We are inspired by North-American Business Schools that often combine economics and management science approaches, for instance in strategy departments. In following this model, our department is the only one that bridges the traditional gap between economics and management in Germany.
Economists, in the tradition of Adam Smith, Kenneth J. Arrow and Oliver Williamson, uncovered the vital role that the division and organization of labor plays in the expansion of economic growth. The advantages associated with specialization can, however, only materialize when organizations are embedded in functional markets, regulatory environments and societal norms. Thus, markets and organizations should not be seen as alternative institutions to each other for the governance of transactions. Rather, they are complements that jointly determine the wealth and well-being of a society.
Our research is focused on the analysis of markets and organizations. In terms of markets, our research includes the analysis of strategic decision making, competition policy and regulation. But it also includes analysis of political markets and the intricate interaction between political and economic markets and institutions. Our work on organizations investigates organizational design, for instance structure and incentives, human resources and the determinants of motivation and leadership. In terms of methods, we use game, decision, and contract theory, laboratory experiments, surveys, field experiments (including RCTs), web data, and archival data, and we analyze them with modern econometrics and machine learning techniques.
The members of department aim to publish their work in leading international journals. In addition to research excellence, we are committed to delivering the best teaching experience to students and to promote knowledge transfer between academia and practitioners of various fields. The goal of our teaching is to transmit strategic and analytical tools and concepts to our students and to train their analytical skills. These skills are utilized and enhanced in seminars, projects, practitioners‘ talks, and finally, in bachelor and master theses.
Our students find jobs in general management, organizational development and HR, in consulting firms and data science. The specific goal of our PhD education is to prepare the students for a career in academia.