Newcastle University Business School

Staff Profile

Professor Darren Duxbury

Chair in Finance


Professor Duxbury is an expert in the areas of experimental and behavioral finance.  He is the author of a research monograph on repeated financial decision making, along with peer reviewed papers in leading international journals including Organizational Behavior and Human Decisions Processes, Journal of Economic Behavior and Organization, Journal of Economic Psychology, Economics Letters, Journal of International Financial Markets Institutions and Money, Review of Quantitative Finance and Accounting, Review of Behavioral Finance, European Journal of Finance, Accounting and Business Research and British Accounting Review.  He presents regularly at international conferences.

Professor Duxbury is the founder and Research Group Head of Behavioural Research in Finance (BRiF).  BRiF is concerned with the study of financial behaviour, from both an empirical and experimental perspective, encompassing individual and household behaviour over a broad range of financial decisions, including investing, saving, debt, pensions etc.  BRiF aims to provide a deeper understanding of why individuals make the financial decisions they do.

Professor Duxbury's research is recognised internationally (he was awarded a Citation of Excellence by Emerald Management Reviews for one of the top 50 papers worldwide in 2008) and has informed research by the Federal Reserve Bank of New York and Whitehouse discussions.  His expertise has been sought by the Department for Work and Pensions (DWP) in relation to personal accounts and auto-enrolment and by the Personal Accounts Delivery Authority (PADA) and the National Employment Savings Trust (NEST) in relation to attitudes to loss in pensions.  He provides academic insight to Aviva's "Save Smarter" campaign, see also:

Professor Duxbury is an invited member of the Behavioural Finance Working Group and a member of the editorial board of the Review of Behavioral Finance and the International Journal of Behavioural Accounting and Finance.  He has a long standing affiliation with the Centre for Decision Research, University of Leeds, where he is currently a Visiting Professor.



Research interests:

My main research interest can be broadly classified under the complementary areas of experimental and behavioral accounting/ economics/ finance, to which I apply insight from the decision research and psychology literatures. 

 Areas of application and recent projects include:

  • How emotions impact on economic and financial decisions.
  • The impact of prior outcomes on economic and financial decisions, including investor trading behavior, stock selection and portfolio composition, and escalation of commitment (sunk cost effect).
  • Financial asset allocation decisions, including retirement saving and annuity decisions.
  • Mental accounting effects in individual decision-making.
  • Financial risk perception.
  • Perceptions and expectations of price changes.
  • Strategic investment decisions.
  • Experimental financial markets.

 PhD supervision:

If you are interested in research in the areas of experimental and behavioral accounting/ economics/ finance, either in relation to the specific research topics above or more broadly, and you meet the PhD entry criteria of Newcastle University Business School, please email your CV and research proposal.

 Professional activities:

  • Member of Editorial Board for:  Review of Behavioral Finance
  • Member of Editorial Board for:  International Journal of Behavioural Accounting and Finance
  • Member of Organising Committee for:  International Association for Research in Economic Psychology/The Society for the Advancement of Behavioral Economics – Workshop on Economic Psychology: New Methods and Findings, University of Bolton, England, 25-26 March, 2010
  • Invited member of:  Behavioural Finance Working Group
  • Reviewer for:  American Economic Review, Econometrica, Review of Economic Studies, Economic Journal, Journal of Economic Behavior and Organization, Journal of Economic Psychology, Managerial and Decision Economics,Scandinavian Journal of Economics, Decision Analysis, Review of Behavioral Finance, International Journal of Behavioural Accounting and Finance, Accounting and Business Research, British Accounting Review, Journal of Pension Economics and Finance, Journal of Financial Counseling and Planning, Journal of Behavioral and Experimental Economics, and International Journal of Forecasting.
  • Project rapporteur and a grant proposal referee for the ESRC
  • Grant proposal reviewer for Social Sciences and Humanities Research Council of Canada (SSHRC)
  • Research proposal reviewer for Athens University of Economics and Business

Awards and academic recognition:

  • 2008 Journal of Economic Psychology paper awarded a Citation of Excellence award as one of the top 50 papers of 2008 (from 15,000 reviewed) by Emerald Management Reviews
  • 2007 Finance Letters paper listed on SSRN's Top Ten download list 2008-2012
  • 2005 Journal of Economic Psychology paper listed in the Top25 Hottest Articles on for the journal. 


  • Behavioral finance (behavioural finance); behavioral economics (behavioural economics)
  • Experimental finance; experimental economics
  • Investor behavior (investor behaviour)
  • Prior outcomes; sunk costs; escalation of commitment
  • Emotions


Professor Duxbury has over 20 years teaching experience across the accounting and finance disciplines. He delivers ACC3003 Issues in Behavioural Finance, bringing his research expertise to the fore.