Portraits

Curriculum Vitae

Research

People respond to incentives. They do not always do so in a rational or selfish way. Still, economic and social behavior follows systematic and predictable patterns. Devising descriptively relevant theories of 'real' economic behavior (as an alternative to the widely used homo oeconomicus model) is one of the most important and most promising challenges in economics and neighboring disciplines. My research in this area focuses on investigating and modeling bounded rationality and social preferences.

A good understanding of how people respond to incentives opens the door to market and strategy design as an engineering science. The goal of much of my recent research is to improve the performance of 'real world' markets and institutions, as well as to optimize individual strategies in negotiation and bidding. I also served as a design and strategy expert for politics, international market platforms and leading companies in the energy, telecommunication, chemical, Internet and other sectors. For instance, overall, the markets that I helped designing realize transactions worth many billion Euros.

I published numerous articles dealing with behavioral and design economics in major journals, mostly in economics but also in business administration, information systems, psychology, sociology and other disciplines. Typically, both my fundamental research and my applied work are based on insights from game theory and experimental economics.

Grants

• Research Prize of the Philip Morris Foundation (2007)
• Gossen Prize of the German Economic Assocation (2006; the Gossen Prize is awarded every year to an economist under the age of 45 who has achieved international recognition and reputation)
• Gottfried Wilhelm Leibniz Prize of the German Science Foundation (2005-2012; first economist to win the prize in 17 years)
• Research Program of the Academy of Sciences (2006-2016; joint with Reinhard Selten)
• Research grant of the Foundation for Energy Research Baden-Württemberg (2008)
• Research grant of the GEW-Foundation (2005-06)
• Member of the Berlin-Brandenburgische Academy of Sciences (since 2006; youngest member)
• Member of the Nordrhein Westfalian Academy of Sciences (since 2005)
• Voted best German economist (age < 40) by the Wirtschaftswoche (2005)
• Emmy Noether Fellow of the German Science Foundation (2001-2006)
• Otto von Guericke-Research Prize of the University of Magdeburg (2001)
• Prize of the Economic Science Association for best Ph.D. thesis (1997/1998)
• Heinz-Sauermann-Award for best diploma thesis (1995/1996)
• Plus various honors (including "Top Karriere 2005", "100 Köpfe von morgen", "Gruppe der 160"), various grants (including DFG, NSF) and consulting projects

See press for more information.

Selected publications

• Vom Labor ins Feld: Die Ökonomik des Vertrauens (Greiner, Ben, and Axel Ockenfels): In: Kölner Zeitschrift für Soziologie und Sozialpsychologie, ed. Jens Becker and Christoph Deutschmann, Köln, 2009, Sonderheft 49, 219-242
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• Risk Taking and Social Comparison. A Comment on "Betrayal Aversion: Evidence from Brazil, China, Oman, Switzerland, Turkey, and the United States" (Gary E. Bolton and Axel Ockenfels): In: American Economic Review, forthcoming. [was: University of Cologne, Working Paper Series in Economics, 2008, No. 40.
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• Marktdesign und Experimentelle Wirtschaftsforschung (Axel Ockenfels): In: Perspektiven der Wirtschaftspolitik, 2009, 10 (Special Issue), 31-53
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• Auktionsdesign für Emissionsberechtigungen (Axel Ockenfels): In: Zeitschrift für Energiewirtschaft 02/2009, 105-114
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• Does Competition Promote Trust and Trustworthiness in Online Trading? An Experimental Study (Gary Bolton, Claudia Loebbecke, and Axel Ockenfels): Journal of Management Information Systems, 25(2), 2008, 145-169
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• 'Buying a pig in a poke': An experimental study of unconditional veto power (Thomas Gehrig, Werner Güth, Vittoria Levati, Rene Levinsky, Axel Ockenfels, Tobias Uske and Torsten Weiland): Journal of Economic Psychology, 28(6), 2007, 692-703
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• Measuring Market Power on the German Electricity Market in Theory and Practice – Critical Notes on the LE Study (Axel Ockenfels): Energiewirtschaftliche Tagesfragen, 57(9), 2007, 12-29
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• An Evolutionary Analysis of Buyer Insurance and Seller Reputation in Online Markets (Werner Güth, Friederike Mengel, and Axel Ockenfels): Theory and Decision, 63(3), 2007, 265-282
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• Market Design: A Selective Review (Thomas Kittsteiner and Axel Ockenfels): Zeitschrift für Betriebswirtschaft, Special Issue 5, 2006, 121-143
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• Late and multiple bidding in second price Internet auctions: Theory and evidence concerning different rules for ending an auction (Axel Ockenfels and Alvin E. Roth): Games and Economic Behavior, 55, 2006, 297–-320
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• Measuring Efficiency and Equity Motives - A Comment on “Inequality Aversion, Efficiency, and Maximin Preferences in Simple Distribution Experiments” (Gary E. Bolton and Axel Ockenfels): American Economic Review, 96, 2006, 1906-1911
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• Online Auctions (Axel Ockenfels, David Reiley and Abdolkarim Sadrieh): Handbooks in Information Systems I, Handbook on Economics and Information Systems, Terrence J. Hendershott (ed), 2006, 571-628
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• Cooperation among Strangers with Limited Information about Reputation (Gary E. Bolton, Elena Katok and Axel Ockenfels): Journal of Public Economics, 89, 2005, 1457-1468
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• Fair Procedures: Evidence from Games Involving Lotteries (Gary E. Bolton, Jordi Brandts and Axel Ockenfels): Economic Journal, 115, 2005, 1054–-1076
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• An Experimental Analysis of Ending Rules in Internet Auctions (Dan Ariely, Axel Ockenfels and Alvin E. Roth): The RAND Journal of Economics, 36(4), 2005, 890-907 [Reprinted in Enrica Carbone and Chris Starmer (Eds.): The InternationalLibrary of Critical Writings in Economics, Volume on New Developments in Experimental Economics, Northampton: E. Elgar Publishing.]
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• The Coevolution of Morality and Legal Institutions - An indirect evolutionary approach (Werner Güth and Axel Ockenfels): Journal of Institutional Economics 1, 2005, 155-174
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• A Stress Test of Fairness Measures in Models of Social Utility (Gary E. Bolton and Axel Ockenfels): Economic Theory, 25(4), 2005, 957-982
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• Impulse Balance Equilibrium and Feedback in First Price Auctions (Axel Ockenfels and Reinhard Selten): Games and Economic Behavior, 51, 2005, 155-–170
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• How Effective are Electronic Reputation Mechanisms? An Experimental Investigation (Gary E. Bolton, Elena Katok and Axel Ockenfels): Management Science,50(11), 2004, 1587-1602
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• Fairness versus Efficiency: An Experimental Study of (Mutual) Gift Giving (Werner Güth, Hartmut Kliemt and Axel Ockenfels): Journal of Economic Behavior and Organization, 50, 2003, 465-475
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• Reputationsmechanismen auf Internet-Marktplattformen: Theorie und Empirie (Axel Ockenfels): Zeitschrift für Betriebswirtschaft, 73(3), 2003, 295-315
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• Last-Minute Bidding and the Rules for Ending Second-Price Auctions: Evidence from eBay and Amazon Auctions on the Internet (Alvin E. Roth and Axel Ockenfels): American Economic Review, 92(4), 2002, 1093-1103
  [Reprinted in Enrica Carbone and Chris Starmer (eds.): The International Library of Critical Writings in Economics, Volume on New Developments in Experimental Economics, Northampton: Edward Elgar Publishing Ltd.]
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• The Effect of Communication Media on Cooperation (Jeannette Brosig, Axel Ockenfels and Joachim Weimann): German Economic Review 4, 2002, 217-241
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• An Experiment on the Hypothesis of Involuntary Truth-Signalling in Bargaining (Axel Ockenfels and Reinhard Selten): Games and Economic Behavior, 33(1), 2000, 90-116. [Reprinted in Geoffrey M. Hodgson (ed.): Critical Studies in Economic Institutions, Volume on Trust, Northampton: Edward Elgar Publishing Ltd.]
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• Evolutionary Norm Enforcement (Werner Güth and Axel Ockenfels): Journal of Institutional and Theoretical Economics, 156(2), 2000, 335-347
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• ERC - A Theory of Equity, Reciprocity and Competition (Gary E. Bolton and Axel Ockenfels): American Economic Review, 90(1), 2002, 166-193. According to the ISI Essential Social Science Indicators (SM) this paper qualified as a "hot paper" in March 2002 since it has attracted more attention in the previous two-month period than all other papers published in the previous two-year period in the field "Economics and Business"
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• Types and Patterns - An Experimental East-West-German Comparison of Cooperation and Solidarity (Axel Ockenfels and Joachim Weimann): Journal of Public Economics, 71(2), 1999, 275-287
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• Measuring Motivations for the Reciprocal Responses Observed in a Simple Dilemma Game (Gary E. Bolton, Jordi Brandts and Axel Ockenfels): Experimental Economics, 1(3), 1998, 207-219
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• Strategy and Equity: An ERC-Analysis of the Güth-van Damme Game (Gary E. Bolton and Axel Ockenfels): Journal of Mathematical Psychology, 42(2), 1998, 215-226
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• An Experimental Solidarity Game (Axel Ockenfels and Reinhard Selten): Journal of Economic Behavior and Organization, 34(4), 1998, 517-539
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• Full list of publications as PDF

Selected working papers

• Heterogeneity and Partnership Dissolution Mechanisms: Theory and Lab Evidence (Kittsteiner, Thomas, Axel Ockenfels, and Nadja Trhal): working paper, 3 September 2009
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• Engineering Trust - Reciprocity in the Production of Reputation Information (Gary Bolton, Ben Greiner, and Axel Ockenfels): working paper, 2009
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• Managers and Students as Newsvendors. How Out-of-Task Experience Matters (Gary E. Bolton, Axel Ockenfels and Ulrich Thonemann): University of Cologne, Working Paper Series in Economics, 2008, No. 39.
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• Information Value and Externalities in Reputation Building. An Experimental Study (Gary E. Bolton and Axel Ockenfels): University of Cologne, Working Paper, 2008.
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• The Dynamic Interplay of Inequality and Trust - An Experimental Study (Ben Greiner, Axel Ockenfels, Peter Werner): University of Cologne, Working Paper Series in Economics, No. 37, 2008.
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• Does Laboratory Trading Mirror Behavior in Real World Markets? Fair Bargaining and Competitive Bidding on EBay (Gary E. Bolton and Axel Ockenfels): University of Cologne, Working Paper Series in Economics, 2008, No. 36.
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• Full list of publications as PDF

Refereeing

Associate Editor Journal of Economic Behavior and Organization
Associate Editor Journal of Economics
American Economic Review, Cambridge University Press, Communications of the ACM, Econometrica, Economica, Economic Inquiry, Economic Journal, Economic Science Association, Economics Letters, Environmental and Resource Economics, European Economic Review, European Journal of Political Economy, Experimental Economics, Finanzarchiv, Games and Economic Behavior, German Economic Review, Homo Oeconomicus, International Journal of Industrial Organization, International Journal of Game Theory, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Journal of Economic Literature, Journal of Economic Psychology, Journal of Economic Theory, Journal of Evolutionary Economics, Journal of Institutional and Theoretical Economics, Journal of Marketing Research, Journal of Mathematical Psychology, Journal of Political Economy, Journal of Public Economics, Journal of the European Economic Association, Journal of Theoretical Biology, Labour Economics, Management Science (Associate Editor for a special issue on "Electronic Markets"), Manufacturing and Service Operations Management, Operations Research, Proceedings of the National Academy of Sciences, Quarterly Journal of Economics, RAND Journal of Economics, Review of Economic Studies, Scandinavian Journal of Economics, Science, Social Choice and Welfare, Theory and Decision, Zeitschrift für Betriebswirtschaft
Academy of Sciences of the Czech Republic, Akademie der Wissenschaften NRW, Alexander von Humboldt-Stiftung, Deutsche Forschungsgemeinschaft, Evangelisches Studentenwerk, Fritz Thyssen-Stiftung, GEW-Stiftung, Hong Kong University Grants Committee, Max-Planck-Gesellschaft, National Science Foundation, Social Sciences and Humanities Research Council of Canada (SSHRC), Verband der Hochschullehrer für Betriebswirtschaft, Verein für Socialpolitik, Volkswagenstiftung, Wissenschaftsfonds des Landes Tirol, WWW2003 (Program Committee)

Talks

Aachen (EEX), Amsterdam (Academy of Sciences, CREED), Ann Arbor (U of Michigan, Economics Department, School of Information), Atlanta (ASSA), Augsburg (U), Barcelona (UPF), Bayreuth (Gossen Prize), Bergen (IAREP), Bergisch Gladbach (Bensberger Gespraeche, SEB, Energierechtstag), Berlin (Dahlem, ESMT, GEABA, GEW, Humboldt U, Freie U, eBay, MPI, Energieforum, Vattenfall, WZB), Bern (U), Bielefeld (U, Wissenschaftsforum, ZiF), Blomberg, Bloomington (Indiana U), Bonn (DB, MPI, U, BKartA, BNetzA, IHK, Telekom), Boston (AEA, ESA), Bruxelles (EC), Cambridge (ESA, MIT), Chemnitz (U), Chicago (Northwestern U), Clausthal (U), Cologne (U, Festvortrag, Economics, Sociology, Physics, Philosophy, MPI, GEW, EWI/FAZ, FuF, WerkP2), Columbus (U, Mershon Institute), Copenhagen (U, CBS), Dagstuhl (Seminar), Dortmund (U), Dusseldorf (Akademie der Wissenschaften, RMS, WestLB), Erfurt (U), Essen (U, RWE), Frankfurt (U, Prognos, DB, Summer School, Stifterverband, German Stock Exchange), Fribourg (Sozialwissenschaftlicher Ausschuss), Gerzensee (ESSET), Giessen (GEW), Guetersloh (Bertelsmann Campus Lecture), Halle (GEW), Hagen (Arcadeon), Hamburg (RMS, Vattenfall), Hanover (U), Harvard (Economics Department, Business School), Helmstedt (NPÖ), Hofheim (Prognos), Hohenheim (U), Innsbruck (Vereinstagung), Istanbul (EEA), Jena (MPI, Summer School), Karlsruhe (U, EnBW), Kassel (Vereinstagung), Kiel (MVW), Koblenz (Sozialwissenschaftlicher Ausschuss, GEABA), Leipzig (EEX), Leverkusen (Bayer), London (LBS), Magdeburg (Festvortrag, GEW, U, Vereinstagung, Sozialwissenschaftlicher Ausschuss), Mainz (U), Mannheim (EEA, U, SFB 504), Maria Laach (SE), Marseille (GTS), Meissen (GEW), Montabaur, Montreal (CIRANO), Munich (e.ON, LMU, TU, PMS), New Orleans (AEA, Econometric Society, ESA), New York (ESA), Osnabrueck (U), Ottobeuren (Wirtschaftswissenschaftliches Seminar), Oxford (EBB), Paris (IAREP), Petersberg (BNetzA, ConEnergy), Philadelphia (AEA), Pittsburgh (U), Prague (CERGE-EI), Regensburg (U), Rostock (Vereinstagung), Rotterdam (U), Saarbruecken (U), St. Gallen (U), State College (Penn State U, eBRC), Tilburg (CentER), Utrecht (ICS), Valencia (IMEBE), Washington D.C. (Federal Trade Commission), Wesseling (Schloss Eichholz), West Lafayette (Purdue U), Wittenberg (GEW), Wolfsburg (Autostadt)

Memberships

• American Economic Association
• Working Group on Competition Law
• Berlin-Brandenburgische Akademie der Wissenschaften
• Behavioral Dynamics in Operations Management (BDOM Netzwerk)
• CESifo (Research Fellow)
• Econometric Society
• Economic Science Association
• EDeN
• Society for the Promotion of the Institute for Energy Economics
• Game Theory Society
• German Economic Association for Business Administration
• Gesellschaft für Experimentelle Wirtschaftsforschung
• International Association for Energy Economics
• Nordrhein-Westfälische Akademie der Wissenschaften
• Organisationsforum Wirtschaftskongress (OFW) e.V.
• Verein für Socialpolitik
• Centre for Empirical Research in the Economic and Social Sciences (CERESS)

Co-Authors

• Wulf Albers (Bielefeld University)
• Dan Ariely (MIT, Cambridge)
• Friedel Bolle (Europa-Universität Viadrina Frankfurt Oder)
• Gary Bolton (Penn State University)
• Rob Boyd (University of California)
• Jordi Brandts (Institute for Economic Analysis, Barcelona)
• Jeannette Brosig (University Duisburg-Essen)
• Kevin McCabe (George Mason University, Fairfax)
• Anthony DeJasay
• Christoph Gatzen (frontier economics)
• Thomas Gehrig (University of Freiburg)
• Gerd Gigerenzer (Max Planck Institute for Human Development, Berlin)
• Henner Gimpel (University Karlsruhe)
• Ben Greiner (University of New South Wales)
• Veronika Grimm (University Erlangen-Nürnberg)
• Werner Güth (Max Planck Institute of Economics)
• Joe Henrich (University of British Columbia, Vancouver)
• Nick Jennings (Southampton University)
• Elena Katok (Penn State University)
• Gregory E. Kersten (Concordia University)
• Thomas Kittsteiner (London School of Economics)
• Hartmut Kliemt (Frankfurt School of Management and Finance)
• Felix Lamouroux (University of Cologne)
• Wolfgang Leininger (Universiy of Dortmund)
• Maria Vittoria Levati (Max Planck Institute of Economics)
• René Levinsky (Max Planck Institute of Economics)
• Claudia Loebbecke (University of Cologne)
• Friederike Mengel (University of Alicante)
• Felix Müsgens (University of Cologne)
• Andreas Ortmann (CERGE-EI, Prague)
• Markus Peek (BET Aachen)
• Xavier del Pozo Somoza (Universidad of Alicante)
• David Reiley (University of Arizona)
• Al Roth (Harvard University)
• Karim Sadrieh (University of Magdeburg)
• Reinhard Selten (University of Bonn)
• Ulrich W. Thonemann (University of Cologne)
• Tobias Uske (Max Planck Institute of Economics)
• Peter Werner (University of Cologne)
• Torsten Weiland (Max Planck Institute of Economics)
• Christof Weinhardt (University Karlsruhe)
• Joachim Weimann (University of Magdeburg)
• Peyton Young (Johns Hopkins University, Baltimore)
• Gregor Zoettl (University of Cologne)
• Rami Zwick (Hong Kong University)
• My Erdös number is 4 (Erdös, Li, Rothblum, Roth).