Matthias Stefan, PhD

Assistant Professor (Tenure Track)

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 and methodological questions in Economics and Finance


Working Paper

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. ) Preprint on 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 in Refereed Journals

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:

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:

Holzmeister, F., Holmen, M., Kirchler, M., Stefan, M., Wengström, E. (2022), Delegation Decisions in Finance, Management Science:

Häussler, S., Stefan, M. Schneckenreither, M., Onay, A. (2021), The lead time updating trap: Analyzing human ordering behavior in capacitated supply chains. International Journal of Production Economics:

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

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

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:

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.


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

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

Contributions to Crowd Science

Fišar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A., and the Management Science Reproducibility Collaboration. Reproducibility in Management Science. Management Science (forthcoming). Paper at OSF.

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.


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, 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. 


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

  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: Financial Management I (Bac), Financial Management II (Bac), Behavioral Finance (Bac), Entrepreneurial Decision-Making (Bac), Ethical Reflections (MA), Methodological Reflections (MA), Experimental Economics (MA)

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

  Appointments and Education


2020 -

Assistant Professor (Tenure Track), Department of Banking and Finance, University of Innsbruck

2017 - 2021

Conference Officer, Society for Experimental Finance

2016 - 2020

PostDoc, Department of Banking and Finance, University of Innsbruck

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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