Behavioral Economics
The Behavioral Economics area is headed by Ernst Fehr (University of Zurich) and Klaus M. Schmidt (LMU Munich). The area sheds light on the driving forces, biases and motivations behind the decisions of economic agents, including investors, borrowers, consumers, and institutions. It explores the limits of rationality in such decisions and their effects upon markets, policies and resource allocation. Among the aspects to be examined are the roles of social preferences and boundedly rational behavior in decisions under uncertainty and intertemporal choice.
“Behavioral economics has exerted a strong influence on economics over the past thirty years by identifying many novel empirical patterns. But we still lack a full understanding of the deep forces underlying these patterns.”
Professor Dr. Ernst Fehr, Area Director Behavioral Economics
“Human behavior is systematically influenced by behavioral biases. How do these biases affect human interaction in markets and institutions, and how can we try to improve the outcome?”
Professor Klaus Schmidt, Area Director Behavioral Economics
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Ernst Fehr (b. 1956) has been Professor of Microeconomics and Experimental Economics at the University of Zurich since 1994. He has been Global Distinguished Professor of Economics at New York University since 2011. He was director of the Department of Economics at the University of Zurich and an affiliated faculty member of the Department of Economics at the Massachusetts Institute of Technology. He is the former president of the Economic Science Association and the European Economic Association, an honorary member of the American Academy of Arts and Sciences, and John Kenneth Galbraith Fellow of the American Academy of Political and Social Sciences. He was recipient of the Marcel Benoist Prize in 2008 and the Gottlieb Duttweiler Prize in 2013.
He was born in Austria and studied Economics at the University of Vienna, where he later earned his doctorate and completed his post-doctoral degree (Habilitation).
Mr. Fehr has published extensively in top international journals such as Science, Nature, Neuron, American Economic Review, Econometrica, Journal of Political Economy, and the Quarterly Journal of Economics. His research focuses on the proximate patterns and the evolutionary origins of human altruism and the interplay between social preferences, social norms, and strategic interactions. He has conducted extensive research on the impact of social preferences on competition, cooperation, and on the psychological foundations of incentives. More recently he has worked on the role of bounded rationality in strategic interactions and on the neurobiological foundations of social and economic behavior. His work is characterized by the combination of game theoretic tools with experimental methods and the use of insights from economics, social psychology, sociology, biology, and neuroscience for a better understanding of human social behavior.
Klaus M. Schmidt (b. 1961) has been a Full Professor of Economics at LMU Munich since 1995. He did his graduate studies in economics at the London School of Economics and the University of Bonn where he received his PhD in 1991 and his Habilitation (post-doctoral degree) in 1995. He was a visiting professor at the Massachusetts Institute of Technology, Stanford University, Yale University, the University of California at Berkeley, and Harvard University.
His main fields of research are game theory and contract theory, behavioral and experimental economics, industrial organization, and political economy. In recent years, the focus of his research has been on the modeling and the experimental analysis of social preferences and loss aversion and their effects on strategic interaction and the optimal design of incentive schemes. His work has been published in top international journals, including the American Economic Review, Econometrica, the Quarterly Journal of Economics and the Review of Economic Studies.
Klaus Schmidt received the Gossen Prize of the German Economic Association and the Research Prize of the Berlin-Brandenburg Academy of Sciences. He is (or has been) co-editor or associate editor of the Journal of the European Economic Association, the RAND Journal, the European Economic Review, the Review of Economic Studies, and Economic Policy. He is a fellow of the Econometric Society, a member of the Berlin-Brandenburg Academy of Sciences, a member of the scientific advisory board of the German Federal Ministry of Economics, and a fellow of the CESifo Research Network since its inception in 1999.
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CESifo Research Network FellowUniversity of Oxford
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CESifo Research Network FellowWZB Berlin Social Science Center
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CESifo Research Network FellowStockholm University
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CESifo Research Network FellowThe London School of Economics and Political Science
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CESifo Research Network AffiliateUniversity of Zurich
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CESifo Research Network AffiliateGoethe-Universität Frankfurt
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CESifo Research Network FellowUniversity of California, San Diego
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CESifo Research Network FellowThe London School of Economics and Political Science
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CESifo Research Network AffiliateIndiana University
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CESifo Research Network FellowLondon School of Economics and Political Science
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CESifo Research Network FellowUniversity of Pennsylvania
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CESifo Research Network AffiliateNorthwestern University
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CESifo Research Network AffiliateWissenschaftszentrum Berlin für Sozialforschung gGmbH
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CESifo Research Network FellowUniversity of Zurich
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CESifo Research Network AffiliateUniversità degli studi di Milano
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CESifo Research Network AffiliateCERGE-EI
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CESifo Research Network FellowUniversité Laval
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CESifo Research Network FellowUniversity College London
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CESifo Research Network FellowNHH Norwegian School of Economics
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CESifo Research Network AffiliateUniversità Bocconi
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CESifo Research Network FellowUniversitat Autònoma de Barcelona
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CESifo Research Network AffiliateLMU Munich
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CESifo Research Network FellowUniversiteit van Amsterdam
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CESifo Research Network FellowUniversidad Carlos III de Madrid
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CESifo Research Network FellowThe London School of Economics and Political Science
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CESifo Research Network AffiliateWissenschaftszentrum Berlin für Sozialforschung gGmbH
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CESifo Research Network FellowNHH Norwegian School of Economics
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CESifo Research Network AffiliateUniversität Regensburg
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CESifo Research Network AffiliateSciences Po
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CESifo Research Network FellowUniversity of California, Santa Barbara
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CESifo Research Network FellowUniversity of Auckland
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CESifo Research Network FellowUniversity of Michigan
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CESifo Research Network AffiliateUniversity of Copenhagen
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CESifo Research Network AffiliateHarvard University
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CESifo Research Network FellowUniversity of Oxford
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CESifo Research Network AffiliateUniversity of Groningen
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CESifo Research Network AffiliateGeorgetown University
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CESifo Research Network FellowUniversity of Oxford
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CESifo Research Network FellowWestfälische Wilhelms-Universität Münster
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CESifo Research Network FellowUniversity of Leicester
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CESifo Research Network AffiliateUniversity of Bonn
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CESifo Research Network AffiliateUniversity of Pennsylvania
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CESifo Research Network FellowDeggendorf Institute of Technology
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CESifo Research Network AffiliateCornell University
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CESifo Research Network FellowUniversity of Bonn
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CESifo Research Network FellowStockholm School of Economics
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CESifo Research Network FellowUniversity of Birmingham
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CESifo Research Network FellowUniversity of Arizona
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CESifo Research Network FellowQueensland University of Technology
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CESifo Research Network AffiliateUniversité de Lausanne
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CESifo Research Network FellowUniversität Heidelberg
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CESifo Research Network FellowStockholm School of Economics
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CESifo Research Network FellowHumboldt-Universität zu Berlin
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CESifo Research Network AffiliateUniversity of Regensburg
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CESifo Research Network FellowLMU Munich
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CESifo Research Network AffiliateHarvard University
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CESifo Research Network FellowUniversity of Graz
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CESifo Research Network FellowUniversity of California, Santa Barbara
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CESifo Research Network AffiliateJohannes Kepler University Linz
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CESifo Research Network FellowUniversity of Bonn
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CESifo Research Network FellowUniversity of Zurich
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CESifo Research Network FellowUniversity of Cambridge
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CESifo Research Network FellowUniversity of Konstanz
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CESifo Research Network FellowBoston University
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CESifo Research Network FellowUniversity of Bergen
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CESifo Research Network FellowCarnegie Mellon University
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CESifo Research Network AffiliateYale University
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CESifo Research Network FellowUniversity of California, Santa Cruz
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CESifo Research Network AffiliateChristian-Albrechts-Universität zu Kiel
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CESifo Research Network AffiliateLMU Munich
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CESifo Research Network FellowUniversity of Southern California
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CESifo Research Network FellowUniversity of Nottingham
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CESifo Research Network FellowUniversity of California, Los Angeles
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CESifo Research Network AffiliateToulouse School of Economics
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CESifo Research Network FellowUniversita Bocconi
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CESifo Research Network FellowUniversity of California, San Diego
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CESifo Research Network FellowUNSW University of New South Wales
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CESifo Research Network AffiliateThe London School of Economics and Political Science
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CESifo Research Network AffiliateHarvard University
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CESifo Research Network AffiliateUniversity of Copenhagen
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CESifo Research Network FellowUniversity of Technology Nuremberg
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CESifo Research Network AffiliateBocconi University
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CESifo Research Network AffiliateUniversità Bocconi
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CESifo Research Network FellowNational University of Singapore
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CESifo Research Network AffiliateNHH Norwegian School of Economics
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CESifo Research Network AffiliateSciences Po
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CESifo Research Network FellowHarvard University
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CESifo Research Network AffiliateUniversità di Bologna
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CESifo Research Network FellowHeinrich-Heine-University Düsseldorf
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CESifo Research Network AffiliateUniversity of Chicago & University of CEMA
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CESifo Research Network Affiliateifo Institute
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CESifo Research Network FellowOtto-Friedrich-Universität Bamberg
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CESifo Research Network FellowUniversity of Bayreuth
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CESifo Research Network FellowUniversité de Fribourg
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CESifo Research Network AffiliateHumboldt-Universität zu Berlin
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CESifo Research Network AffiliateNHH Norwegian School of Economics
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CESifo Research Network FellowThe University of Edinburgh
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CESifo Research Network FellowGeorge Mason University
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CESifo Research Network FellowWZB Berlin Social Science Center
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CESifo Research Network FellowUniversity of Pittsburgh
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CESifo Research Network AffiliateYale University
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CESifo Research Network AffiliateRheinische Friedrich-Wilhelms-Universität Bonn
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CESifo Research Network AffiliateLMU Munich
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CESifo Research Network FellowUniversity of Chicago
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CESifo Research Network FellowWaseda University
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CESifo Research Network AffiliateUniversity of Chicago
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CESifo Research Network FellowLondon School of Economics and Political Science
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CESifo Research Network AffiliateRagnar Frisch Centre for Economic Research
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CESifo Research Network AffiliateBilkent University
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CESifo Research Network AffiliatePrinceton University
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CESifo Research Network FellowNorthwestern University
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CESifo Research Network FellowFrankfurt School of Finance & Management
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CESifo Research Network AffiliateUniversity of California, Berkeley
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CESifo Research Network FellowUniversity of Pennsylvania
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CESifo Research Network AffiliateUniversity of Mannheim
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CESifo Research Network FellowUniversity of Colorado Boulder
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CESifo Research Network FellowCornell University
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CESifo Research Network FellowFriedrich-Schiller-Universität Jena
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CESifo Research Network FellowUniversité libre de Bruxelles
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CESifo Research Network FellowFederal Ministry of Labour and Economy
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CESifo Research Network FellowHEC Paris
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CESifo Research Network FellowGoethe University Frankfurt
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CESifo Research Network FellowUniversité Laval
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CESifo Research Network FellowNYU Stern
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CESifo Research Network FellowUniversity of North Carolina at Chapel Hill
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CESifo Research Network FellowUniversity of Stavanger
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CESifo Research Network AffiliateCentral European University
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CESifo Research Network FellowCentral European University
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CESifo Research Network FellowWissenschaftszentrum Berlin für Sozialforschung gGmbH
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CESifo Research Network FellowHarvard University
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CESifo Research Network FellowUniversity of Toronto
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CESifo Research Network FellowHarvard University
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CESifo Research Network FellowLMU Munich
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CESifo Research Network AffiliateÉcole Polytechnique
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CESifo Research Network FellowMonash Business School
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CESifo Research Network FellowUniversity of Michigan
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CESifo Research Network FellowUniversity of Chicago
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CESifo Research Network FellowCarnegie Mellon University
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CESifo Research Network FellowBerlin School of Economics and Law
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CESifo Research Network AffiliateUniversity of British Columbia
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CESifo Research Network AffiliateLMU Munich
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CESifo Research Network FellowUniversity of California, Berkeley
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CESifo Research Network FellowToulouse School of Economics
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CESifo Research Network FellowUniversity of Zurich
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CESifo Research Network FellowColumbia University
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CESifo Research Network AffiliateUniversität Mannheim
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CESifo Research Network FellowUniversity of Hamburg
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CESifo Research Network AffiliateUniversity of Groningen
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CESifo Research Network FellowOsaka University
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CESifo Research Network AffiliateInstitute on Behavior and Inequality (briq)
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CESifo Research Network FellowUniversity of Zurich
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CESifo Research Network AffiliateUniversity of California, Los Angeles
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CESifo Research Network FellowKarlsruher Institut für Technologie (KIT)
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CESifo Research Network FellowUniversità Bocconi
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CESifo Research Network FellowCornell University
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CESifo Research Network FellowMax Planck Institute for Research on Collective Goods
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CESifo Research Network AffiliateYale School of Management
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CESifo Research Network AffiliateÉcole d'Économie de Paris
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CESifo Research Network FellowPrinceton University
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CESifo Research Network AffiliateLMU Munich
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CESifo Research Network AffiliateColumbia Business School
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CESifo Research Network FellowUniversità degli Studi di Torino
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CESifo Research Network FellowUniversity of California, Berkeley
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CESifo Research Network FellowPrinceton University
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CESifo Research Network Fellow
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CESifo Research Network FellowColumbia University
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CESifo Research Network FellowUniversity of Glasgow
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CESifo Research Network FellowHarvard University
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CESifo Research Network AffiliateForschungsinstitut zur Zukunft der Arbeit GmbH (IZA)
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CESifo Research Network FellowInstituto de Estudios Fiscales
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CESifo Research Network FellowUniversity of Maastricht
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CESifo Research Network FellowUniversität Regensburg
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CESifo Research Network AffiliateUniversity of Cologne
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CESifo Research Network FellowUniversity of Vienna
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CESifo Research Network AffiliateCarnegie Mellon University
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CESifo Research Network AffiliateUniversity of Chicago
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CESifo Research Network AffiliateYale University
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CESifo Research Network FellowHeinrich-Heine-Universität Düsseldorf
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CESifo Research Network FellowTilburg University
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CESifo Research Network AffiliateStanford University
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CESifo Research Network FellowLMU Munich
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CESifo Research Network AffiliateBoston University
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CESifo Research Network AffiliateUniversität Zürich
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CESifo Research Network AffiliateLeibniz University Hannover
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CESifo Research Network FellowUniversität Ulm
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CESifo Research Network FellowUniversity of Mainz
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CESifo Research Network AffiliateThe University of Sydney
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CESifo Research Network AffiliateCarnegie Mellon University
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CESifo Research Network FellowHarvard University
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CESifo Research Network AffiliateHeinrich-Heine-Universität Düsseldorf
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CESifo Research Network AffiliateHumboldt-Universität zu Berlin
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CESifo Research Network FellowUniversity of Klagenfurt
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CESifo Research Network AffiliateFrankfurt School of Finance & Management
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CESifo Research Network FellowCopenhagen Business School
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CESifo Research Network FellowUniversity of California, San Diego
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CESifo Research Network FellowUniversity of Cambridge
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CESifo Research Network FellowUniversity of Washington
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CESifo Research Network FellowUniversity of Cologne
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CESifo Research Network FellowUniversity of Utah
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CESifo Research Network AffiliateRWTH Aachen
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CESifo Research Network FellowTel Aviv University
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CESifo Research Network FellowCalifornia Institute of Technology
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CESifo Research Network FellowUniversität Zürich
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CESifo Research Network FellowFrankfurt School of Finance & Management
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CESifo Research Network AffiliateUniversity of Stirling
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CESifo Research Network FellowLMU Munich
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CESifo Research Network FellowMax-Planck-Institut zur Erforschung von Gemeinschaftsgütern
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CESifo Research Network FellowCentral European University
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CESifo Research Network FellowUniversity of California, Berkeley
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CESifo Research Network AffiliateUniversity College London
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CESifo Research Network FellowLibera Università di Bolzano
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CESifo Research Network AffiliateUniversity of Oxford
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CESifo Research Network AffiliateHertie School of Governance
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CESifo Research Network FellowNHH Norwegian School of Economics
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CESifo Research Network FellowUniversity of Vienna
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CESifo Research Network AffiliateInternational Monetary Fund
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CESifo Research Network FellowUniversity of Pittsburgh
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CESifo Research Network AffiliateUniversity of Minnesota
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CESifo Research Network AffiliateUniversity Duisburg-Essen
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CESifo Research Network FellowUniversity of Zurich
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CESifo Research Network FellowStockholm School of Economics
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CESifo Research Network AffiliateDIW Berlin
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CESifo Research Network FellowHumboldt-Universität zu Berlin
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CESifo Research Network FellowUniversity of Rostock
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CESifo Research Network FellowUniversity of Pittsburgh
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CESifo Research Network AffiliateLMU München
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CESifo Research Network FellowUniversity of Cologne
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CESifo Research Network FellowColumbia University
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CESifo Research Network AffiliateUniversity of Zurich
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CESifo Research Network FellowPrinceton University
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CESifo Research Network AffiliateLMU Munich
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CESifo Research Network FellowInstitute on Behavior and Inequality (briq)
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CESifo Research Network FellowStockholm University
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CESifo Research Network FellowUniversiteit van Amsterdam
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CESifo Research Network FellowGoethe University Frankfurt
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The Distinguished CESifo Affiliate Award, aimed at encouraging talented young scholars, is awarded to the best paper presented by a young author at each of the CESifo Area conferences. Accepted candidates are invited to attend the Area Conference to which they have been nominated and present their paper. An award committee will judge the papers (and presentations) and select a winner. Nominations will be considered for candidates who are either close to completion of the PhD, or who have completed their PhD in the previous five years. The same limit applies to co-authors in the case of papers with multiple authors. The criteria for the award are scientific originality, policy relevance and quality of exposition. The winning paper will appear in the CESifo Working Paper Series.
Year Distinguished Affiliate(s) Title of the paper 2023 Keyu Wu How Does Contextual Information Shape Perceptions and Decisions? 2022 Peter Andre Shallow Meritocracy 2021 Suanna Oh Does Identity Affect Labor Supply? 2020 Anne Karing Social Signaling and Childhood Immunization: A Field Experiment in Sierra Leone 2019 Matthew Lowe Types of Contact: A Field Experiment on Collaborative and Adversarial Caste Integration 2018 Teodora Boneva Socio-Economic Gaps in University Enrolment: The Role of Perceived Pecuniary and Non-Pecuniary Returns 2017 Benjamin Enke Kinship Systems, Cooperation, and the Evolution of Culture 2016 Gautam Rao Familiarity Does Not Breed Contempt: Diversity, Discrimination and Generosity in Delhi Schools 2015 Supreet Kaur Nominal Wage Rigidity in Village Labor Markets 2014 Alex Imas The Realization Effect: Risk-Taking After Realized Versus Paper Losses 2013 Florian Zimmermann Correlation Neglect in Belief Formation 2012 Charles D. Sprenger An Endowment Effect for Risk: Experimental Tests of Stochastic Reference Points 2011 Johannes Abeler Fungibility, Labels, and Consumption
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