Matthias Stefan, PhD

Platzhalterbild: MitarbeiterIn

Assistant Professor

Conference Officer, Society for Experimental Finance

Associate Dean of Studies (Master Banking and 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

Delegated Decision Making in Finance
(joint with Holzmeister, F., Holmen, M., Kirchler, M., Wengström, E. ) Preprint at OSF

Monetary and Social Incentives in Multi-Tasking: The Ranking Substitution Effect
(joint with Huber, J., Kirchler, M., Sutter, M., Walzl, M.). Working Paper at EconPapers

Publications in Refereed Journals

Holzmeister, F., Stefan, M. (2020), The risk elicitation puzzle revisited: Intra- and inter-subject (in)consistencies across methods. Experimental Economics (forthcoming). Preprint at OSF

Razen, M., Huber, J., Huber, L., Kirchler, M., Stefan, M. (2020), Financial Literacy, Economic Preferences, and Adolescents' Field Behavior. Finance Research Letters (forthcoming). Working Paper at IDEAS

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.

Razen, M., Stefan, M. (2019), Greed: Taking a deadly sin to the lab. Journal of Behavioral 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). 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, 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.

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


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).  

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

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.). Under Review.

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


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, 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, Southern Economic Journal, Journal of Behavioral and Experimental Economics, Journal of Behavioral and Experimental Finance, Credit and Capital Markets

  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


University of Innsbruck (Bachelor and Master): Financial Management I, Financial Management II, Entrepreneurial Decision-Making, Reflections on Ethics and Methodology  

Other: Behavioral Finance in Theory and Practice (Advanced Education for Banking Staff, Raiffeisen South Tyrol), FiT - Financial Training for High School Students using Experimental Economics  (Razen, M., Huber, J., Hueber, L., Kirchler, M. and AK Tirol)

  Appointments and Education


2016 -

PostDoc, Department of Banking and Finance, University of Innsbruck

2017 -

Conference Officer, Society for Experimental Finance

2012 - 2016

Research Assistant, Department of Banking and Finance, University of Innsbruck

  Research Visits

1-3   2020 | Chapman University, California

06    2019 | University of Gothenburg

02    2018 | Max Planck Institute, Bonn

09    2016 | Chapman University, California


2012 – 2016

PhD Management

2007 – 2011

Master Business Administration

2003 – 2007

Master Philosophy

1999 – 2003

Bundesoberstufenrealgymnasium Lauterach

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