The Department of Economics at Lancaster University Management School (LUMS) is offering a fully funded PhD studentship in Economics in partnership with Oxford Risk.
The Department 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 (eg Finance, Psychology, Mathematics 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 eager to further develop these competencies 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.
Project supervisors:
- 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 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)
Important dates
Application deadline: 31 March 2026
Economics PhD