Research interests

Research Interests

Behavioural and methodological issues in economics and finance

Research Publications

Working Paper

Perception of Sustainable Investing: A Survey Experiment among the General Population and Financial Advisors
(Peters, S.M., Meyer, J., Stefan, M. ) Working Paper at SSRN

You Can't Always Get What You Want: An Experiment on Finance Professionals' Decisions for Others
(Stefan, M., Holmen, M., Holzmeister, F., Kirchler, M., Wengström, E. ) Working Paper at SSRN

The Impact of Presentation Format and Choice Architecture on Portfolio Allocations: Experimental Evidence
(Bachler, S., Holzmeister, F., Razen, M., Stefan, M.). Working Paper at SSRN

Publications

Momsen, K., Bachler, S., Haeussler, S., Stefan, M. (2025), Do People Willfully Ignore Decision Support? Evidence from an Online Experiment, Decision Analysis: https://doi.org/10.1287/deca.2025.0349

Stefan, M., Huber, J., Kirchler, M., Sutter, M., Walzl, M. (2023), Monetary and Social Incentives in Multi-Tasking: The Ranking Substitution Effect, European Economic Review: https://doi.org/10.1016/j.euroecorev.2023.104458

Holmen, M., Holzmeister, F., Kirchler, M., Stefan, M., Wengström, E. (2023), Economic Preferences and Personality Traits Among Finance Professionals and the General Population, Economic Journal: https://doi.org/10.1093/ej/uead038

Holzmeister, F., Holmen, M., Kirchler, M., Stefan, M., Wengström, E. (2022), Delegation Decisions in Finance, Management Science: https://doi.org/10.1287/mnsc.2022.4555

Häussler, S., Stefan, M. Schneckenreither, M., Onay, A. (2021), The lead time updating trap: Analyzing human ordering behaviour in capacitated supply chains. International Journal of Production Economics: https://doi.org/10.1016/j.ijpe.2021.108034.

Holzmeister, F., Stefan, M. (2020), The risk elicitation puzzle revisited: Intra- and inter-subject (in)consistencies across methods. Experimental Economics: https://doi.org/10.1007/s10683-020-09674-8.

Razen, M., Huber, J., Huber, L., Kirchler, M., Stefan, M. (2020), Financial Literacy, Economic Preferences, and Adolescents' Field Behaviour. Finance Research Letters: https://doi.org/10.1016/j.frl.2020.101728

Razen, M., Stefan, M. (2019), Greed: Taking a deadly sin to the lab. Journal of Behavioural and Experimental Economics 81, 164-171.

Sutter, M., Huber, J., Kirchler, M., Stefan, M., Walzl, M. (2019), Where to look for the morals in markets. Experimental Economics 23, 30-52.

Stefan, M., Holzmeister, F., Müllauer, A., Kirchler, M. (2018). Ethnic discrimination in Europe: Field evidence from the finance industry. Plos One: https://doi.org/10.1371/journal.pone.0191959.

Kirchler, M., Andersson, D., Bonn, C., Johannesson, M., Sørensen, E., Stefan, M., Tinghög, G., Västfjäll, D. (2017), The effect of fast and slow decisions on risk taking. Journal of Risk and Uncertainty, 54(1), 37-59.

Stefan, M (2016), On the impact of semantic framing in experimental asset markets. Journal of Behavioral and Experimental Finance, 9, 81-87. Please note: In light of recent evidence of low replication rates of experimental asset markets (see e.g. Huber et al, 2024) and the low number of observations in this study please treat this study with caution. I welcome any replication attempts and will support them (not only for this paper).

Kirchler, M., Huber, J., Stefan, M., Sutter, M. (2015), Market design and moral behaviour. Management Science, 62(9), 2615-2625.

Huber, J., Kirchler, M., Stefan, M. (2014), Experimental evidence on varying uncertainty and skewness in laboratory double-auction markets. Journal of Economic Behavior and Organization, 107, 798-809. Please note: In light of recent evidence of low replication rates of experimental asset markets (see e.g. Huber et al, 2024) and the low number of observations in this study please treat this study with caution. I welcome any replication attempts and will support them (not only for this paper).

Monographs

Razen, M., Huber, J., Hueber, L., Kirchler, M., Obermeier, M., Stefan, M. (2020): FiT - An innovative financial training programme for young people. Studia publishing house Innsbruck.

Gasser, G., Stefan, M. (Eds.) (2013), Personal Identity. Complex or simple? Cambridge University Press.

Crowd Science contributions

Fišar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A., and the Management Science Reproducibility Collaboration. Reproducibility in Management Science. Management Science 70(3), 1343-2022.

Landy, J. F., Jia, M., Ding, I. L., Viganola, D., Tierney, W., . . . Uhlmann, E. L. (2019) Crowdsourcing hypothesis tests: Making transparent how design choices shape research results. Psychological Bulletin 146(5), 451-479.

Presentations

ESA European Meeting 2025, Brno. Nordic Conference in Behavioural and Experimental Economics 2024, Copenhagen. GATE Lab Seminar 2024, Lyon. Euregio Workshop 2023, Innsbruck. Financial advice, and Portfolio Choice of Households Workshop, Paris 2022. AWG Workshop 2022, Klagenfurt. Maastricht Behavioral Economic Policy Symposium, 2022. Brownbag Seminar Economics and Finance Jönköping, 2021. Research Seminar Center for Environmental Economics Montpellier, 2021. IFAC World Congress 2020. ZEW Workshop on Market Design 2019, Mannheim. Experimental Finance Conference 2019, Copenhagen. Euregio Workshop 2019, Trento. Conference on Decision Science 2018, Constance. Experimental Finance Conference 2018, Heidelberg. Workshop on Experimental Finance, Bonn 2018. Research Seminar Max Planck Institute Bonn, 2018. SAET Conference 2017, Faro. Experimental Finance 2017, Nice. Research Seminar Chapman University, 2016. Experimental Finance 2016, Mannheim. Euregio Workshop 2016, Bolzano. Workshop 'Time in Economic Decision Making' 2014, Munich. Experimental Finance 2014, Zurich. Research Seminar University of Innsbruck 2014. Meeting 'Organisations and Society' 2013, Innsbruck. Experimental Finance 2012, Luxembourg.

Referee

PCI Registered Reports, Management Science, Economic Journal, Journal of Public Economics, European Economic Review, Journal of Banking and Finance, Journal of Economic Behavior and Organization, International Economic Review, Experimental Economics, Journal of Economic Dynamics and Control, Journal of Economic Psychology, Southern Economic Journal, Journal of Behavioral and Experimental Economics, Journal of Behavioral and Experimental Finance, Communications Psychology, European Journal of Political Economy, Credit and Capital Markets

Awards and grants

OENB Anniversary Fund, 2024

Promotion of young researchers, University of Innsbruck, 2018

Hypo Tirol Bank research grant, 2016 (with F. Holzmeister)

Prize for the promotion of dialogue between business, ethics and religion (Father Johannes Schasching SJ Prize), 2016 (with J. Huber, M. Kirchler and M. Sutter)

Research Promotion Action D. Swarovski KG, 2015

Teaching

University of Innsbruck: Investment and Finance (Bac), Financial Management (Bac), Behavioural Finance (Bac), Business Decisions (Bac), Ethical Reflections (MA), Methodological Reflections (MA), Experimental Economics (MA)

Others: FiT - Financial training for high school students using economic experiments (with Razen, M., Huber, J., Hueber, L. Kirchler, M. and AK Tirol), advanced training for Raiffeisenbank Südtirol

Profession and education

Activities

Research stays

2-3 2023 | Sciences Po (Paris) & GATE Lab (Lyon), France

1-3 2020 | Chapman University, California

06 2019 | University of Gothenburg

02 2018 | Max Planck Institute, Bonn

09 2016 | Chapman University, California

Education