Michael Razen, PhD

Assistant Professor of Finance

Head of "FiT - Financial Training" (Financial literacy education program)

  +43 (0) 512 507 73012

  michael.razen [at] uibk.ac.at

  SOWI o.4.09

 Upon request


  Research interests

Experimental finance and economics
Personal finance 
Information economics
Market efficiency


Working Papers

Menkveld, A. J., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Razen, M., Weitzel, U., et al. (2022), Non-standard errors. Working paper. >>>article

Bachler, S., Holzmeister, F., Razen, M., Stefan, M. (2021), The impact of presentation format and choice architecture on portfolio allocations: Experimental evidence. Working paper. >>>article

Razen, M., Kupfer, A. (2021), Can increased tax transparency curb corporate tax avoidance? Working Paper. >>>article

Publications in Refereed Journals

Hackethal, A., Kirchler, M., Laudenbach, C., Razen, M., Weber, A. (2021), On the role of monetary incentives in risk preference elicitation experiments. Journal of Risk and Uncertainty. >>>article

Farago, A., Holmen, M., Holzmeister, F., Kirchler, M., Razen, M. (2021), Cognitive skills and economic preferences in the fund industry. Economic Journal. >>>article

Razen, M., Huber, J., Hueber, L., Kirchler, M., Stefan, M. (2020), Financial literacy, economic preferences, and adolescents' field behavior. Finance Research Letters. >>>article 

Razen, M., Kirchler, M., Weitzel, U. (2020), Domain-specific risk-taking among finance professionals. Journal of Behavioral and Experimental Finance>>>article

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

Razen, M., Huber, J., Kirchler, M. (2017), Cash inflow and trading horizon in asset markets. European Economic Review  92:  359-384. >>>article  Software and STATA-Code

Camerer, C.F., Dreber, A., Forsell, E., Ho, T.H., Huber, J., Johannesson, M., Kirchler, M., Almenberg, J., Altmejd, A., Chan, T., Heikensten, E., Holzmeister, F., Imai, T., Isaksson, S., Nave, G., Pfeiffer, T., Razen, M., Wu, H. (2016), Evaluating replicability of laboratory experiments in economics. Science  (First Release). >>>article

Kirchler, M., Bonn, C., Huber, J., Razen, M. (2014), The Inflow-Effect - Trader inflow and bubble formation in asset markets. European Economic Review  77: 1-19. >>>article

Book Chapters

Kaczko, E., Razen, M. (2021): Experiential learning in finance education – Applying experimental finance methodology. To appear in the Handbook of Experimental Finance, Sascha Füllbrunn and Ernan Haruvy (eds). >>>article


Razen, M., Huber, J., Hueber, L., Kirchler, M., Obermeier, M., Stefan, M. (2020): FiT - Ein innovatives Finanztrainingsprogramm für Jugendliche. Innsbruck: Studia Verlag Innsbruck.

  Presentations at Academic Conferences

Annual Conference of the Society for Financial Econometrics 2022, Cambridge.

Experimental Finance 2022, Bonn.

Experimental Finance 2021, Innsbruck.

Experimental Finance 2019, Kopenhagen.

Frühjahrstreffen der Forschungsplattform "Organizations and Society" 2018, Innsbruck.

Experimental Finance 2018, Heidelberg.

Finance Research Day 2017, Graz.

Experimental Finance 2017, Nice.

ESA European Meeting 2015, Heidelberg.

Austrian Working Group on Banking and Finance 2014, Vienna.

eeecon Workshop 2014, Innsbruck.

Experimental Finance 2014, Zurich. 


Public Lecture on Financial Literacy. Published on Radio Freirad, KulturTon. >>>link

Interview on the Education Program FiT - Financial Training. Published on Radio Freirad. >>>link

Evaluating replicability of laboratory experiments in economics. Published on ORF.at. >>>link

  Ad-hoc Referee

European Economic Review, Journal of Economic Behavior & Organziation, Experimental Economics, Journal of Banking and Finance, Energies, Journal of Economic Psychology, Journal of Behavioral and Experimental Finance, Emerging Markets Review, German Economic Review

  Selected Grants, Prices, and Awards


Hypo Tirol Bank Dissertationspreis


CFA Prize Austria


Hypo Research Grant


Doctoral Fellowship, University of Innsbruck


Applied Empirical Finance (MSc, Lecture and Seminar)

Market Efficiency (MSc, Lecture and Seminar)

Experimental Finance (MSc, Lecture and Seminar)

The Economics of Information, Information Technologies and Human Behaviour (MSc, Lecture with Seminar)

International Finance (Diploma, Lecture and Seminar)

Introduction to Finance (BSc, Lecture with Seminar)

Introduction to Business and Management (BSc, Seminar)

  Appointments and Education

  Guest Researcher

Feb - Mar 2018

Guest researcher, University of Gothenburg & Stockholm School of Economics


2013 - 2017

PhD in Economics, University of Innsbruck

2011 - 2012

MSc in Finance and Economics, London School of Economics


Summer School, University of New Orleans

2008 - 2011

BSc in Business and Economics, University of Innsbruck

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