Profile
Profile

Prof. Dr. Martin Hellwig

E-mail: hellwig(at)coll.mpg.de
Phone: +49 228 91 41622
Homepage: http://www.coll.mpg.de/team/page/martin_hellwig
Room: 2.6
Location: Max Planck Institute for Research on Collective Goods
Institute: Max Planck Institute for Collective Goods
Research Area: Research Area I
Birthdate: 05.Apr 1949
Mathscinet-Number: 83985

Publications

Academic Career

1973

PhD in economics, Massachusetts Institute of Technology

1973--1974

Research associate, Stanford University

1974--1977

Assistant professor of economics, Princeton University

1977--1979

Associate professor of economics (H3), Bonn

1979--1987

Professor of economics (H4/C4), Bonn

1987--1996

Professor of economics, Basel University

1995--1996

Taussig research professor, Harvard University

1996--2004

Professor of economics, Mannheim University

2004--

Director, Max Planck Institute

Research profile

Work will continue on mechanism design foundations of public economics. Current work focuses on the implications of requiring robustness of mechanisms, i.e., independence of implementation by a mechanism from the specification of bellief sysems, and of coaliltion proofness, in additiona to individual incentive compatibility. In joint work with Felix Bierbrauer, currently in the second round with Econometrica, we show that these two requirements jointly limit the set of admissible mechanisms to the set of voting mechanisms, thus providing a mechanism theoretic foundation for voting.
In addition, work will be done on information acquisition and ''market discipline'' in financial contracting. The main problem here is to study disciplining mechanisms when there is coexistence of outside equity and (short-term) debt.

Selected Publications

[1] Martin F. Hellwig
Utilitarian mechanism design for an excludable public good
Econom. Theory , 44: (3): 361--397
2010
ISSN: 0938-2259
DOI: 10.1007/s00199-009-0488-3
[2] Martin F. Hellwig
A generalization of the Atkinson-Stiglitz (1976) theorem on the undesirability of nonuniform excise taxation
Econom. Lett. , 108: (2): 156--158
2010
ISSN: 0165-1765
DOI: 10.1016/j.econlet.2010.04.035
[3] Martin F. Hellwig
A note on Deaton's theorem on the undesirability of nonuniform excise taxation
Econom. Lett. , 105: (2): 186--188
2009
ISSN: 0165-1765
DOI: 10.1016/j.econlet.2009.07.012
[4] Martin F. Hellwig
Incentive problems with unidimensional hidden characteristics: a unified approach
Econometrica , 78: (4): 1201--1237
2010
ISSN: 0012-9682
DOI: 10.3982/ECTA7726
[5] M. F. Hellwig A. Gizatulina
Informational smallness and the scope for limiting information rents
Review of Economic Studies (145): 2260-2281
2010
[6] M. F. Hellwig
A reconsideration of the Jensen-Meckling model of outside finance
J. Finan. Intermediation (18): 495-525
2009
[7] M. F. Hellwig
Systemic risk in the financial sector: An analysis of the subprimemortgage financial crisis
De Economist (157): 129-207
2009
[8] M. F. Hellwig
A contribution to the theory of optimal utilitarian income taxation
Journal of Public Economics (91): 1449-1477
2007
[9] M. F. Hellwig
The provision and pricing of excludable public goods: Ramsey-Boiteux pricing versus bundling
Journal of Public Economics (91): 511-540
2007
[10] M. F. Hellwig
The role of boundary solutions in principal-agent problems of the Holmstr?m-Milgrom type
Journal of Economic Theory (136): 446-475
2007
[11] M. F. Hellwig
The undesirability of randomized income taxation under decreasing risk aversion
Journal of Economic Theory (91): 791-816
2007

Awards

1981

Fellow, Econometric Society

1988

Honorary professor, Vienna University

1990

Member, Academia Europaea

1992

President, European Economic Association

1994

Member, Berlin-Brandenburg Academy of Sciences

1995

Honorary foreign member, American Economic Association

2000--2004

President, Verein für Socialpolitik (German Economic Association)

2002

Doctor rer. pol. honoris causa, Tübingen University

2002

Inaugural fellow, European Corporate Governance Institute

2003

Foreign honorary member, American Academy of Arts and Sciences

2005

Doctor rer.pol. honoris causa, Humboldt-University, Berlin

2008

Jelle Zijlstra Fellow, Netherlands Institute for Advanced Study

2009

Gustav Stolper Award, Verein für Socialpolitik

2009

Doctor rer.pol. honoris causa, University of Basel

2010

Award for the Most Significant Paper in 2009, Journal of Financial Intermediation

Offers

1984

London School of Economics

1984

FU Berlin

1992

Munich University

1995

Bonn

2002

Kiel Institute for World Economics and Kiel University

Invited Lectures

1992

Presidential address, European Economic Association

1992

Gaston Eyskens lectures, Leuven Catholic University

1993

Walras-Bowley lecture, Econometric Society

1993

Walras-Pareto lectures, Lausanne University

1998

Geneva Risk lecture, European Group of Insurance Economists

2003

Baffi lecture, Banca d'Italia

2007

Walter Adolf Jöhr Lecture, University of St. Gallen

2009

Alfred Weber Lecture, University of Heidelberg

2010

Johann Heinrich Thünen Lecture, Verein für Sozialpolitik

Editorships

Associate editor, German Economic Review (2000 - ); Member, Advisory board, European Business Organization Review (2003 - ); Member, Advisory board, Journal of the European Economic Association (2003 - ); Associate editor, Journal of Public Economic Theory (2005 - ) ; Associate editor, Journal of Economics (2005 - ), Associate Editor, Journal of Public Economics (2007 - )

Research Projects and Activities

Collaborative Research Center SFB/TR 15 (2004-- ); Coordinator, ESF Research Network Public Goods Public Projects, Externalities (2006 - 2010)

Contribution to Research Areas

Research Area I
Work has been done on mechanism design in allocation theory and contracting, public economics and financial economics.
The main objective of work on mechanism design in public economics is to provide a unified framework for public good provision, indirect taxation and public sector pricing and direct taxation. Published articles:
''The Provision and Pricing of Excludable Public Goods: Ramsey-Boiteux Pricing versus Bundling'', Journal of Public Economics 91 (2007), 511 -540.
“The Undesirability of Randomized Income Taxation under Decreasing Risk Aversion”, Journal of Public Economics 91 (2007), 791 – 816.
“A Contribution to the Theory of Optimal Utilitarian Income Taxation”, Journal of Public Economics 91 (2007), 1449 – 1471.
[1], [2], [3].
''Informational Smallness and the Scope for Limiting Information Rents'' (with A. Gizatulina), Journal of Economic Theory 145 (2010), 2260–2281.
Research on incentive contracting:
''The Role of Boundary Solutions in Principal-Agent Problems of the Holmström-Milgrom Type'', Journal of Economic Theory 136 (2007), 446 – 475.
“A Reconsideration of the Jensen-Meckling Model of Outside Finance”, Journal of Financial Intermediation 18 (2009), 495-525.
[4].

Habilitations

H. Bester (1987), now Prof. FU Berlin; W. Leininger (1988), now Prof. Dortmund; W. Emons
(1992), now Prof. Bern; T. Börgers (1992), now Prof. Michigan; H. Gersbach (1994), now Prof.
ETH Zurich; T. Gehrig (1995), now Prof. Wien; E.-L. von Thadden (1995), now Prof. Mannheim;
P.-J. Jost (1995), now Prof. WHU Koblenz-Vallendar; C. Laux (2002), now Prof. Wien; A. Irmen
(2002), now Prof. Luxemburg; H. Müller (2003), now Prof. New York; E. Carletti (2007), now
Prof. European University Institute Florenz.

Selected PhD students

D. Szalay (2001), now Prof. Bonn; M. Weiss (2003), now Deputy Director Mannheim Institute
on the Economics of Aging; I. Schnabel (2003), now Prof. Mainz; A. Zimper (2003), now
Research Prof. Witwatersrand; T. Vi Dang (2005), now Visiting Associate Prof. Columbia; F.
Bierbrauer (2006), now Prof. Cologne; M. Schiffbauer (2008), now at World Bank; S. Kranz
(2008), currently visiting Assistant Prof. Yale; A. Gizatulina (2009), now PostDoc MPIRCG; P.
Weinschenk (2009), now PostDoc MPIRCG, currently visiting Harvard; S. Brilon (2009), now
PostDoc Lausanne.

Supervised Theses

  • Master theses: 3, currently 1
  • Diplom theses: 12
  • PhD theses: 12, currently 5
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