TRR 15:  Governance and the Efficiency of Economic Systems

• Subject Area: Social and Behavioural Sciences
• Term: from 2004 to 2015
• Project identifier: Deutsche Forschungsgemeinschaft (DFG) - Project number 5486010

Economic development in the last decade of the 20th century is characterised by two phenomena: the revolution in the information and communication technologies and the rapid internationalisation of markets (globalisation).
The impacts of these are studied within three project divisions.
Project Division A "Strategic Interdependence and Design of Institutions" covers the fundamental theoretical part of our research approach. Research focuses on contract and competition structures such as auctions and tournaments that are intensely used, for instance, in electronic commerce.
In Project Division B "Corporate Governance" organisational and decision problems in enterprises and between shareholders and management are investigated.
Research in Project Division C "Market Organisation" asks first which market structures follow from the behaviour of the market participants within the new environments, and second, how the government should help shaping these environments towards increasing the efficiency of allocation decisions.
The core instruments used in the research are game and contract theories as well as mechanism design with applications in industrial, information and institutional economics, but also capital market theory. Empirical analyses will be delivered within controlled experiments, structured case studies and estimates of structural econometric models.
The research topics of the Transregional Collaborative Research Centre are not only in the focus of international attention in the scientific arena. The business and political scenes are also very interested in the research results; for instance in the results of research on auctions, or on the effects of e-commerce on the industrial and regional as well as the international economic structure.

• DFG Programme: CRC/Transregios

Completed projects

• A01 - Allocation Mechanisms in Organisations and Markets (Project Heads Bester, Helmut ;  Tröger, Thomas )
• A02 - Conflict inside Organizations and Governance Problems (Project Head Konrad, Kai A. )
• A03 - Auctions and Market Design in Complex Environments (Project Head Moldovanu, Benny )
• A04 - Incomplete Contracts, Social Comparisons and Market Interaction (Project Head Schmidt, Klaus )
• A05 - Incomplete Contracts and the Design of Residual Rights (Project Heads Krähmer, Daniel ;  Schweizer, Urs )
• A06 - Typen-Vielfalt, Loyalität und die Bildung von Handelsnetzwerken (Project Head Shaked, Avner )
• A07 - Auctions, Mechanism Design and Competition (Project Heads Strausz, Roland ;  Wolfstetter, Elmar )
• A08 - Strategic Production and Transmission of Information (Project Head Rady, Sven )
• A09 - Symbolic Values and the Governance of Institutions (Project Head Corneo, Giacomo )
• A10 - Multi-dimensional Mechanism Design, Delegation, and Communication (Project Head Szalay, Dezsö )
• B02 - Wagniskapitalfinanzierte Unternehmen in Deutschland - Finanzierungskontrakte, Organisationsstrukturen und Eigentumsrechte (Project Heads Harhoff, Dietmar ;  Rudolph, Bernd )
• B03 - Corporate Control, Corporate Finance, and Efficiency (Project Head Hellwig, Ph.D., Martin )
• B04 - The Design of Tournaments within the Scope of Corporate Governance (Project Head Kräkel, Matthias )
• B05 - Globalization, Firm Organization and Endogenous Market Structure (Project Heads Eckel, Carsten ;  Schnitzer, Monika )
• B06 - The Cyclicality of Mergers and Acquisitions (Project Head Maug, Ernst )
• B07 - Globalization and the Rise of Executive Pay (Project Head Marin, Dalia )
• B08 - Reputation in the Certification Market (Project Head Adam, Tim )
• C01 - Bankenregulierung, Credit Crunch und Prozyklizität (Project Head Bühler, Wolfgang )
• C02 - Intellectual Property, Appropriation of Innovation Rents and Competition (Project Heads Harhoff, Dietmar ;  Peitz, Martin )
• C03 - Innovationen in Informationstechnologien und Regulierung von Finanzmärkten (Project Heads Illing, Gerhard ;  Rees, Ray )
• C04 - Experimentelle Analyse von rationalen und beschränkt rationalen Theorien des Marktverhaltens (Project Head Oechssler, Jörg )
• C05 - Competition policy as governance of competition processes (Project Head Nocke, Volker )
• C06 - Communication and Transportation Technologies, Industrial and Regional Structure (Project Heads Peitz, Martin ;  Stahl, Konrad Otto )
• C07 - Organisation des Wertpapierhandels (Project Heads Nöldeke, Georg ;  Theissen, Erik )
• C08 - The Implications of Behavioral Economics for Markets and Organisations (Project Head Falk, Armin )
• C09 - Stability, Competition, and Liquidity in Financial Markets (Project Heads Schmidt-Dengler, Philipp ;  von Thadden, Ernst-Ludwig )
• Z - Zentrale Aufgaben des SFB/Transregio (Project Head Schmidt, Klaus )

• Applicant Institution: Ludwig-Maximilians-Universität München
• Co-Applicant Institution: Freie Universität Berlin; Humboldt-Universität zu Berlin; Rheinische Friedrich-Wilhelms-Universität Bonn; Universität Mannheim
• Participating Institution: Max-Planck-Institut für Steuerrecht und Öffentliche Finanzen; Max-Planck-Institut zur Erforschung von Gemeinschaftsgütern
• Spokesperson: Professor Dr. Klaus Schmidt