Universität zu Köln
Wirtschafts- und Sozialwissenschaftliche Fakultät

Staatswissenschaftliches Seminar - Prof. Schmitz

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Prof. Dr. Patrick W. Schmitz

University of Cologne Staatswissenschaftliches Seminar Albertus-Magnus-Platz 50923 Köln Germany Tel.: +49 221 470-5609 Office hours: By appointment

Research Fellow, Centre for Economic Policy Research (CEPR), London

Research interests

Theory of economic incentives, institutional and information economics (in particular agency theory and theory of incomplete contracts). Applications in industrial organization, political economy, public economics, labour economics, business administration, and law & economics.

Selected Publications [Show all publications and recent working papers]

• Contracting under Asymmetric Information and Externalities: An Experimental Study (with Petra Nieken)
  Experimental Economics, forthcoming.
• The Proper Scope of Government Reconsidered: Asymmetric Information and Incentive Contracts
  European Economic Review, Vol. 157, 2023, 104511.
• How (Not) to Purchase Novel Goods and Services: Specific Performance Versus At-Will Contracts
  Economic Journal, Vol. 132 (647), 2022, 2563–2577.
• Optimal Ownership of Public Goods under Asymmetric Information
  Journal of Public Economics, Vol. 198, 2021, 104424.
• Hidden Action and Outcome Contractibility: An Experimental Test of Moral Hazard Theory (with Eva I. Hoppe)
  Games and Economic Behavior, Vol. 109, 2018, 544-564.
• Government versus Private Ownership of Public Goods: The Role of Bargaining Frictions
  Journal of Public Economics, Vol. 132, 2015, 23–31.
• Do Sellers Offer Menus of Contracts to Separate Buyer Types? An Experimental Test of Adverse Selection Theory (with Eva I. Hoppe)
  Games and Economic Behavior, Vol. 89, 2015, 17-33.
• Investments as Signals of Outside Options (with Susanne Goldlücke)
  Journal of Economic Theory, Vol. 150, 2014, 683–708.
• Contracting under Incomplete Information and Social Preferences: An Experimental Study (with Eva I. Hoppe)
  Review of Economic Studies, Vol. 80 (4), 2013, 1516-1544.
• Public-Private Partnerships versus Traditional Procurement: Innovation Incentives and Information Gathering (with Eva I. Hoppe)
  RAND Journal of Economics, Vol. 44 (1), 2013, 56-74.
• Repeated Moral Hazard and Contracts with Memory: The Case of Risk-Neutrality (with Susanne Ohlendorf)
  International Economic Review, Vol. 53 (2), 2012, 433-452.
• Can Contracts Solve the Hold-Up Problem? Experimental Evidence (with Eva I. Hoppe)
  Games and Economic Behavior, Vol. 73 (1), 2011, 186-199.
• Public versus Private Ownership: Quantity Contracts and the Allocation of Investment Tasks (with Eva I. Hoppe)
  Journal of Public Economics, Vol. 94 (3-4), 2010, 258-268.
• Reserve Prices in Auctions as Reference Points (with Stephanie Rosenkranz)
  Economic Journal, Vol. 117 (520), 2007, 637-653.
• Information Gathering, Transaction Costs, and the Property Rights Approach
  American Economic Review, Vol. 96 (1), 2006, 422-434.
• Allocating Control in Agency Problems with Limited Liability and Sequential Hidden Actions
  RAND Journal of Economics, Vol. 36 (2), 2005, 318-336.
• Optimal Allocation of Ownership Rights in Dynamic R&D Alliances (with Stephanie Rosenkranz)
  Games and Economic Behavior, Vol. 43 (1), 2003, 153-173.
• On Monopolistic Licensing Strategies under Asymmetric Information
  Journal of Economic Theory, Vol. 106 (1), 2002, 177-189.
• Simple Contracts, Renegotiation under Asymmetric Information, and the Hold-up Problem
  European Economic Review, Vol. 46 (1), 2002, 169-188.
• On the Interplay of Hidden Action and Hidden Information in Simple Bilateral Trading Problems
  Journal of Economic Theory, Vol. 103 (2), 2002, 444-460.
• Ex Post Liability for Harm vs. Ex Ante Safety Regulation: Substitutes or Complements? Comment (with Christian Ewerhart)
  American Economic Review, Vol. 88 (4), 1998, 1027.

Referee for

American Economic Review, Australian Journal of Management, B.E. Journal of Theoretical Economics, Bulletin of Economic Research, Econometrica, Economic Inquiry, Economic Journal, Economic Theory, Economics Letters, European Economic Review, German Economic Review, International Economic Review, International Journal of Industrial Organization, International Review of Law and Economics, Journal of Comparative Economics, Journal of Economic Behavior and Organization, Journal of Economic Theory, Journal of Economics/Zeitschrift für Nationalökonomie, Journal of Economics and Management Strategy, Journal of Industrial Economics, Journal of Institutional and Theoretical Economics, Journal of Law, Economics, and Organization, Journal of Legal Studies, Journal of Political Economy, Journal of Public Economics, Journal of Public Economic Theory, Journal of the European Economic Association, Labour Economics, Management Science, Managerial and Decision Economics, Mathematical Social Sciences, Quarterly Journal of Economics, Rand Journal of Economics, Review of Economic Design, Review of Economic Studies, Review of Industrial Organization, Scandinavian Journal of Economics, Schmalenbach Business Review, Theoretical Economics.