Behavioral Finance Online Research
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What is before?


before stands for Behavioral Finance Online Research and exclusively allows financial professionals from around the world to assess, understand and control the behavioral biases we are all prone to. Participants take part in training tasks and in incentivized experiments to explore their behavior in economic and financial situations. Participants receive anonymous feedback how you perform and where they stand relative to their peers. The individualized feedback is complemented with a WIKI about the background of the biases and suggested interventions to tackle them.

Your Benefit


before is an exclusive information source for participants offering the opportunity to learn about behavioral biases and preferences, including anchoring, herding behavior, overconfidence, or framing effects. The creators of before all work at universities, seeking scientific progress. They provide you with training tasks giving you insights on how to overcome your common fallacies and heuristics that have been shown to considerably impact financial markets. By participating you can also earn money. The amount might be significant and depends on your decisions, but sometimes also on the decisions of others, and possibly some random element. Any financial rewards will be paid out online or via bank transfer.

Demo Experiments and Feedback


Below you can find three examples of possible training tasks. After you have completed each task you will receive immediate feedback on how you performed compared to all financial professionals that did the task before. In addition, we provide you with background information on the experiment, on the impact of the bias/heuristic, on possible interventions you can apply, and references for further reading.

Our Methodology


before consists of two classes of tasks. The incentivized experiments are core of our research and participants (only financial professionals) are getting paid. We believe in the method of randomized controlled trials, which are replicable and transparent. Our research philosophy is rooted in the principle of economic experiments: participants are at no time deceived and can receive earnings that vary according to the profitability of their decisions taken.

The training tasks are a free service from us to let you learn more about your biases and economic preferences. We provide you with instantaneous feedback, suggestions for improvement and with background information on the problems studied. Participation of financial professional in before is absolutely free of charge.

Privacy and Integrity


We protect all participants’ privacy:

  • In our research we will only use non-personal information (e.g., de-personalized or aggregate data).
  • Data will only be used for personal feedback and for academic research.
  • We do not share personal information with third parties for their marketing purposes.

We aim for a maximum level of integrity:

  • As is common standard in Experimental Economics, we do not deceive subjects at any time. All information provided and decisions taken are true.
  • All decision tasks and surveys are for academic research and are checked by a scientific board.


before is designed by scientists from diverse disciplines in the field of economics dedicated to the study of human behavior. before is an non-profit initiative of scholars from the Universities of Innsbruck (AT), Gothenburg (SWE), Nijmegen (NL) and Utrecht (NL).

Prof. Dr. Michael Kirchler

Professor of Finance

Department of Banking and Finance
University of Innsbruck, Austria

Centre for Finance
University of Gothenburg, Sweden

Prof. DDr. Jürgen Huber

Professor of Empirical Finance

Department of Banking and Finance
University of Innsbruck, Austria

Prof. Dr. Utz Weitzel

Professor of Experimental Finance

Utrecht School of Economics
University of Utrecht, Netherlands

Nijmegen School of Management
Radboud University, Netherlands

Florian Lindner, PhD

Assistant Professor

Department of Banking and Finance
University of Innsbruck, Austria

Felix Holzmeister, MSc

Research Assistant

Department of Banking and Finance
University of Innsbruck, Austria

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