Klaus M. Schmidt

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 and contract theory. 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 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 and Yale University.
Research
The research interests of Klaus Schmidt include contract theory, game theory, 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. According to IDEAS/RePEc, Schmidt belongs to the top 1% of economists as ranked by research output.
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
Profile of Klaus M. Schmidt on the website of the University of Munich
Google Scholar profile of Klaus M. Schmidt
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