Michael Razen, PhD

Assistant Professor of Finance

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

  +43 (0) 512 507 73012


  SOWI o.4.09

 Upon request


  Research interests

Experimental finance and economics
Information economics
Market efficiency
Personal finance 


Working Papers

Farago, A., Holmen, M., Holzmeister, F., Kirchler, M., Razen, M. (2019), Cognitive skills and economic preferences in the fund industry. Working paper.  >>>article

Hackethal, A., Kirchler, M., Laudenbach, C., Razen, M., Weber, A. (2020), On the (ir)relevance of monetary incentives in risk preference elicitation experiments. Working Paper. >>>article

Publications in Refereed Journals

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

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

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

  Presentations at Academic Conferences

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. 



  Ad-hoc Referee

Journal of Economic Behavior & Organziation, Experimental Economics, Journal of Economic Psychology, Journal of Behavioral and Experimental Finance, German Economic Review

  Selected Grants, Prices, and Awards


Hypo Tirol Bank Dissertationspreis


CFA Prize Austria


Hypo Research Grant


Doctoral Fellowship, University of Innsbruck



  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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