Behavioral Finance and Contract TheoryDr. Pascal Kieren


Phone: +49 6221 54 2951
Email: pascal.kieren@awi.uni-heidelberg.de
Room 01.016
Office hours by appointment (by email)

Personal Website

Dr. Pascal Kieren

Research Interests

My research interests concern belief formation in financial markets, investor behavior, and experimental methods for expectation measurement.


Kieren, P., and Weber, M. (2024). Expectation Formation under Uninformative Signals. Management Science, forthcoming.

Kieren, P., Müller-Dethard, J., and Weber, M. (2023). Risk-taking and asymmetric learning in boom and bust markets. Review of Finance27(5), 1743-1779.

Kieren, P., and Weber, M. (2022). When saving is not enough–wealth decumulation in retirement. Journal of Pension Economics & Finance21(3), 446-473.

Kieren, P., and Weber, M. (2021). Experiments in Finance – From No to Maybe to Yes! In: E. Haruvy and S. Füllbrunn (eds.), Handbook of Experimental Finance, 17–25 Edward Edgar Publishing.

Working Papers

Goldfayn-Frank, O., P. Kieren, and S.T. Trautmann (2024). A Choice-Based Approach to the Measurement of Inflation Expectations. [Winner of the 2024 Heinrich-Wiemer-Prize for Economics] R&R Journal of Monetary Economics.

Kieren, P., G. Gertsman, and S. T. Trautmann (2024). Temporal Resolution of Ambiguity: Preferences for Timing and Graduality.  

Kieren, P., C. König-Kersting, R. Schmidt, S.T. Trautmann and F. Heinicke (2023).  First-Order and Higher-Order Inflation Expectations: Evidence about Households and Firms.

Kieren, P., Müller-Dethard, J., and Weber, M. (2021a). Can Agents Add and Subtract when Forming Beliefs? Evidence from the Lab and Field.

Kieren, P., Müller-Dethard, J., and Weber, M. (2021b). The Portfolio Composition Effect.


I teach the courses on Corporate Finance in the B.Sc. program (in the summer term), and Investment Analysis in the M.Sc. program (winter term). For details consult the course overview of moodle.

Other Activities

Founding member Behavioral Finance e.V.: Transfer of academic insights for consumer applications