Becker Friedman Institute
for Research in Economics
The University of Chicago

Research. Insights. Impact. Advancing the Legacy of Chicago Economics.

Karl Schlag

Professor of Economics
University of Vienna
6/1/15 6/5/15

Karl Schlag is a full professor at the University of Vienna, Austria where he has been for four years.

A common theme in the diverse set of topics investigated by Karl is his interest in modeling choices when agents or players do not have priors, this is where no distributional assumptions are made on unknown parameters. In an early paper he derives a theory for how agents imitate. While being well referenced in Economics and Anthropology, this paper also been successful in predicting behavior of fish. Karl has papers on how to price goods when the seller faces one of many very similar demands and when demand is completely unknown. He has a paper on how to investigate play in games when players are uncertain about whether others are rational. In his work on decision making in bandit problems and on forecasting, he stumbled into Statistics and Econometrics that has recently become his hobby. His particular interest is in on astonishingly rare research topic, namely on exact Statistics, which deals with the design of statistical methods that are correct for the finite samples. So far he has designed exact tests for comparing means, for linear and ordinal regressions as well as for performing time series analysis. In each case minimal constraints on imposed on the errors.

Karl has published among others in Journal of Economic Theory, Journal of Econometrics and Journal of Economic Behavior and Organization, Experimental Economics and Games and Economic Behavior

Karl studied Mathematics at the undergraduate and graduate level at the Technical University of Munich. He received his PhD from Northwestern University, and got his "Habilitation" (venia legend) from the University of Bonn. He then spent 8 years as professor at the European University Institute, Florence, Italy and 3 years as professor at Universitat Pompeu Fabra, Barcelona, Spain.

Karl Schlag will be presenting at the Econometrics Workshop on June 4.