kirchler.html.en - kirchler.html.en

  Research

  Research Interests

Behavioral Finance, Metascience, Open Science, Experimental Finance and Economics, Morals and Ethics, Financial Professionals, Bubbles

  Publications

Selected Working Papers 

Holzknecht, A., Huber, J., Kirchler, M., Neugebauer, T. (2024), Speculating in zero-value assets: The greater fool game experiment. >>article.

Bachler, S., Holzknecht, A., Huber, J., Kirchler, M. (2024), From individual choices to the 4-Eyes-Principle: The Big Robber Game revisited among Financial Professionals and Students. >>article.

Xu, X., Metsälampi, S., Kirchler, M., Kotakorpi, K., Matthews, P.H., Miettinen, M. (2024), The welfare consequences of learning where one stands: Evidence from a large field experiment. Working Paper. >>article

Stefan, M., Holmen, M., Holzmeister, F., Kirchler, M., Wengström, E. (2022), You can't always get what you want - An experiment on finance professionals' decisions for others. Working Paper. >>article

 

Publications

[82] Holzmeister, F.,  Johannesson, M., Camerer, C. F., Chen, Y., Ho, T-H., Hoogeveen, S., Huber, J., Imai, N., Imai, T.,  Jin, L., Kirchler, M., Ly, A., Mandl, B., Manfredi, D., Nave, G., Nosek, B. A., Pfeiffer, T., Sarafoglou, A., Schwaiger, R., Wagenmakers, E-J., Waldén, V., Dreber, A. (2024), Replication by plebiscite: Examining the replicability of online experiments selected by a decision market. Nature Human Behaviour. >>article

[81] Holzmeister, F., Johannesson, M., Böhm, R., Dreber, A., Huber, J., Kirchler, M. (2024), Heterogeneity in Effect Size Estimates. Proceedings of the National Academic Society 121 (32): e2403490121. >>article

[80] Flecke, S. L., Huber, J., Kirchler, M., Schwaiger, R. (2024), Nature Experiences and Pro-Environmental Behavior: Evidence from a Randomized Controlled Trial. Journal of Environmental Psychology 99: 102383. >>article

[79] Aschenwald, M., Holzknecht, A., Kirchler, M., Razen, M. (2024), Covariates of Behavioral Consistency among Adolescents. Journal of Behavioral and Experimental Finance 44: 100986. >>article

[78] Bachler, S., Flecke, S., Huber, J., Kirchler, M., Schwaiger, R. (2024), Carbon Pricing, Carbon Dividends and Cooperation: Experimental Evidence. Journal of Economic Behavior and Organization 225: 37-50. >>article

[77] Sarafoglou, A., Hoogeveen, S., van den Bergh, D., Aczel, B., Albers, C. J., Althoff, T., … Wagenmakers, E. (2024), Subjective Evidence Evaluation Survey For Multi-Analyst Studies. Royal Society Open Science 11: 240125. >>article

[76] Pérignon, C., Akmansoy, O., Hurlin, C., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Menkveld, A., Razen, M., Weitzel, U. (2024), Reproducibility of empirical results: evidence from 1,000 tests in finance. Review of Financial Studies hhae029. >>article

[75] Menkveld, A., Dreber, A., Holzmeister, F. et al. (2024), Non-Standard Errors. Journal of Finance 79(3): 2339-2390. >>Video #fincap >>article >>project webpage

[74] Gsottbauer, E., Kirchler, M., König-Kersting, C. (2024), Climate Crisis Attitudes among Financial Professionals and Climate Experts. Communications Earth & Environment 5(159). >>article

[73] Kirchler, M., Weitzel, U. (2023), Experiments in Finance. Journal of Banking and Finance 106975. >> article.

[72] Huber, C., Dreber, A., Huber, J., et al. (2023), Competition and moral behavior: A meta-analysis of forty-five crowd-sourced experimental designs. Proceedings of the National Academic Society 120(23): e22155721. >>article

[71] 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 156: 104458. >>article

[70] Rose, J., Kirchler, M., Palan, S. (2023), Status and reputation nudging. Journal of Behavioral and Experimental Economics (forthcoming). >>Online First version

[69] 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 (forthcoming). >>article

[68] Weitzel. U., Kirchler, M., (2023), The Banker's Oath and financial advice. Journal of Banking and Finance 148: 106750. >>article

[67] Huber, C., Kirchler, M. (2023), Experiments in finance - A Survey of historical trends. Journal of Behavioral and Experimental Finance 37: 100737. >>article

[66] Hackethal, A., Kirchler, M., Laudenbach, C., Razen, M., Weber, A. (2023), On the role of monetary incentives in risk preference elicitation experiments. Journal of Risk and Uncertainty 66: 189-213. >>article >>data and code

[65] Böhm, B., Betsch, C., Litovsky, L., Sprengholz, P., Brewer, N., Chapman, G., Leask, J., Loewenstein, G., Scherzer, M., Sunstein, C.R., Kirchler, M. (2022), Crowdsourcing interventions to promote uptake of COVID-19 booster vaccines. eClinicalMedicine 53: 101632. >>article

[64] Schwaiger, R., Huber, J., Kirchler, M., Kleinlercher, D., Weitzel, U. (2022), Unequal opportunities, social groups, and redistribution. Working Paper. Journal of Behavioral and Experimental Economics (forthcoming). >>Working Paper version

[63] Holzmeister, F., Huber, J., Kirchler, M., Schwaiger, R. (2022), Nudging debtors to pay their debt. Two randomized controlled trials. Journal of Economic Behavior and Organization 198: 535-551. >>article

[62] Dufwenberg, M., Johansson-Stenman, O., Kirchler, M., Lindner, F., Schwaiger, R. (2022), Mean markets or kind commerce? Journal of Public Economics 209: 104648. >>article

[61] Holzmeister, F., Holmen, M., Kirchler, M., Stefan, M., Wengström, E. (2022), Delegation decisions in finance. Management Science (forthcoming). >>Working Paper version

[60] Huber, C., Huber, J., Kirchler, M. (2022), Volatility shocks and investment behavior. Journal of Economic Behavior and Organization 194: 56-70. >>article

[59] Aczel, A., Szaszi, B., Nilsonne, G. et al. (2021), Guidance for conducting and reporting multi-analyst studies. eLife 10:e72185. >>article

[58] Farago, A., Holmen, M., Holzmeister, F., Kirchler, M., Razen, M. (2022), Cognitive skills and economic preferences in the fund industry. Economic Journal 132: 1737-1764. >>article

[57] Huber, C., Huber, J., Kirchler, M. (2021), Market shocks and professionals' investment behavior - Evidence from the COVID-19 crash. Journal of Banking and Finance 133: 106247. >>article

[56] Lindner, F., Kirchler, M., Rosenkranz, S., Weitzel, U. (2021), Social motives and risk-taking in investment decisions. Journal of Economic Dynamics and Control 127: 104116. >>article >>supplementary material

[55] Razen, M., Huber, J., Hueber, L., Kirchler, M., Stefan, M. (2021), Financial literacy, economic preferences, and adolescents' field behavior. Finance Research Letters 40: 101728. >>article

[54] Botvinik-Nezer, R., Holzmeister, F., Camerer, C., Dreber, A., Huber, J., Johannesson, M., Kirchler, M., Iwanir, R., Mumford J.A., et al., Poldrack, R., Schonberg, T. (2020), Variability in the analysis of a single neuroimaging dataset by many teams. Nature 582: 84-88 >>article

[53] Kirchler, M., Lindner, F., Weitzel, U. (2020), Delegated investment decisions and rankings. Journal of Banking and Finance (forthcoming). >>article >>supplementary material

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

[51] Holzmeister, F., Huber, J., Kirchler, M., Lindner, F., Weitzel, U., Zeisberger, S. (2020), What drives risk perception? A global survey with financial professionals and lay people. Management Science (forthcoming). >>article

[50] Weitzel, U., Huber, C., Huber, J., Kirchler, M., Lindner, F., Rose, J. (2020), Bubbles and financial professionals. Review of Financial Studies (forthcoming). >>article

[49] Schwaiger, R., Kirchler, M., Lindner, F., Weitzel, U. (2020), Determinants of investor expectations and satisfaction. A study with financial professionals. Journal of Economic Dynamics and Control 110: 103675. >>article >>data and code

[48] Schultze, T., Huber, J., Kirchler, M., Mojzisch, A. (2019), Replications in economic psychology and behavioral economics. Journal of Economic Psychology 75 (Part A), 102199.

[47] Altmejd, A., Dreber, A., Forsell, E., Ho, T., Huber, J., Imai, T., Johannesson, M., Kirchler, M., Nave, G., Camerer, C. (2019), Predicting the replicability of social science lab experiments. PLoS ONE 14(12): e0225826. >>article

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

[45] Botvinik-Nezer, R., Iwanir, R., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Dreber, A., Camerer, C., Poldrack, R., Schonberg, T. (2019), fMRI data of mixed gambles from the Neuroimaging Analysis Replication and Prediction Study. Scientific Data 6: 106. >>article

[44] Kirchler, M., Lindner, F., Weitzel, U. (2018), Rankings and risk-taking in the finance industry. Journal of Finance 73(5): 2271-2302. >>article >>supplementary material

[43] Camerer, C.F., Dreber, A., Holzmeister, F., Ho, T.H., Huber, J., Johannesson, M., Kirchler, M., Nave, G., Nosek, B., Pfeiffer, T., Altmejd, A., Buttrick, N., Chan, T., Chen, Y., Forsell, E., Gampa, A., Heikensten, E., Hummer, L., Imai, T., Isaksson, S., Manfredi, D., Rose, J., Wagenmakers E.-J., Wu, H. (2018), Evaluating the replicability of social science experiments in Nature and Science. Nature Human Behaviour 2: 637-644. >>article

[42] Verschuere, B., Meijer, E.H., Jim, A. et al. (2018), Registered Replication Report on Mazar, Amir, and Ariely (2008). Advances in Methods and Practices in Psychological Science 1(3): 299-317. >>article

[41] McCarthy, R.J., Skowronski, J.J., Verschuere, B. et al. (2018), Registered Replication Report on Srull and Wyer (1979). Advances in Methods and Practices in Psychological Science 1(3): 321-336. >>article

[40] Stefan, M., Holzmeister, F., Müllauer, A., Kirchler, M. (2018), Ethnical discrimination in Europe: Field evidence from the finance industry. PLoS ONE. >>article

[39] Kirchler, M., Palan, S. (2018), Immaterial and monetary gifts in economic transactions. Evidence from the field. Experimental Economics 21(1): 205-230. >>article >>video

[38] Benjamin, D.J., Berger, J.O., Johannesson, M., Nosek, B.A., Wagenmakers, E.-J. et al. (2018), Redefine statistical significance. Nature Human Behaviour 2: 6-10. >>article

[37] Razen, M., Huber, J., Kirchler, M. (2017), Cash inflow and trading horizon in asset markets. European Economic Review 92: 359-384. >>article >>Download software and STATA code

[36] Fang, D., Holmen, M., Kirchler, M., Kleinlercher, D. (2017), How tournament incentives affect asset markets: A comparison between winner-take-all tournaments and elimination contests. Journal of Economic Dynamics and Control 75: 1-27. >> article

[35] 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 financial risk taking. Journal of Risk and Uncertainty 54: 37-59. >>article

[34] Huber, J., Kirchler, M., Kleinlercher, D., Sutter, M. (2017), Market vs. residence principle: Experimental evidence on the effects of a financial transaction tax. Economic Journal 127: F610-631. >>article

[33] Tinghög, G., Andersson, D., Bonn, C., Johannesson, M., Kirchler, M., Koppel, L., Västfjäll, D. (2016), Intuition and moral decision-making – the effect of time pressure and cognitive load on moral judgment and altruistic behavior. PLOS ONE 11(10): e0164012. >>article

[32] 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 351(6280): 1433-1436. >>article

[31] Kirchler, M., Huber, J., Stefan, M., Sutter, M. (2016), Market design and moral behavior. Management Science 62(9): 2615-2625. >>article

[30] Huber, J., Kirchler, M., Stöckl, T. (2016), The influence of investment experience on market prices. Laboratory evidence. Experimental Economics 19(2): 394-411. >>article

[29] Stöckl, T., Huber, J., Kirchler, M., Lindner, F. (2015), Hot Hand and Gambler's Fallacy in teams: Evidence from investment experiments. Journal of Economic Behavior and Organization 117: 327-339. >>article

[28] Kirchler, M., Bonn, C., Huber, J., Razen, M. (2015), The 'Inflow-Effect' - Trader inflow and Price Efficiency. European Economic Review 77: 1-19. >>article

[27] Stöckl, T., Huber, J., Kirchler, M. (2015), Multi-period experimental asset markets with distinct fundamental value regimes. Experimental Economics 18(2): 314-334. >>article

[26] 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 107B: 798-809. >>article

[25] Kleinlercher, D., Huber, J., Kirchler, M. (2014), The impact of different incentive schemes on asset prices. European Economic Review 68: 137-150. >>article

[24] Stöckl, T., Kirchler, M. (2014), Trading strategies and trading profits in experimental asset markets with cumulative information. Journal of Behavioral and Experimental Finance 2: 18-30. >>article

[23] Holmen, M., Kirchler, M., Kleinlercher, D. (2014), Do option-like incentives induce overvaluation? Evidence from experimental asset markets. Journal of Economic Dynamics and Control 40: 179-194. >>article

[22] Dijk, O., Holmen, M., Kirchler, M. (2014), Rank matters. The impact of social competition on portfolio choice. European Economic Review 66: 97-110. >>article

[21] Angerer, M., Huber, J., Kirchler, M. (2014), Trader performance in a market experiment with human and computerized traders. Schmalenbach Business Review 66: 224-244.

[20] Tinghög, G., Andersson, D., Bonn, C., Böttiger, H., Josephson, C., Lundgren, G., Västfjäll, D., Kirchler, M., Johannesson, M. (2013), Intuition and cooperation reconsidered. Nature 498: E1-E2. >>article >>online appendix >>original data

[19] Huber, J., Kirchler, M. (2013), Corporate Campaign Contributions and abnormal stock returns after presidential elections. Public Choice 156(1): 285-307. >>article

[18] Hanke, M., Kirchler, M. (2013), Football Championships and sponsors' stock prices - An empirical investigation. The European Journal of Finance 19: 228-243. >>article

[17] Kirchler, M., Huber, J., Stöckl, T. (2012), Thar she bursts – Reducing confusion reduces bubbles. American Economic Review 102(2): 865-883. >>article

[16] Sutter, M., Huber, J., Kirchler, M. (2012), Bubbles and information: An experiment. Management Science 58: 384-393. >>article

[15] Huber, J., Kleinlercher, D., Kirchler, M. (2012), The Impact of a Financial Transaction Tax on stylized facts of price returns – Evidence from the lab. Journal of Economic Dynamics and Control 36: 1248-1266. >>article

[14] Huber, J., Kirchler, M. (2012), The impact of instructions and procedure on reducing confusion and bubbles in experimental asset markets. Experimental Economics 15: 89-105. >>article

[13] Kirchler, M., Huber, J., Kleinlercher, D. (2011), Market microstructure matters when imposing a Tobin Tax – Evidence from laboratory experiments. Journal of Economic Behavior and Organization 80: 586-602. >>article

[12] Huber, J., Angerer, M., Kirchler, M. (2011), Experimental asset markets with endogenous choice of costly asymmetric information. Experimental Economics14: 223-240. >>article

[11] Stöckl, T., Huber, J., Kirchler, M. (2010), Bubble measures in experimental asset markets. Experimental Economics13: 284-298. >>article

[10] Kirchler, M. (2010), Partial knowledge is a dangerous thing - On the value of asymmetric fundamental information in asset markets. Journal of Economic Psychology 21: 643-658.>>article

[9] Huber, J., Kirchler, M., Stöckl, T. (2010), The Hot Hand Belief and the Gambler's Fallacy in investment decisions under risk. Theory and Decision 68: 445-462. >>abstract >>article

[8] Hanke, M., Huber, J., Kirchler, M., Sutter, M. (2010), The economic consequences of a Tobin tax - An experimental analysis. Journal of Economic Behavior and Organization 74: 58-71. >>abstract >>article

[7] Kirchler, M., Huber, J. (2009), An exploration of commonly observed stylized facts with data from experimental asset markets. Physica A 388: 1631-1658. >>abstract >>article

[6] Kirchler, M. (2009), Underreaction to fundamental information and asymmetry in mispricing between Bullish and Bearish markets. An experimental study. Journal of Economic Dynamics and Control 33: 491-506. >>abstract >>article

[5] Huber, J., Kirchler, M., Sutter, M. (2008), Is more information always better? Experimental financial markets with cumulative information. Journal of Economic Behavior and Organization 65: 86-104. >>abstract >>article

[4] Kirchler, M., Huber, J. (2007), Fat tails and volatility clustering in experimental asset markets. Journal of Economic Dynamics and Control 31: 1844-1874. >>abstract >>article

[3] Toth, B., Scalas, E., Huber, J., Kirchler, M. (2007), The value of information in a multi-agent market model - The luck of the uninformed. European Physical Journal B 55: 115-120. >>abstract >>article

[2] Huber, J., Kirchler, M., Sutter, M. (2006), Vom Nutzen zusätzlicher Information auf Märkten mit unterschiedlich informierten Händlern – Eine experimentelle Studie. Zeitschrift für betriebswirtschaftliche Forschung 58: 188-211. >>abstract

[1] Scalas, E., Kaizoji, T., Kirchler, M., Huber, J., Tedeschi, A. (2006), Waiting times between orders and trades in double-auction markets. Physica A 366: 463-471. >>abstract >>article

Contributions to books

[4] Hauser, F., Huber J., Kirchler, M. (2009), Comparing laboratory experiments and Agent-Based Simulations: The value of information and market efficiency in a market with asymmetric information. in: Hernández, C., et al., Artificial Economics: The Generative Method in Economics. Heidelberg, Springer: 199-210.

[3] Huber, J., Kirchler, M. (2008), When more information can be harmful: Evidence from experimental asset markets. in: Hanke, M., Huber, J., Information, interaction and (In)Efficiency in financial markets. Wien, Linde International: 62-94.

[2] Huber, J., Kirchler, M., Sutter, M. (2007), Does the level of information matter for traders? On the usefulness of information in experimental asset markets. in: Oda, S., Developments on experimental economics. Heidelberg, Springer Verlag: 251-256.

[1] Huber, J., Kirchler, M., Sutter, M. (2005), On the marginal benefits of additional information in markets with heterogenously informed agents - an experimental study. in: Lux, T., et al., Nonlinear dynamics and heterogeneous interacting agents. Heidelberg, Springer: 41-52.

  Selected Keynote Lectures and Invited Talks

  Selected Media Coverage

The Guardian, Stern TV, The Harvard Law School Forum on Corporate Governance and Financial Regulation, Der Standard, Kurier, ORF, Ö1, Die Presse, European Forum Alpbach, Handelsblatt, Die Zeit, WirtschaftsWoche, FAZ, Frankfurter Allgemeine Sonntagszeitung, Heureka, Universum Magazin, Tiroler Tageszeitung, WDR, MDR, SRF, Salzburger Nachrichten, Süddeutsche Zeitung, Herald Sun

  Ad-hoc Referee

Journal of Finance, American Economic Review, Econometrica, Quarterly Journal of Economics, Management Science, Review of Financial Studies, Journal of Political Economy, Economic Journal, Nature Human Behaviour, Nature Sustainability, European Economic Review, Review of Economics and Statistics, Journal of the European Economic Association, Scientific Reports, AEJ:Micro, Games and Economic Behavior, International Economic Review, Journal of Political Economy Microeconomics, Journal of Risk and Uncertainty, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Journal of Banking and Finance, Journal of Financial and Quantitative Analysis, Experimental Economics, Journal of the Economic Science Association, Economic Inquiry, Journal of Economic Psychology, Journal of Money, Credit and Banking, Journal of Behavioral Finance, Journal of Business Ethics, Physica A, Journal of Sport Management, Central European Journal of Operations Research, Quantitative Economics, Economics E-journal, Austrian National Bank (Jubiläumsfonds), Social Sciences and Humanities Research Council of Canada (SSHRC), University of Arizona, Estonian Research Council (ETAg), Czech Science Foundation, University of Luxembourg, Swiss National Science Foundation.

  Grants, Prices and Awards

Grants

Awards

  Teaching (since 2013)

PhD course “Quantitative Research Methods” (in English)
Winter 2018, 2017, 2016, 2015

Seminar and lecture “Applied Behavioral Finance” – Master (in English)
Winter 2018, 2017, 2016, 2015

Lecture “Introduction to Behavioral Finance” – Master (in English)
Winter 2018, 2017, 2016, 2015, 2014

Lecture “Decision Making” – Bachelor
Sommer 2018, 2017, 2016, 2015, 2014, 2013

Seminar “Decision Making” – Bachelor
Sommer, 2016, 2015, 2014, 2013

Behavioral Finance – Master course at the University of Gothenburg (in English)
Sommer 2018, 2017, 2016, 2015, 2014, 2013,

Lecture Principles in Management: Financial Management
Sommer 2015, 2014, 2013

Seminar “Market Efficiency and Behavioral Finance” – Master (in English)
Winter 2013

Lecture “Research Methods and Models in Banking and Finance” – Master (in English)
Winter 2013

Seminar “Financial Management” – Bachelor
Sommer 2013

  Appointments and Education

 Appointments

 

  Education