Pascal Kieren

Pascal Kieren is a Researcher at the Department of Economics at Heidelberg University, affiliated with the Alfred Weber Institute for Economics. His work focuses on Behavioral Finance, Investor Behavior, and Experimental Methods for Expectation Measurement. He holds a Postdoctoral position and has been awarded the Heinrich-Wiemer-Prize for Economics (2024) for his research on inflation expectation measurement.

Research interests include belief formation in financial markets, macro-finance, household finance, and the psychological mechanisms behind investment decisions. His recent work explores asymmetries in learning during market cycles, overreaction to disconfirming information, and the role of ambiguity in decision-making.

He teaches courses on Corporate Finance (B.Sc.) and Investment Analysis (M.Sc.) at Heidelberg University. Active in research funding, he leads a DFG project (2024-2026) on the microfoundations of investor beliefs. He is a founding member of Behavioral Finance e.V., promoting academic insights for consumer applications.

Key publications include studies on inflation expectations (Journal of Economic Behavior & Organization, 2025), expectation formation under uninformative signals (Management Science, 2024), and risk-taking dynamics in boom/bust markets (Review of Finance, 2023). His research integrates lab experiments and archival data to understand how investor beliefs impact market-level outcomes.