Matthias Stefan, PhD

Platzhalterbild: MitarbeiterIn

Research Associate (PostDoc)

Conference Officer, Society for Experimental Finance

Department of Banking and Finance

  +43 (0) 512 507 73013

  SOWI o.4.15

 upon request



  Research Interests

Behavioral Economics, Ethical and Psychological Questions in Economics/ Finance


Working Paper

Razen, M., Stefan, M. (2016), Greed: Taking a deadly sin to the lab. Working Paper.

Publications in Refereed Journals

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

Stefan, M., Holzmeister, F., Müllauer, A., Kirchler, M. (2018). Ethnical discrimination in Europe: Field evidence from the Finance industry. Plos One 13(1): e0191959.

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.

Stefan, M (2016), On the impact of semantic framing in experimental asset markets. Journal of Behavioral and Experimental Finance.

Kirchler, M., Huber, J., Stefan, M., Sutter, M. (2015), Market design and moral behavior. Management Science.

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.


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


FiT - Financial Training for High School Students using Experimental Economics
(joint with Razen, M., Huber, J., Hueber, L., Kirchler, M. and AK Tirol).  

Crowdsourcing Hypothesis Tests: Making Transparent How Design Choices Shape Research Results
(joint with Landy, J., Jia, M., Ding, I., Viganola, D., Tierney, W., ..., Uhlmann, E.). 
Under Review.

The risk elicitation puzzle revisited: Intra- and inter-subject (in)consistencies across methods
(joint with Holzmeister, F.)

Portfolio Choice: Helping Investors to Pick What They Like
(joint with Holzmeister, F. Razen, M.)

Delegated investment decisions - Experimental and Register Data
(joint with Holmén, M., Holzmeister, F., Kirchler, M., Wengström, E.).

Preferences and Behavioral Characteristics of Financial Professionals and the General Population - Experimental and Register Data (joint with Holmén, M., Holzmeister, F., Kirchler, M., Wengström, E.).

The lead time updating trap: Analyzing human ordering behavior in capacitated supply chains
(joint with Häussler, S., Klotz, A., Schneckenreither, M.).

Dishonesty in Networks in an Experience Goods Market
(joint with Kerschbamer, R., Sutter, M.).

Effort Provision under different contracts and ranking
(joint with Huber, J., Kirchler, M., Sutter, M., Walzl, M.).


Conference on Decision Science 2018, Konstanz. 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 'Organizations and Society' 2013, Innsbruck.  Experimental Finance 2012, Luxembourg. 

  Media Coverage

Moral und Strafe, Die Presse,,, Der Standard, Dolomiten, Wiener Zeitung, Vorarlberger Nachrichten

"Mäuse, Mord und Märkte", Frankfurter Allgemeine Zeitung, 19.10.2015, p. 16

"(Un-)Moral auf Märkten: Wie wichtig das Design ist"; DiePresse, online and print

  Ad-hoc Referee

Management Science, Journal of Public Economics, European Economic Review, Journal of Economic Behavior
and Organization, International Economic Review, Experimental Economics, Journal of Economic
Psychology, Journal of Behavioral and Experimental Finance

  Grants, Prices, and Awards

Young Scientist Grant, University of Innsbruck, 2018

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

Award for promoting the dialogue between Economics, Ethics and Religion (Pater Johannes Schasching SJ-Award), 2016 (with J. Huber, M. Kirchler and M. Sutter)

Research grant, Aktion D. Swarovski KG, 2015


Financial Management I, Financial Management II, Entrepreneurial Decision-Making, Reflections on Ethics and Methodology  

  Appointments and Education


2016 -

PostDoc and Lecturer, Department of Banking and Finance, University of Innsbruck

2017 -

Conference Officer, Society for Experimental Finance

2012 - 2016

Research Assistant (PhD) and Lecturer, Department of Banking and Finance, University of Innsbruck

  Research Visits


Chapman University, California


2012 – 2016

PhD Management

2007 – 2011

Master Business Administration

2003 – 2007

Master Philosophy

1999 – 2003

Bundesoberstufenrealgymnasium Lauterach

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