Cluster of Excellence ECONtribute: Markets and Public Policy
Markets & Public Policy, the Cluster of Excellence in Economics of the Universities of Cologne and Bonn, conducts research into markets with a special focus on the tension between business, politics and society (public policy). The academic objectives of this Cluster are to gain a better understanding of markets and develop a new paradigm for market failure analysis that goes beyond traditional approaches by taking into account current political, social and technological challenges.
ECONtribute hazards a new, comprehensive perspective on markets. For questions about global financial crises, the best way to regulate digital markets or deepening inequality – traditional perspectives don’t have the answers. ECONtribute is not satisfied with exploring these issues from the perspective of economics and actively seeks further insight from political science, psychology and law.
Responding to new market challenges
Social concerns like fairness, social mobility and social responsibility need to be actively addressed by market design. In its academic work, the Cluster systematically integrates these objectives into the analysis of incentives, market mechanisms and political decision-making processes.
Professor Isabel Schnabel, the designated spokesperson for the University of Bonn, describes this as follows: “We want to formulate new answers to questions like: How do markets deliver good results? When is more political regulation needed? We hope to encourage close exchanges with political decision-makers and the public sphere. The ECONtribute network aims to forge an entirely new channel for dialogue between cutting-edge research and policy-making.” The ECONtribute Cluster will face these new market challenges from premises at the Reinhard Selten Institute, which was jointly founded by the two universities in 2017.
More information can be found on the web page of the Reinhard Selten Institute: selten.institute/econtribute/