Klaus Schmidt

Klaus Schmidt is a Professor of Economics at Ludwig Maximilian University of Munich, holding the chair in the Department of Economics within the Faculty of Economics. His research focuses on theoretical and applied aspects of contract theory, game theory, and industrial organization, with significant contributions to understanding venture capital finance, privatization, and fairness in economic behavior.

His educational background includes a Ph.D. in Economics from the University of Bonn (1991) with the dissertation "Commitment in Games with Asymmetric Information" and Habilitation (1994) with "Contracts, Competition, and the Theory of Reputation". Early academic support included scholarships from Studienstiftung des Deutschen Volkes (1982-87) and a German Academic Exchange Service grant (1988/89).

Professor Schmidt's research centers on contract theory applications across diverse domains. His work on fairness and reciprocity (notably with Ernst Fehr) revolutionized behavioral contract theory, while contributions to venture capital finance and privatization established foundational frameworks for analyzing incomplete contracts in real-world settings. He employs rigorous game-theoretic modeling to address incentive problems in procurement, privatization, and organizational design.

His publication record since 1991 reveals consistent focus on contract-theoretic problems, with increasing emphasis on behavioral aspects after 1999. Key thematic clusters include venture capital finance (2002-2003), fairness/reciprocity (1999-2000), and privatization/incomplete contracts (1995-1996), demonstrating evolution from pure theory to policy-relevant applications.

• Gossen Prize of the German Economic Association (2001)
• Commerzbank Prize of the Berlin-Brandenburg Academy of Sciences (2001)
• Teaching Prize of the Bavarian ministry of science (2000)
• Walter-Adolf-Jörn Prize (1993)
• German Academic Exchange Service Grant (1988/89)
• Studienstiftung des Deutschen Volkes Scholarship (1982-87)

Professor Schmidt has secured major research funding including German Science Foundation grants for "Incomplete Contracts" (1999-present) and "Venture Capital Finance" (1998-present). His teaching excellence was recognized with Bavaria's highest teaching award (2000), and he maintains active collaboration with leading economists including Ernst Fehr and Monika Schnitzer. While specific student mentorship details aren't documented, his extensive publication record and seminar leadership indicate significant academic supervision.