Klaus M. Schmidt (born 16 June 1961) is a German economist who currently works as Professor of Economics at the University of Munich (LMU). His research focuses on behavioural economics,

game theory Game theory is the study of mathematical models of strategic interactions among rational agents. Myerson, Roger B. (1991). ''Game Theory: Analysis of Conflict,'' Harvard University Press, p.&nbs1 Chapter-preview links, ppvii–xi It has appli ...

and

contract theory From a legal point of view, a contract is an institutional arrangement for the way in which resources flow, which defines the various relationships between the parties to a transaction or limits the rights and obligations of the parties. From an ...

. In 2001, Schmidt was awarded the Gossen Prize in recognition for his contributions to economic research on game theory, contract theory, and the economics of fairness. He is a member of the council for the Lindau Nobel Laureate Meetings.

Biography

Klaus Schmidt has studied at the University of Hamburg and at the University of Bonn. He completed his doctoral program at the University of Bonn in 1991. Since his

habilitation Habilitation is the highest university degree, or the procedure by which it is achieved, in many European countries. The candidate fulfills a university's set criteria of excellence in research, teaching and further education, usually including a ...

in 1995, he has been working as a professor of economics at the University of Munich. He has held visiting appointments at Harvard University, University of California, Berkeley, MIT,

Stanford University Stanford University, officially Leland Stanford Junior University, is a private research university in Stanford, California. The campus occupies , among the largest in the United States, and enrolls over 17,000 students. Stanford is consider ...

and Yale University.

Research

The research interests of Klaus Schmidt include

, behavioural economics, experimental economics, industrial organization, competition policy, privatization, auction theory, venture capital, and political economy. In his research, he has frequently collaborated with

Ernst Fehr Ernst Fehr (born 21 June 1956 in Hard, Austria) is an Austrian-Swiss behavioral economist and neuroeconomist and a Professor of Microeconomics and Experimental Economic Research, as well as the vice chairman of the Department of Economics at the ...

. According to

IDEAS/RePEc Research Papers in Economics (RePEc) is a collaborative effort of hundreds of volunteers in many countries to enhance the dissemination of research in economics. The heart of the project is a decentralized database of working papers, preprints, ...

, Schmidt belongs to the top 1% of economists as ranked by research output.Ranking of economists registered on IDEAS/RePEc. Retrieved May 3, 2018.
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Selected publications

* Fehr, E., Schmidt, K.M. (1999). A theory of fairness, competition, and cooperation. ''Quarterly Journal of Economics'', 114(3), pp. 817–868. * Schmidt, K.M. (1997). Managerial incentives and product market competition. ''Review of Economic Studies'', 64(2), pp. 191–213. * Fehr, E., Schmidt, K.M. (2006). The economics of fairness, reciprocity and altruism - Experimental evidence and new theories. In: Kolm, S.-C., Mercier Ythier, J. (eds.). ''Handbook of the Economics of Giving, Altruism, and Reciprocity'', pp. 615–691. * Schmidt, K.M. (2003). Convertible securities and venture capital finance. ''Journal of Finance'', 58(3), pp. 1139–1166. * Fehr, E., Klein, A., Schmidt, K.M. (2007). Fairness and contract design. ''Econometrica'', 75(1), pp. 121–154. * Schmidt, K.M. (1996). The costs and benefits of privatization: an incomplete contracts approach. ''Journal of Law, Economics, and Organization'', 12(1), pp. 1–24. * Nöldeke, G., Schmidt, K.M. (1995). Option contracts and renegotiation: A solution to the hold-up problem. ''RAND Journal of Economics'', 26(2), pp. 164–179.

Books

*Schmidt, Klaus M. (1994), Contracts, Competition, and the Theory of Reputation, Habilitation thesis, submitted to the Faculty of Law and Economics at the University of Bonn, October 1994 *Schmidt, Klaus M. (1991), Commitment in Games with Asymmetric Information, Ph.D. dissertation, submitted to the Faculty of Law and Economics at the University of Bonn, July 1991.

References

External links

* ttps://scholar.google.de/citations?user=EVDh7jgAAAAJ&hl=de Google Scholar profile of Klaus M. Schmidt {{DEFAULTSORT:Schmidt, Klaus M. 1961 births 21st-century German economists 20th-century German economists Academic staff of the Ludwig Maximilian University of Munich Fellows of the Econometric Society University of Hamburg alumni University of Bonn alumni Behavioral economists Living people Officers Crosses of the Order of Merit of the Federal Republic of Germany