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Klaus Schmidt was awarded the Federal Cross of Merit, First Class

The faculty congratulates Klaus Schmidt (Seminar of Economic Theory). He was awarded the Federal Cross oft Merit on November 20


Mr. Spaenle (Bavarian Minister of Culture) mentioned in his laudation that Schmidt gain worldwide breakthrough with his behavioral work “A Theory of Fairness, Competition and Cooperation”. The focus of his 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.