Prof. Dr. (em.) Martin Hellwig |
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Academic Career | |||||||||||||||||||||||||||||||||||||||
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Offers | |||||||||||||||||||||||||||||||||||||||
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Invited Lectures | |||||||||||||||||||||||||||||||||||||||
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Editorships | |||||||||||||||||||||||||||||||||||||||
• Review of Economic Studies (European Editor, 1982 - 1986)
• Econometrica (Associate Editor, Co-Editor, 1984 - 1992) • Journal of the European Economic Association (Advisory Board, since 2003) • Journal of Public Economic Theory (Associate Editor, 2005 - 2010) • Journal of Public Economics (Associate Editor, since 2007) |
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Research Projects and Activities | |||||||||||||||||||||||||||||||||||||||
DFG Collaborative Research Center SFB/TR 15 “Governance and the Efficiency of Economic Systems”
since 2004 ESF Research Network Public Goods Public Projects, Externalities Coordinator, 2006 - 2010 |
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Research Profile | |||||||||||||||||||||||||||||||||||||||
Work will continue on mechanism design foundations of public economics.
Current work focuses on the implications of requiring robustness of mechanisms, i.e., independence of implementation by a mechanism from the specification of belief systems, and of coalition proofness, in addition to individual incentive compatibility. In joint work with Felix Bierbrauer, currently in the second round with Econometrica, we show that these two requirements jointly limit the set of admissible mechanisms to the set of voting mechanisms, thus providing a mechanism theoretic foundation for voting. In addition, work will be done on information acquisition and ''market discipline'' in financial contracting. The main problem here is to study disciplining mechanisms when there is coexistence of outside equity and (short-term) debt. |
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General research topics for PhD theses | |||||||||||||||||||||||||||||||||||||||
Incentive contracting
Mechanism design for public good provision Mechanism Design and Taxation Publi debt and intertemporal redistribution Panics in financial markets and institutions Dynamic models of bank runs |
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Recent and planned postgraduate teaching | |||||||||||||||||||||||||||||||||||||||
General Equilibrium and Welfare Economics
Public Economic Theory Financial Institutions and Financial Stability Theoretical analyses of the financial crisis |
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Habilitations | |||||||||||||||||||||||||||||||||||||||
Helmut Bester (1987), now Professor, FU Berlin
Wolfgang Leininger (1988), now Professor, TU Dortmund Winand Emons (1992), now Professor, University of Bern, Switzerland Tilman Börgers (1992), now Professor, University of Michigan, MI, USA Hans Gersbach (1994), now Professor, ETH Zurich, Switzerland Thomas Gehrig (1995), now Professor, University of Vienna, Austria E.-L. von Thadden (1995), now Professor, University of Mannheim Peter-J. Jost (1995), now Professor, WHU Otto Beisheim School of Management, Koblenz-Vallendar Christian Laux (2002), now Professor, Vienna University of Economics and Business, Austria Andreas Irmen (2002), now Professor, University of Luxembourg, Luxembourg Holger Müller (2003), now Professor, New York University, Leonard N. Stern School of Business, NY, USA Elena Carletti (2007), now Professor, European University Institute, Florence, Italy |
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Selected PhD students | |||||||||||||||||||||||||||||||||||||||
Bierbrauer, Felix (2006): “Essays on Public Goods Provision and Income Taxation”,
now Professor, University of Cologne Kranz, Sebastian (2008): “Essays on Moral Norms, Legal Unbundling and Franchise Systems”, now Professor, University of Ulm Gizatulina, Alia (2009): “Essys in Mechanism Design”, now Assistant Professor, University of St. Gallen, Switzerland Weinschenk, Philipp (2009): “Essays in microeconomics”, now Professor, TU Kaiserslautern Schwerhoff, Gregor (2012): “Essays on Parental Leave, Global Disinflation and Non-Renewable Resources”, now Researcher, Mercator Research Institute on Global Commons and Climate Change (MCC), Berlin Lang, Matthias (2012): “Contracting in the Presence of Uncertainty”, now Junior Professor, School of Business and Economics, Microeconomics, Freie Universität Berlin Behn, Markus (2014): “Five Essays on Bank Regulation”, now Economist, European Central Bank, Macro-Financial Policies Division, Frankfurt/M. Hansen, Emanuel (2014): “Essays in Public Economics”, now Junior Professor, Center for Macroeconomic Research, University of Cologne Luck, Stephan (2015): “Essays on Financial Stability”, now Economist, Federal Reserve, Washington D.C., USA Schempp, Paul (2015): “Essays on Financial Stability”, now Junior Professor of Economics, University of Cologne |
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Selected Publications | |||||||||||||||||||||||||||||||||||||||
[1] Martin F. Hellwig Incentive problems with unidimensional hidden characteristics: a unified approach Econometrica , 78: (4): 1201--1237 2010 DOI: 10.3982/ECTA7726 [2] M. F. Hellwig Systemic risk in the financial sector: An analysis of the subprimemortgage financial crisis De Economist (157): 129-207 2009 [3] M. F. Hellwig A contribution to the theory of optimal utilitarian income taxation Journal of Public Economics (91): 1449-1477 2007 [4] M. F. Hellwig The provision and pricing of excludable public goods: Ramsey-Boiteux pricing versus bundling Journal of Public Economics (91): 511-540 2007 [5] Martin F. Hellwig The role of boundary solutions in principal-agent problems of the Holmström-Milgrom type J. Econom. Theory , 136: (1): 446--475 2007 DOI: 10.1016/j.jet.2006.09.004 [6] M. F. Hellwig The undesirability of randomized income taxation under decreasing risk aversion Journal of Economic Theory (91): 791-816 2007 [7] Alia Gizatulina, Martin Hellwig The generic possibility of full surplus extraction in models with large type spaces J. Econom. Theory , 170: : 385--416 2017 DOI: 10.1016/j.jet.2017.05.009 [8] Felix J. Bierbrauer, Martin F. Hellwig Robustly coalition-proof incentive mechanisms for public good provision are voting mechanisms and vice versa Rev. Econ. Stud. , 83: (4): 1440--1464 2016 DOI: 10.1093/restud/rdw015 [9] Alia Gizatulina, Martin Hellwig Beliefs, payoffs, information: on the robustness of the BDP property in models with endogenous beliefs J. Math. Econom. , 51: : 136--153 2014 DOI: 10.1016/j.jmateco.2013.10.010 [10] Anat R. Admati, Peter M. DeMarzo, Martin Hellwig, Paul Pfleiderer
The Leverage Ratchet Effect Journal of Finance, forthcoming 2017 |
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Publication List |