Dr. Gunnar Gutsche

Empirical economic research, sustainable and responsible investment (SRI),  behavioral finance, behavioral economics, corporate social responsibility (CSR)

Research articles in peer-reviewed journals

Dannenberg, Astrid, Gunnar Gutsche, Marlene Batzke, Sven Christens, Daniel Engler, Fabian Mankat, Sophia Möller, Eva Weingärtner, Andreas Ernst, Marcel Lumkowsky, Georg von Wangenheim, Gerrit Hornung and Andreas Ziegler (2024), The effects of norms on environmental behavior, Review of Environmental Economics and Policy 18 (1), 165-187

Gutsche, Gunnar, Heike Wetzel and Andreas Ziegler (2023), Determinants of individual sustainable investment behavior - A framed field experiment, Journal of Economic Behavior and Organization 209, 491-508

Engler, Daniel, Gunnar Gutsche, Amantia Simixhiu, and Andreas Ziegler (2023), On the relationship between corporate CO₂ offsetting and pro-environmental activities in small- and medium-sized firms in Germany, Energy Economics 118, 106487

Gutsche, Gunnar, Miwa Nakai, and Toshi H. Arimura (2021), Revisiting the determinants of individual sustainable investment - The case of Japan, Journal of Behavioral and Experimental Finance 30, 100497

Fischer, Beate, Gunnar Gutsche and Heike Wetzel (2021), Who wants to get involved? Determining citizen willingness to participate in German renewable energy cooperatives, Energy Research and Social Science 76, 102013

Engler, Daniel, Elke D. Groh, Gunnar Gutsche, and Andreas Ziegler (2021), Acceptance of climate-oriented policy measures under the COVID-19 crisis: An empirical analysis for Germany, Climate Policy 21 (10), 1281-1297

Gutsche, Gunnar and Bernhard Zwergel (2020), Information barriers and labeling schemes for socially responsible investments, Schmalenbach Business Review 72, 111-157

Gutsche, Gunnar (2019), Individual and regional Christian religion and the consideration of sustainable criteria in consumption and investment decisions: An exploratory econometric analysis, Journal of Business Ethics 157(4), 1155-1182

Gutsche, Gunnar and Andreas Ziegler (2019), Which private investors are willing to pay for sustainable investments? Empirical evidence from stated choice experiments, Journal of Banking and Finance 102, 193-214

Gutsche, Gunnar, Anja Köbrich León and Andreas Ziegler (2019), On the relevance of contextual factors for socially responsible investments: An econometric analysis, Oxford Economic Papers 71 (3), 756-776

Gutsche, Gunnar, Christian Klein, Andreas Ziegler and Bernhard Zwergel (2017), Characterizing German (sustainable) investors, Corporate Finance 8 (3-4), 77-81

Further publications

Lessmann, Kai, Franziska Schütze et al. (2022), The financial sector as climate protector? The Potential of Sustainable Finance, Background Paper for the 11th Forum on Climate Economics

Engler, Daniel, Gunnar Gutsche, Amantia Simixhiu, and Andreas Ziegler (2021), Compensation Payments by Small and Medium-sized German Enterprises for CO₂ Emissions, in Alliance for Development and Climate, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH (ed.)

Fischer, Beate, Gunnar Gutsche, and Heike Wetzel (2020), High willingness to participate in energy cooperatives, Energiewirtschaftliche Tagesfragen 70 (11), 56-58

Papers in revision

Engler, Daniel, Gunnar Gutsche, Amantia Simixhiu, and Andreas Ziegler (2024), Social norms and individual climate protection activities: A framed field experiment for Germany, in revision for Energy Economics, previous version: MAGKS Discussion Paper No. 30-2022 

Discussion papers submitted to peer-reviewed journals

Engler, Daniel, Gunnar Gutsche, and Paul Smeets (2023), Why do investors pay higher fees for sustainable investments? An experiment in five European countries, available at SSRN: https://dx.doi.org/10.2139/ssrn.4379189

Registered pre-analysis plans

Engler, Daniel, Gunnar Gutsche, and Paul Smeets (2021), Individual preferences for sustainable investments across Europe - A framed field experiment in five countries, available at OSF: https://osf.io/6kyja

Engler, Daniel, Gunnar Gutsche and Ewa Zawojska (2021), Trust in institutions and consequentiality perceptions in a stated preference survey, available at AEA RCT Registry: https://doi.org/10.1257/rct.7213-2.0

Engler, Daniel, Gunnar Gutsche, and Andreas Ziegler (2021), Is there a hypothetical gap in experiments on the willingness to pay for sustainable funds?, available at OSF: https://osf.io/q2vng

"Work in progress"

Engler, Daniel, Marvin Gleue, Gunnar Gutsche, Gerrit Hornung, Sophia Möller, and Andreas Ziegler (2024), Designing fair futures: A choice experiment on preferences for supply chain legislation (working title)

Engler, Daniel, Marvin Gleue, Gunnar Gutsche, Sophia Möller, and Andreas Ziegler (2024), The expressive function of legal norms: Experimental evidence from the Supply Chain Act in Germany (working title)

Engler, Daniel, Gunnar Gutsche, Sophia Möller, and Andreas Ziegler (2024), Optional or obligatory? An analysis of social information provision for climate protection donations (working title)

Engler, Daniel, Gunnar Gutsche, Sophia Möller, and Andreas Ziegler (2024), The power of information nudges for individual sustainable investment: empirical evidence from a framed field experiment (working title)

Engler, Daniel, Elke D. Groh, Gunnar Gutsche and Andreas Ziegler (2024), Stability of economic preferences in times of crisis (working title)

Engler, Daniel, Gunnar Gutsche, and Andreas Ziegler (2024), Does the willingness to pay for sustainable investments differ between stated and incentivized choice experiments? (working title)

Gutsche, Gunnar (2024), Who knows about sustainable investments? (working title)

Gutsche, Gunnar and Andreas Ziegler (2024), Determinants of environmental product and process innovations: New evidence on the basis of European panel data (working title).

Gutsche, Gunnar, Sophia Möller and Heike Wetzel (2024), Personality trades? An empirical analysis of individual personality traits and investment behavior (working title)

Annual Conference European Association of Environmental and Resource Economists (2015, 2017, 2019, 2020, 2021, 2022), Annual Conference Global Research Alliance for Sustainable Finance and Investment (2020, 2022), Annual Congress European Economic Association (2021, 2022), Annual Meeting German Finance Association (2015), Experimental Finance (2022), Gronen Research Conference (2014), International Conference International Association for Energy Economics (2022), Annual Conference Verein für Socialpolitik (2015, 2019, 2020, 2021), Maastricht Behavioral and Experimental Economics Symposium (2022), MAGKS doctoral workshop (2012), Nachwuchsworkshop Ausschuss für Umwelt- und Ressourcenökonomie des Vereins für Socialpolitik (2013, 2014, 2015, 2017), SGNFIN Research Conference on Sustainability (2023), Social and Sustainable Finance and Impact Investing Conference (2015), World Congress Environmental and Resource Economists (2014, 2018)

Peer-reviewed journals

Applied Economics Letters, Business Ethics: A European Review, Business & Society, Business Strategy and the Environment, Climate Policy, Corporate Governance: An International Review, Corporate Social Responsibility & Environmental Management, Economic Modelling, Energy Policy, Energy Research & Social Science, Environmental and Resource Economics, Industry and Innovation, International Review of Economics & Finance, Journal of Banking & Finance, Journal of Behavioral and Experimental Economics, Journal of Behavioral and Experimental Finance, Journal of Business Ethics, Journal of Sustainable Finance & Investment, Review of Managerial Science, Social Indicators Research

Lecture in "Statistik I" (BA): WS 2023/2024, SS 2023, WS 2022/2023, SS 2022, University of Kassel

Lecture in "Statistik II" (BA): WS 2023/2024, SS 2023, WS 2022/2023, SS 2022, WS 2021/2022, SS 2020, University of Kassel

Lecture in "Microeconometrics" (MA): SS 2021, SS 2019, University of Kassel

Lecture in "Panelökonometrie" (MA): SS 2018, University of Kassel

Seminar in "Quantitative Economics of Sustainable Development" (BA): WS 2017/2018, University of Kassel

Integrated computer exercise for the seminar "Econometric analysis of stated choice data: Applications in environmental and sustainability economics" (MA and MAGKS doctoral course): SS 2017, University of Kassel

Integrated computer exercise for the lecture "Microeconometrics" (MA): WS 2021/2022, WS 2017/2018, WS 2015/2016, WS 2014/2015, WS 2013/2014, WS 2012/2013, University of Kassel

Integrated computer exercise for the lecture "Panelökonometrie" (MA): SS 2015, SS 2014, University of Kassel

Tutorial for the lecture "Statistik I" (BA): WS 2011/2012, University of Kassel

Tutorial for the lecture "Statistik II" (BA): WS 2015/2016, SS 2015, SS 2014, SS 2013, SS 2012, University of Kassel

Tutorial for repeaters for the lecture "Statistik II" (BA): SS 2017, SS 2012, University of Kassel

Numerous courses in mathematics for economists, statistics and econometrics (for B.Sc, M.Sc, and Diploma): 2006-2011,  Georg-August-Universität Göttingen

Since 09/2021
Lecturer for Statistics and (Empirical) Methods at the Institute of Economics of the University of Kassel

Since 01/2017
Post-doctoral researcher at the Unit Empirical Economic Research at the Institute of Economics of the University of Kassel

01/2017
Doctorate in economics, University of Kassel
Title of dissertation: "Sustainable and responsible investments & private investors in Germany"

10/2011 - 01/2017
Research associate at the Unit Empirical Economic Research at the Institute of Economics of the University of Kassel

05/2011
Diploma in economics, Georg-August-Universität in Göttingen
Main focus: Statistics and econometrics, finance
Topic of diploma thesis: "Untersuchung der Studienleistungen von Bachelor-Studierenden der Wirtschaftswissenschaftlichen Fakultät der Universität Göttingen"

10/2006 - 04/2011
Student associate at the Institute for Statistics and Econometrics at Georg-August-Universität in Göttingen