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Economics department at FS

The members of Frankfurt School’s Economics Department conduct research on current topics relevant for economics and policy alike. These topics span a broad range, including competition policy, industrial economics, experimental and behavioral economics, quantitative macroeconomics, and environmental and resource economics. The members of the Economics Department are active in teaching in the Bachelor, Master, and Doctoral program at Frankfurt School.  

They regularly publish their research in leading international Economics journals, such the American Economic Review, the Journal of Political Economy, and the Review of Economic Studies, as well as in leading Management und Finance journals, such as Management Science and the Review of Financial Studies.

Their research activity is internationally oriented, and they work or cooperate with colleagues at renowned universities, such as the University of Chicago, MIT, Oxford University and Yale University. In addition, there is a close connection to national and international decision-making bodies on economic policy, such as the Bundesbank, the Federal Cartel Office, the European Central Bank, and the European Commission.

Faculty Members

Affiliated Faculty


In the following, we present selected publications by the faculty in our Economics Department, that have been published in prestigious journals since 2011 or have been accepted for publication.

Representative Publications

Ebert, S., 2020. Decision Making When Things Are Only a Matter of Time. Operations Research. (forthcoming)

Ebert, S., Wei, W., Zhou, X., 2020. Weighted Discounting: On Group Diversity, Time-Inconsistency, and Consequences for Investment, Journal of Economic Theory. (forthcoming)

Reisinger, M., Schmidt, J., Stieglitz, N., 2020. How Complementors Benefit from Taking Competition to the System Level, Management Science. (forthcoming)

Born, B., Müller, G., Pfeifer, J., 2020. Does Austerity Pay Off?, Review of Economics and Statistics Vol. 102(2), S. 323-338.

Karle, H., Peitz, M., Reisinger, M., 2020. Segmentation versus Agglomeration: Competition between Platforms with Competitive Sellers, Journal of Political Economy Vol. 128, S. 2329-2374.

Baele, L., Driessen, J., Ebert, S., Londono, J., Spalt, O., 2019. Cumulative Prospect Theory, Option Returns, and the Variance Premium, Review of Financial Studies Vol. 32(9), S. 3667-3723.

Born, B., Müller, G., Schularick, M., Sedlacek, P., 2019. The Costs of Economic Nationalism: Evidence from the Brexit Experiment, Economic Journal Vol. 129(623), S. 2722-2744.

Born, B., Bachmann, R., Elstner, S., Grimme, C., 2019. Time-Varying Business Volatility and the Price Setting of Firms, Journal of Monetary Economics Vol. 101, S. 82-99.

Dertwinkel-Kalt, M., Köster, M., 2019. Salience and Skewness Preferences, Journal of the European Economic Association.

Reisinger, M., Tarantino, E., 2019. Patent Pools, Vertical Integration, and Downstream Competition, RAND Journal of Economics Vol. 50(1), S. 169-200.

Ebert, S., Nocetti, D., Schlesinger, H., 2018. Greater Mutual Aggravation, Management Science Vol. 64(6), S. 2473-2972.

Dertwinkel-Kalt, M., Köhler, K., Lange, M., Wenzel, T., 2017. Demand Shifts Due to Salience Effects: experimental Evidence, Journal of the European Economic Association Vol. 15(3), S. 626-653.

Karle, H., Schumacher, H., 2017. Advertising and Attachment: Exploiting Loss Aversion through Pre-Purchase Information, RAND Journal of Economics Vol. 48(4), S. 927-948.

Ambrus, A., Calvano, E., Reisinger, M., 2016. Either or Both Competition: a "Two-sided" Theory of Advertising with Overlapping Viewerships, American Economic Journal: Microeconomics Vol. 8(3), S. 189-222.

Ebert, S., Strack, P., 2015. Until the bitter end: on prospect theory in a dynamic context, American Economic Review Vol. 105(4), S. 1618-1633.

Karle, H., Kirchsteiger, G., Peitz, M., 2015. Loss Aversion and Consumption Choice: Theory and Experimental Evidence, American Economic Journal: Microeconomics Vol. 7(2), S. 101-120.

Reisinger, M., Tarantino, E., 2015. Vertical Integration, Foreclosure, and Productive Efficiency, RAND Journal of Economics Vol. 46(3), S. 461-479.

Altmann, S., Falk, A., Grunewald, A., Huffman, D., 2014.  Contractual Incompleteness, Unemployment, and Labor Market Segmentation, Review of Economic Studies Vol. 81(1), 30-56.

Born, B., Ehrmann, M., Fratzscher, M., 2014. Central Bank communication on financial stability, Economic Journal Vol. 124(577), S. 701-734.

Born, B., Pfeifer, J., 2014. Policy risk and the business cycle, Journal of Monetary Economics Vol. 68, S. 68-85.

Born, B., Pfeifer, J., 2014. Risk matters: the real effects of volatility shocks: comment, American Economic Review Vol. 104(12), S. 4231-4239.

Karle, H., Peitz, M., 2014. Competition under Consumer Loss Aversion, RAND Journal of Economics Vol. 45(1), S. 1-31.

Loertscher, S., Reisinger, M., 2014. Market Structure and the Competitive Effects of Vertical Integration, RAND Journal of Economics Vol. 45(3), S. 471-494.

Ebert, S., 2013. Even (mixed) risk lovers are prudent: comment, American Economic Review Vol. 103(4), S. 1536-1537.

Ebert, S., Wiesen, D., 2011. Testing for Prudence and Skewness Seeking, Management Science Vol. 57(7), S. 1334-1349.

Piccolo, S., Reisinger, M., 2011. Exclusive Territories and Manufacturers' Collusion, Management Science Vol. 57(7), S. 1250-1266.

Applied Microeconomics and Organization Seminar of Goethe University and Frankfurt School

The Applied Microeconomics and Organization Seminar is jointly organized by Goethe University and Frankfurt School. It provides a forum for researchers in the field of Microeconomics to present and discuss their research.In these exceptional times, the seminar will take place online from May onwards. Usually at Wednesdays 2pm, depending on the time zones of the speakers.The seminars will be organized by zoom, and the link will be distributed through the usual list of seminar attendees.
Contact: Tobias Nägele,