. “Length of Life and the Pensions of Five Million Retired German Men”. In: European Journal of Public Health 18.3 (2008), pp. 264–269.
  • Hans-Martin von Gaudecker and Rembrandt D. Scholz. “Differential Mortality by Lifetime Earnings in Germany”. In: Demographic Research 17.4 (2007), pp. 83–108. Press coverage: Die Welt, FAZ, Spiegel Online .