Klaus M. Schmidt

Prof. Klaus M. Schmidt is a full Professor of Economics at the Department of Economics, Ludwig-Maximilians-University Munich (LMU). He holds leadership roles including President of the Verein für Socialpolitik (German Economic Association), Spokesperson of the Collaborative Research Center/Transregio 190 (Rationality and Competition), and founding director of the Munich Experimental Laboratory for the Economic and Social Sciences. His research focuses on microeconomic theory, behavioral economics, and policy-relevant questions like climate policy, competition regulation, and incentive mechanisms. He has advised the German Federal Ministry of Economics and Climate Action, chairs the CESifo Network's 'Bounded Rationality' area, and coordinates the Lindau Nobel Laureate Meetings on Economics.

Research interests include game theory, contract design, bounded rationality, and applied questions such as carbon pricing strategies and organizational behavior. His work bridges theoretical models with real-world policy impacts, addressing topics like the effectiveness of auctions, climate negotiations, and public support for environmental policies. Schmidt has produced influential studies on loss aversion, revenue recycling mechanisms, and the implications of behavioral biases in decision-making.

He has received prestigious awards including the Gossen Prize, Research Prize from the Berlin-Brandenburg Academy, and the Cross of Merit First Class. His academic contributions are further recognized through his fellowships in the Econometric Society and European Economic Association. Key institutions associated with his work include the Munich Experimental Laboratory, CESifo Network, and the German Federal Ministry's Scientific Advisory Board.