ESRC CASE PhD Studentship - Investment Aversion in the UK: An Interdisciplinary Exploration of Narrative Origins, Biases and Decision Errors

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)

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