At the Seminar for Economic Theory we deal with a broad research area concerning questions of theoretical and applied microeconomics and behavioral science. The focus of our analysis is economic decision making: How do people behave in interdependent decision situations (Game Theory), how can this behavior be governed by contracts, incentive mechanisms or organizational structures (Contract Theory), and how do bounded rationality and social preferences affect decisions (Behavioral Theory).
The results of these studies have important implications for our understanding of markets, institutions and successful economic policies. The members of our team are dealing with questions of e.g. competition theory and policy, privatization, funding new companies and of auction and mechanism design.
Prof. Schmidt is speaker of the collaborative research center (SFB) “Rationality and Competition", founding director and deputy speaker of the “Munich Experimental Laboratory for the Economic and Social Sciences (MELESSA)", Area Director of the CESifo Research Network Area Behavioral Economics (together with Ernst Fehr), Chairman of the Board of Academic Advisors to the Federal Ministry for Economic Affairs and Energy and Academic Coordinator of the Lindau Nobel Laureate Meetings on Economic Sciences.