Lancaster University, & Oxford Risk (London)
The Department of Economics at Lancaster University Management School (LUMS) invites applications for one fully funded ESRC CASE PhD studentship, commencing 1 October 2026. This four-year, full-time award is delivered in partnership with Oxford Risk, a leading behavioural finance fintech specialising in financial personality assessment and behavioural engagement.
The successful candidate will undertake rigorous PhD training in Economics, with a focus on Behavioural and Experimental Economics and advanced econometric modelling.
Candidate Profile
Applicants should hold a Master’s degree in Economics or a related field (e.g., Finance, Psychology, Maths or Data Science), with a foundational understanding of behavioural/experimental methods and/or econometrics.
While we value these core skills, a central part of this project involves advanced technical training. We are therefore looking for a candidate who is eager to develop these competencies further under our mentorship.
About the Project
This interdisciplinary project examines a central puzzle in UK household finance: persistent aversion to equity investment alongside enthusiasm for speculative assets.
The research will explore:
* What types of behavioural investment profiles exist in the UK?
* Which economic preferences and personality traits characterise these profiles?
* What heuristics, biases and decision errors underpin observed investment behaviour?
* How do popular economic narratives (e.g., “the stock market is a casino”, “cryptocurrency is the new gold”) shape financial decision‑making?
The project combines narrative economics with advanced latent‑variable and econometric modelling. It will distinguish between stable personality‑based traits and context‑dependent behavioural preferences, examining how enduring dispositions interact with situational narratives to influence real‑world financial outcomes.
The CASE partnership provides a distinctive applied dimension. The student will engage with Oxford Risk’s behavioural‑finance expertise and gain exposure to real‑world investor profiling and decision‑making research.
Supervisory Team
Primary Supervisor: Dr Konstantinos Georgalos
Secondary Supervisor: Dr Emre Tarim
Partner Institution Supervisor: Dr Greg Davies (Head of Behavioural Finance, Oxford Risk)
Training and Research Environment
Lancaster’s Economics Department offers a research‑intensive environment within a world‑ranked management school (REF 2021: 90% world‑leading or internationally excellent). The student will benefit from:
* Advanced quantitative and econometric training
* Access to the Lancaster Experimental Economics Lab (LExEL)
* ESRC NWSSDTP cohort training and interdisciplinary development
* Fully funded participation in national and international conferences
* Opportunities for teaching training and experience
Funding includes tuition fees, a tax‑free stipend at the UKRI rate (currently £20,780 per annum, subject to confirmation for 2026/27), and a research training support grant.
How to Apply
If you are interested in applying, please contact Dr Konstantinos Georgalos (k.georgalos@lancaster.ac.uk) with:
* A short research statement outlining your research interests and ideas relevant to the project (max. 1,000 words).
* A CV.
Applications will be reviewed on a rolling basis, and early applications are strongly encouraged.
Applications must also be submitted via the Lancaster Economics PhD portal.
Please include:
* A Personal Statement clearly indicating you are applying for this ESRC CASE studentship
* A Research Statement (in lieu of a research proposal) outlining your research interests and ideas relevant to the project (max 1000 words)
* CV
* Academic transcripts (Bachelor’s and Master’s)
* Two academic references
* Evidence of English language proficiency (if required)
£20,780 - please see advert
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