Institutional economics examines the significance of rules, institutional framework conditions and organizations for economic activity and thus provides an economic theory for the well-founded processing of business management issues. The Department represents a specialist area that builds on very successful research results. In 2009, the Nobel Prize in Economics was awarded to Oliver Williamson, who is considered the most important representative of institutional economics alongside Ronald Coase (Nobel Prize 1991). In 2001, the Nobel Prize went to the economists George Akerlof, Michael Spence and Joseph Stiglitz for their analysis of markets with asymmetric information.
We see ourselves as a scientific institute that deals with the analysis and solution of complex problems in the organization of economic transactions. Building on the economic approaches of institutional economics, we take an interdisciplinary approach to issues that are the subject of (primarily long-term) management decisions and develop decision and implementation models for them, using game theory and information economics approaches as well as simulation methods to derive solutions.