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Cultural Finance as a Research Field – An Evaluative Survey

60 Pages Posted: 10 Sep 2015 Last revised: 28 Jun 2017

Wolfgang Breuer

Aachen University - Department of Finance

Claudia Nadler

RWTH Aachen University

Date Written: September 8, 2015


Academic interest in cultural influences on financial decision making has risen in the last decade leading to a considerable number of literature contributions in this field. However, the discipline of Cultural Finance is a very young and yet unstructured research niche with its added value being rather opaque than clearly defined. In this paper, we try to contribute to the enhancement of this research niche by (1) developing a structured framework in order to (2) systematically classify and evaluate all Cultural Finance papers past to present. Based on the literature survey, we (3) deduct the main research subjects so far, and (4) assess the added value of integrating Cultural Finance parameters in financial models. We show that Cultural Finance may help to understand why actual financial decision making contradicts normative decision theory and highlight a possible approach to better integrate Cultural Finance considerations into financial models. Finally, we (5) define future research potential and (6) link Cultural Finance to adjacent research fields.

Keywords: Altruism, Behavioral Finance, Cultural Finance, Dictator Games, Schwartz Value Survey

JEL Classification: D03, G02, Z10

Suggested Citation

Breuer, Wolfgang and Nadler, Claudia, Cultural Finance as a Research Field – An Evaluative Survey (September 8, 2015). Available at SSRN: or

Wolfgang Breuer

Aachen University - Department of Finance ( email )

Templergraben 55
D-52056 Aachen, 52056

Claudia Nadler (Contact Author)

RWTH Aachen University ( email )

Templergraben 55
52056 Aachen, 52056

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