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Christian-Albrechts-Universität zu Kiel
Lehrstuhl für Geld, Währung und Internationale Finanzmärkte
Logo Quantitative Economics
Team | Prof. Dr. Thomas Lux

Universität Kiel
Institut für Volkswirtschaftslehre
Olshausenstraße 40
D-24118 Kiel
Wilhelm-Seelig-Platz 1
Zimmer 507
Do. 10:00-11:00
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Tel.: (+49) 431 880-3661
Fax: +(49) 431 880-4383
Curriculum Vitae Deutsch[PDF] Curriculum Vitae English [PDF]
Current Positions
  1. Professor of Monetary Economics and International Finance, Department of Economics, University of Kiel, Germany
  2. Bank of Spain Professor in Computational Economics, Department of Economics, University Jaume I, Castelln, Spain
Habilitation Department of Economics, University of Bamberg, 1996
Ph. D. Department of Economics, University of Wuerzburg, 1990
Diploma in Economics Department of Economics, University of Wuerzburg, 1987
Prior Employment
2010 - 2011 Visiting Professor, International Christian University Tokyo
2007 Visiting Professor, GREQAM, University Aix-Marseille II
2005 Visiting Professor, University of Technology Sydney
2002-2003 Visiting Professor, International Christian University Tokyo
1998-2000 Professor, Department of Economics, University of Bonn
1997-1998 Visiting Professor, Department of Economics, University of Bonn
1996-1997 Visiting Professor, Department of Economics, University of Frankfurt
1992-1997 Assistant Professor, Department of Economics, University of Bamberg
1988-1992 Research Assistant and Assistant Professor, Department of Economics, University of Wuerzburg
Awards and Grants
  • Award of the Dissertation Price of the "Lower Frankonian Foundation for Sciences" for the Ph. D. thesis, 1990
  • Various research grants by University of Bamberg, 1994-1997
  • Various travel grants by German National Science Foundation (DFG), 1995, 1997, 2001, 2002, 2003
  • Member of Sonderforschungsbereich 303 ("Information and Co-ordination of Economic Activity"), at the University of Bonn (special research unit financed by DFG), 1998/99
  • Co-operation project with National Chengchi University Taipei ("Multi-Agent Simulation of Artificial Financial Markets"), financed by German Academic Exchange Service (DAAD), 1998/99
  • Various research grants by Landeszentralbank Schleswig-Holstein (since 2000)
  • Host for Visiting Professor Taisei Kaizoji, Assoc. Professor, International Christian University Tokyo, 2000/01, research visit financed by Humboldt Foundation
  • Fellowship of the Japan Society for the Promotion of Science (winter term 2002/03) for the project "Interacting Agent Approach to Speculative Activity" (withTaisei Kaizoji), and Visiting Professor at International Christian University Tokyo
  • Financial support for organization of the "Workshop on Economics with Interacting Heterogeneous Agents", Kiel, 29. - 31. May 2003 by Fritz-Thyssen Foundation
  • Selected for Annual Distinguished Lecture at the Institute for Studies in Finance, University of Essex, 7 - 9 May 2003
  • Research Fellow at the Financial Econometrics Research Centre (FERC) of the University of Warwick
  • Grant for a Specific Targeted Research Project (STREP) of the European Commission "The Complexity of Financial Markets: Heterogeneous Micro Agents and Aggregate Outcomes" (with a consortium including University of Warwick, Amsterdam, Marseille, Cagliari and ICTP Trieste, funding period: May 2005 to April 2008)
  • Grant for a project on "Financial Markets as Complex Networks" by the Volkswagen Foundation, funding period: 2007 - 2010
  • Financial support for organization of the 'Econophysics Colloquium', Kiel, 28 - 30 August 2008 by Fritz-Thyssen Foundation
  • Grant for a project on "The Multi-Fractal Model of Asset Returns: Multivariate Extensions, Estimation, and Applications for Risk Management " by the Deutsche Forschungsgemeinschaft (German National Science Foundation), funding period: 2008 - 2010
  • Grant for a project Network Effects and Systemic Risk in the Banking Sector, by the Leibnizgemeninschaft, funding period: 2011 2014
  • Coordinator of a consortium of seven European academic institutions in the project Financial Distortions and Macroeconomic Performance: Expectations, Constraints, and Interaction of Agents (FinMap) funded under the 7th Framework Programme in the Objective SSH.2013.1.3-2: Better integrating financial markets into, policy focused, macro models.
Resonance in Media (selection)
  • Frequent press coverage of published research, e.g. by BBC News, Financial Times, The Independent, and many German newspapers
  • Miscellaneous contributions to economic policy debates
  • Ranked among the 1,000 most often quoted economist within the decade 1990 - 2000
  • Appeared second in a ranking of the most often quoted German economists within the decade 1994 - 2004 (with a total of 297 quotations, cf. Handelsblatt of 11 May 2005)
  • Currently ranked among the 4 percent (6 percent) most often quoted economists from Germany (Europe) in RePEc (Research Papers in Economics) database
  • Ranked among the top 5 percent of all authors according to the criteria: Number of Works, Number of Distinct Works, Weighted by Number of Authors, Number of Citations, Number of Citations, Weighted by Number of Authors, h-index, Number of Abstract Views in RePEc Services over the past 12 months, Number of Downloads through RePEc Services over the past 12 months, Number of Abstract Views in RePEc Services over the past 12 months, Weighted by Number of Authors, Number of Downloads through RePEc Services over the past 12 months, Weighted by Number of Authors, Betweenness measure in co-authorship network, Wu-Index cent (link, Nov. 2012)
  • Currently ranked as the second best academic teacher across all universities and fields in the German state (Bundesland) of Schleswig-Holstein in the student network
Academic Services
  • Head of Research Unit Financial Markets and Macroeconomic Activity of the Kiel Institute for the World Economy (2008 2014)
  • Dean (2008 - ) and Vice Dean (2000 - 2002 and 2007 - 2008) of the Faculty of Business, Economics, and Social Sciences at the University of Kiel
  • Founding Director of Ph.D. Program in "Quantitative Economics" (since 2002) at the Faculty of Business, Economics, and Social Sciences, University of Kiel, for more information see here
  • Member of the Scientific Advisory Board of the Institute of World Economics at Kiel (2004 - 2008)
Theses supervised:
  • M. Wilpert, Knstliche Aktienmarktmodelle auf Basis von Classifier-Systems[Artificial Financial Markets with Classifier Learning]. Doctoral thesis, Kiel 2003
  • C. Pierdzioch, International Financial Markets and Macroeconomic Dynamics: A NOEM Perspective. Thesis for the habilitation, Kiel 2004
  • K. Richter, Evolutionary Learning in Auctions. Doctoral thesis, Kiel 2005
  • E. Zschischang, Genetisches Programmieren als neues Instrument zur Prognose makrokonomischer Gren: Anwendungen auf Inflationsraten und Wechselkurse [Genetic Programming as a New Tool for Forecasting in Empirical Macroeconomics: Applications to Inflation Rates and Exchange Rates]. Doctoral thesis, Kiel 2005
  • S. Alfarano, An Agent-Based Stochastic Volatility Model. Doctoral thesis, Kiel 2006
  • Yusupov, T., The Efficient Market Hypothesis through the Eyes of An Artificial Technical Analyst. Doctoral thesis, Kiel 2007.
  • Edler, L., Analyzing Economic Data with Self-Orgnaizing Maps: A Geometric Neural Network Approach. Doctoral thesis, Kiel 2007.
  • Lee, H.-T., The Markov-Switching Multifractal Modfel of Asset Returns: Estimation and Forecasting of Higher-Order Multinomial Specifications. Doctoral thesis, Kiel 2007.
  • Hammermann, F., Inflation Targeting and Monetary Integration in the European Emerging Market Economies. Doctoral thesis, Kiel 2008.
  • Liu, R., Multivariate Multifractal Models: Estimation of Parameters and Application to Risk Management. Doctoral thesis, Kiel 2008.
  • Milakovic, M., Empirical Regularities in the Organization of Financial and Industrial Markets. Thesis for the habilitation, Kiel 2010.
  • Heitger, F., Asset Price and Wealth Dynamics with Heterogeneous Expectations A Deterministic Nonlinear Structural Model Approach. Doctoral thesis, Kiel 2010.
  • Demary, M., Applications of Agent-Based Models and Nonlinear Econometrics in Finance A deterministic Nonlinear Structural Model Approach. Doctoral thesis, Kiel 2010.
  • Lin, L., Agent-Based Models, Macroeconomic Scaling Laws and Sentiment Dynamics. Doctoral thesis, Kiel 2010.
  • Ghonghadze, J., Essays on Micromotives and Macrobehavior, Expectation Formation, and Asset Price Dynamics, Doctoral thesis, Kiel 2011.
  • Raddant, M., Networks in Financial Markets, Doctoral thesis, Kiel 2012.
  • Jang, T., Moment-Based Estimation of Macroscopic Dynamic Models in Macroeconomics and Finance, Doctoral thesis, Kiel 2012.
  • Fricke, D., Coping with the Complexity of Financial Markets, Doctoral thesis, Kiel 2013.
Services as a referee
  • For scientific journals: Advances in Complex Systems, Applied Financial Economics, Annals of Operations Research, Berkeley Electronic Journals in Theoretical Economics, Die Betriebswirtschaft, Bulletin of Economic Research, Central European Journal of Operations Research, Computational Economics, Computational Intelligence, Computational Management Science, Econometrics Journal, Economic Journal, Economic Record, Electronic Journal of Evolutionary Modeling and Economic Dynamics, Empirical Economics, Energy Economics, Entropy, European Economic Review, European Physical Journal B, Europhysics Letters, Finance & Stochastics, Financial Markets & Portfolio Management, Financial Review, German Economic Review, Human Systems Management, IEEE Transactions on Evolutionary Computation, IEEE Transactions on Systems, Man and Cybernetics, Information Science Journal, International Journal of Applied and Theoretical Finance, International Journal of Systems Science, Journal of Artificial Societies and Social Simulation, Journal of Economics, Journal of Economic Behavior & Organization, Journal of Economic Dynamics & Control, Journal of Economic Surveys, Journal of Evolutionary Economics, Journal of Financial Econometrics, Journal of Futures Markets, Journal of Hydrology, Journal of Mathematical Economics, Journal of Optimization Theory and Applications, Journal of Statistical Mechanics, Journal of Systems and Software, Journal of Wavelets, Multiresolution and Information Processing, Kredit & Kapital, Macroeconomic Dynamics, Mathematics of Operations Research, Metroeconomica, Nature, NeuroPsychoEconomics, Physica A, Physica D, Physical Review E, Physical Review Letters, Proceedings of the National Academy of Sciences of the U.S.A., Quantitative Finance, Statistical Papers, Review of Modern Physics, Science, Structural Change and Economic Dynamics, Studies in Nonlinear Dynamics & Econometrics, Weltwirtschaftliches Archiv
  • Various contributed volumes appearing with North-Holland, Cambridge University Press
  • Book monographs submitted to Cambridge University Press, Wiley-VCH, and Kluwer Acad. Publ.
  • Research proposals submitted to: Deutsche Forschungsgemeinschaft (DFG), National Science Foundation (USA), United States-Israel Binational Science Foundation, Italian Ministry of Education and Science, Engineering and Physical Sciences Research Council (UK), Thyssen Foundation, Research Foundation Flanders (Belgium), Schweizerischer Nationalfond (Switzerland), Fond zur Frderung der wissenschaftlichen Forschung (Austria), Tiroler Wissenschaftsfond (Austria)
  • External examiner of Ph.D. theses at the University of Technology Sydney, Trinity College Cambridge, University of Orlans, University of Leuven, University of Hannover and Simon Fraser University Vancouver, and of Habilitation theses at the University of Vienna and the University of Osnabrueck
  • Member of the evaluation committee for the Faculty of Economics and Business, University of Bielefeld, Germany (2005)
  • Regular member of program committees of international scientific meetings in den the areas of: computational economics, agent-based modeling, quantitative finance, empirical finance, financial econometrics, econophysics, computational intelligence and artificial intelligence
Teaching Experience
My teaching experience at the University of Kiel includes:
  • lectures on Economic Fundamentals (Macroeconomics) for first year students
  • the following lectures for advanced students (third and fourth year Diploma students and Ph. D. students), most lectures have been taught in English:
    • Monetary Economics
    • International Monetary Economics
    • Theory of Financial Markets
    • International Finance
    • Pricing in Derivative Markets
    • Macroeconomic Aspects of Public Finance
    • International Investment (also as a course for executives)
    • Dynamic Macroeconomic Theory (mandatory Ph. D. course)
  • various seminars on particular aspects of monetary and financial economics at Diploma and Ph. D. level.
Additional teaching experience from previous positions:
  • advanced lectures on:
    • International Trade (Bonn, Bamberg)
    • Labour Economics (Bonn)
    • Decision Theory (Bamberg)
    • Theory of the Business Cycle (Wuerzburg)
    • Growth Theory (Wuerzburg)
  • teaching in Executive Program at the "Wirtschafts- und Verwaltungsakademie Aschaffenburg" (German equivalent of an Executive MBA), three-year program in which I taught:
    • Microeconomics
    • Macroeconomics
    • Principles of Economic Policy and Economic Systems
    • Financial Mathematics
Contributions to Various Summer Schools (contents: theoretical and empirical finance).
    Seminars on Quantitative Methods in Finance for Practitioners
    List of Publications
    1. Editorship of Journals and Monograph Series
      • Member of Editorial Board of the journal Quantitative Finance (since 2000)
      • Member of Editorial Board of the Journal of Economic Behavior and Organization (since 2001)
      • Member of Editorial Board of the journal New Mathematics and Natural Computation (since 2005)
      • Founding Editor of the Journal of Economic Interaction and Cooperation (starting in 2006)
      • Co-Editor of monograph series Dynamic Economic Theory/Dynamische Wirtschafttheorie published by Peter Lang Publ.
    2. Editor of Special Issues and Contributed Volumens
      • Kaizoji, T., M. Politi and T. Lux (Guest editors) Special issue on New Approaches in Quantitative Modeling of Financial Markets of Economics, the Open-Access, Open-Assessment Ejournal,, 2012
      • Lux, T., P. Kaltwasser and D. Veredas (Guest editors), Special issue on Quantifying and Understanding Dysfunctions of Financial Markets of the Journal of Economic Dynamics and Control, in press.
      • Lux, T. and M. Raberto (Guest editors), Special issue: Managing Financial Instability in Capitalist Economies. Economics, The Open-Access, Open-Assessment E-Journal,2010
      • Alfarano, S., T.Lux and M. Milakovic (Guest editors), Special issue on "Interdisciplinary Applications of Physics in Economics and Finance" of the European Physical Journal, Vol. 73, no.1, 2010
      • Farmer, D. and T. Lux (Guest editors), Special issue on "Statistical Physics Approaches in Economics and Finance" of the Journal of Economic Dynamics and Control, Vol.38, 2008.
      • Cincotti, S., L. Gardini and T. Lux (Guest editors), Special issue on "New Advances in Financial Economics: Heterogeneity and Simulation" of the journal Computational Economics, Vol. 32, nos. 1 - 2 2008
      • Lux, T. and M. Marchesi (Guest editors), Special issue on "Heterogeneous Interacting Agents in Financial Markets" of the Journal of Economic Behavior and Organization, Vol. 49, no. 1, 2002.
      • Lux, T. S. Reitz and E. Samanidou, eds. Nonlinear Dynamics and Heterogeneous Interacting Agents. Lecture Notes in Economics and Mathematical Systems. Berlin: Springer, 2005.
      • M. Faggini and T. Lux, eds.,"Coping with the Complexity of Economics" Berlin: Springer, 2008.
    3. Articles in Refereed Journals
      • Forecasting Daily Variations of Stock Index Returns with a Multifractal Model of Realized Volatility (with L. Morales-Arias and C. Sattarhoff), Journal of Forecasting (in press)
      • Non-Homogeneous Volatility Correlations in the Bivariate Multifractal Model (with R. Liu), European Journal of Finance (in press)
      • Core-Periphery Structure in the Overnight Money Market: Evidence from the e-MID Trading Platform Market (with D. Fricke), Computational Economics (in press)
      • The Effects of a Financial Transaction Tax in an Artificial Financial Market (with D. Fricke), Journal of Economic Interaction and Coordination (in press)
      • Relative Forecasting Performance of Volatility Models: Monte Carlo Evidence (with L. Morales-Arias), Quantitative Finance (in press)
      • The Small Core of the German Corporate Board Network: New Evidence from 2010 (with M. Milakovic and S. Alfarano), Complexity Economics 2, 2013, 721
      • Network Analysis of the e-MID Overnight Money Market: The Informational Value of Different Aggregation Levels for Intrinsic Dynamic Processes (with D. Fricke and K. Finger), Computational Management Science 10, 2013, 187-211
      • Inference for Systems of Stochastic Differential Equations from Discretely Sampled Data: A Numerical Maximum Likelihood Approach, Annals of Finance 9, 2013, 217 248
      • Individual Expectations and Aggregate Behavior in Learning to Forecast Experiments (with C. Hommes), Macroeconomic Dynamics 17, 2013, 373401
      • Correlations and Dependencies in the Global Financial Village (with D. Kenett, M. Raddant, L. Zatlavi and E. Ben-Jacob), International Journal of Modern Physics: Conference Series 16, 2012, 1328
      • Estimation of an Agent-Based Model of Investor Sentiment Formation in Financial Markets, Journal of Economic Dynamics & Control, 36, 2012, 1284 - 1302
      • Modeling the Dynamics of EU Economic Sentiment Indicators: An Interaction-Based Approach (with J. Ghonghadze), Applied Economics 44, 2012, 3065 - 3088
      • Parameter Estimation and Forecasting for Multiplicative Log-Normal Cascades (with A. Leovey), Physical Review E 85, 2012, 046114
      • Evolvement of Uniformity and Volatility in the Stressed Global Financial Village (with D. Kenett, M. Raddant and E. Ben-Jacob), PLoS ONE 7, 2012, issue 2
      • Identification of a Core-Periphery Structure Among Participants of a Business Climate Survey (with U. Stolzenburg), European Physical Journal B 84, 2011, 521 - 533
      • Sentiment Dynamics and Stock Returns: The Case of the German Stock Market, Empirical Economics 41, 2011, 663 679
      • Switching Rates and the Asymptotic Behavior of Herding Models (with A. Irle, J. Kauschke and M- Milakovic), Advances in Complex Systems 14, 2011, 359 - 376
      • The Small Core of the German Corporate Board Network" (with M. Milakovic and S. Alfarano), Computational and Mathematical Organization Theory 16, 2010, 201 - 215
      • Forecasting Volatility under Fractality, Regime-Switching, Long Memory and Student-t Innovations (with L. Morales-Arias), Computational Statistics & Data Analysis 54, 2010, 2676 - 2692
      • Rational Forecasts or Social Opinion Dynamics: Identification of Interaction Effects in a Business Climate Index, in: Journal of Economic Behavior and Organization 72, 2009, 638 655
      • Multifractality and Long-Range Dependence of Asset Returns: The Scaling Behaviour of the Markov-Switching Multifractal Model with Lognormal Volatility Components (with R. Liu and T. di Matteo), Advances in Complex Systems 11, 2008, 1 16
      • The Markov-Switching Multifractal Model of Asset Returns: Estimation via GMM and Linear Forecasting of Volatility, Journal of Business & Economics Statistics 26, 2008, 194 210
      • Time-Variation of Higher Moments in Financial Markets with Heterogeneous Agents: An Analytical Approach (with S. Alfarano and F. Wagner), Journal of Economic Dynamics & Control 32, 2008, 101 - 136
      • A Noise Trader Model as a Generator of Apparent Power Laws and Long Memory(with S. Alfarano), Macroeconomic Dynamics 11 (Supplement 1), 2007, 80 - 101
      • True and Apparent Scaling: The Proximity of the Markov-Switching Multifractal Model to Long-Range Dependence (with R. Liu and T. di Matteo), Physica A 383, 2007, 35 - 42
      • Forecasting Volatility and Volume in the Tokyo Stock Market: Long-Memory, Fractality and Regime Switching (with T. Kaizoji), Journal of Economic Dynamics & Control 31, 2007, 1808 - 1843
      • Empirical Validation of Stochastic Models of Interacting Agents: A Maximally Skewed Noise Trader Model (with S. Alfarano and F. Wagner), European Journal of Physics B 55, 2007, 183 187
      • Agent-Based Models of Financial Markets (with E. Samanidou, E. Zschischang and D. Stauffer), Reports on Progress in Physics 70, 2007, 409 - 450
      • Estimation of a Simple Agent-Based Model of Financial Markets: An Application to Australian Stock and Foreign Exchange Data (with S. Alfarano and F. Wagner), Physica A 370, 2006, 38 - 42
      • Estimation of Agent-Based Models: The Case of an Asymmetric Herding Model (with S. Alfarano and F. Wagner), Computational Economics 26, 2005, 19 - 49
      • Genetic Algorithms as an Explanation of the Stylized Facts of Foreign Exchange Markets (with S. Schornstein), Journal of Mathematical Economics 41, 2005, 169 - 196
      • Detecting Multi-Fractal Properties in Asset Returns: An Assessment of the Scaling Estimator, International Journal of Modern Physics 15, 2004, 481 - 491
      • On Rational Speculative Bubbles and Fat Tails (with D. Sornette), in: Journal of Money, Credit, and Banking 34, 2002, 589 - 610
      • Turbulence in Financial Markets: The Surprising Explanatory Power of Simple Cascade Models, in: Quantitative Finance 1, 2001, 632 - 640
      • Power-Laws and Long Memory, in: Quantitative Finance 1, 2001, 560 - 562
      • Testing for Nonlinear Structure in an Artificial Financial Market (with S.-H. Chen and M. Marchesi), in: Journal of Economic Behavior and Organization 46, 2001, 327 - 342
      • The Limiting Extremal Behaviour of Speculative Returns: An Analysis of Intra-Daily Data from the Frankfurt Stock Exchange, in: Applied Financial Economics 11, 2001, 299 315
      • Some New Results on the Levy, Levy, and Solomon Microscopic Stock Market Model (with E. Zschischang), in: Physica A 29, 2001, 563 - 573
      • On Moment Condition Failure in German Stock Returns: An Application of Recent Advances in Extreme Value Statistics, in: Empirical Economics 25, 2000, 641 - 652
      • Volatility Clustering in Financial Markets: A Micro-Simulation of Interacting Agents (with M. Marchesi), in: International Journal of Theoretical and Applied Finance 3, 2000, 675 - 702
      • Finite-Size Effects in Monte Carlo Simulations of Two Stock Market Models (with E. Egenter and D. Stauffer), in: Physica A 268, 1999, 250 - 256
      • Scaling and Criticality in a Stochastic Multi-Agent Model of a Financial Market (with M. Marchesi), in: Nature 397, 1999, 498 - 500
      • The Socio-Economic Dynamics of Speculative Markets: Interacting Agents, Chaos, and the Fat Tails of Return Distributions, in: Journal of Economic Behavior and Organization 33, 1998, 143 - 165
      • Time Variation of Second Moments from a Noise Trader/Infection Model, in: Journal of Economic Dynamics and Control 22, 1997, 1 - 38
      • The Stable Paretian Hypothesis and the Frequency of Large Returns: An Examination of Major German Stocks, in: Applied Financial Economics 6, 1996, 463 - 475
      • Long-term Stochastic Dependence in Financial Prices: Evidence from the German Stock Market, in: Applied Economics Letters 3, 1996, 701 - 706
      • Corridor Stability in the Dendrinos Model of Regional Factor Movements, in: Geographical Analysis 27, 1995, 360 - 368
      • Herd Behaviour, Bubbles and Crashes, in: Economic Journal 105, 1995, 881 - 896
      • Adaptive Expectations and Perfect Foresight in a Nonlinear Metzlerian Model of the Inventory Cycle (with R. Franke), in: Scandinavian Journal of Economics 95, 1993, 355 - 363
      • A Note on the Stability of Endogenous Cycles in Diamond's Model of Search and Barter, in: Journal of Economics 56, 1992, 185 - 196
      • The Sequential Trading Approach to Disequilibrium Dynamics, in: Jahrbuecher fuer Nationaloekonomie und Statistik 209, 1992, 47 - 59
      • Lagerhaltungszyklen aus der Sicht der Neuen Keynesianischen Makrooekonomik, in: Jahrbuch fr Sozialwissenschaft 42, 1991, 224 - 233
    4. Articels in Edited Volumes
      • Hubs and Resilience: Towards more Realistic Models of Interbank Markets (with M. Montagna), in: I. Arribas and E. Tortosa-Ausina, eds., Financial Integration and Financial Crisis: Some Recent Developments, im Druck
      • Applications of Statistical Physics to Finance and Economics, chapter 9 in B. Rosser, ed., Handbook of Research on Complexity , Cheltenham 2009, 213 - 258 (Edward Elgar)
      • Stochastic Behavioral Asset Pricing Models and the Stylized Facts, chapter 3 in T. Hens and K. Schenk-Hopp, eds., Handbook of Financial Markets: Dynamics and Evolution. Amsterdam, 161 215 (North-Holland)
      • A Simple Model of Herd Behaviour with Realistic Time Series Properties (with S. Alfarano), in: G. Teysirre and A. Kirman, eds., Long Memory in Economics, Berlin 2007, 345 - 361 (Springer)
      • Excess Volatility and Herding in an Artificial Financial Market: Analytical Approach and Estimation (with S. Alfarano and F. Wagner), in: W. Franz, H. Ramser and M.Stadler, eds., Funktionsfhigkeit und Stabilitt von Finanzmrkten. Tbingen 2005, 241 254 (Mohr Siebeck)
      • Emergent Statistical Wealth Distributions in Simple Monetary Exchange Models: A Critical Review, in: A. Chatterjee, S. Yarlagadda and B. Chakrabarti, eds., Econophysics of Wealth Distributions. Berlin 2005, 51 60 (Springer)
      • Market Fluctuations I: Scaling, Multi-Scaling and Their Possible Origins (with M. Ausloos), in: A. Bunde, J. Kropp and H.-J. Schellnhuber, eds., Theories of Disasters: Climate Disruptions, Heart Attacks and Market Crashes. Berlin 2002, 372 409 (Springer)
      • On the Role of Financial Factors in the Business Cycle: A Comparative Dynamic Analysis, in: Feichtinger, G., ed., Dynamic Economic Models and Optimal Control. Amsterdam 1992, 547 - 563 (North-Holland)
    5. Shorter Contributions and Didactical Work
      • WISU-Lexikon: Finanzmrkte (with J. Ghonghadze), in: WISU, Das Wirtschaftsstudium, H. 6, 2013, 765 - 774
      • Effizienz und Stabilitt von Finanzmrkten: Stehen wir vor einem Paradigmenwechsel?, Wirtschaftsdienst 93, 2013, 16 -22
      • Der dichte Kern des Netzwerks deutscher Aufsichtsrte und Unternehmensvorstnde: Verflechtungsstrukturen im Jahr 2010 (with M. Milakovic and S. Alfarano), Wirtschaftsdienst 92, 2012, 770 - 776
      • Financial Systems: Ecology and Economics, in: Nature 469, 2011, 303
      • "Mathematics, Methods and Modern Economics:The Dahlem Group on Economic modeling" (with D. Colander, H.Fllmer, A. Haas, K. Juselius, A. Kirman and B. Sloth), in: Real-World Economic Review 50, 2009, 118 - 121
      • "Die Welt als Modell und Vorstellung" Sddeutsche Zeitung, 22 August 2009
      • "The Financial Crisis and the Systemic Failure of the Economics Profession" (with D. Colander, A. Haas, M. Goldberg, K. Juselius, A. Kirman and B. Sloth), in: Critical Review 21, 2009, 249 - 267
      • "Economics Crisis" (with F. Westerhoff), in: Nature Physics 5, 2009, 2-3
      • "Worrying Trends in Econophysics" (with M. Gallegatti, S. Keen and P. Ormerod), in: Physica A 370 (2006), 1-6
      • "Micro-Simulations of Financial Markets and the Stylized Facts" (with F. Heitger), in: Takayasu, H., ed. Empirical Science of Financial Fluctuations: The Advent of Econophysics. Berlin, 2002, pp. 123-134
      • "Kuenstliches Wirtschaftsleben im Computer: Mikro-Simulationen virtueller Finanzmaerkte", in: Die Sparkasse 11, pp. 517-523
      • "A Master Equation Approach to the Modelling of Financial Markets Microstructure", in: Vlacic, L., T. Nguyen and D. Cecez-Kecmanovic, eds., Modelling and Control of National and Regional Economies 1995. Oxford 1996, pp. 409-414 (Pergamon)
      • "Integration von Wertpapiermarkt und Geldmarkt im Keynesschen Makromodell: Ein Kommentar", in: Jahrbuecher fuer Nationaloekonomie und Statistik 214 (1995), pp. 238-241
      • Head words "Deppelkeildiagramme" and "Neue Makrooekonomie", in: Geigant, F. et al., eds., Lexikon der Volkswirtschaft, 6th ed., Landsberg 1994
      • "Komparativ-statische Analyse eines 'rekonstruierten' klassischen Makromodells", in: Ernst, M. and J. Kopf, eds., Elemente volkswirtschaftlicher Forschung und Lehre. Berlin 1993, pp. 53-64 (Dunker & Humblot)
      • "On the Role of Financial Factors in the Business Cycle: A Comparative Dynamic Analysis" (Extended Abstract) in: Gritzmann, P. et al., eds. Operations Research '91. Heidelberg 1992, pp. 427-429
      • "Cobweb-Theorem und Tatonnement-Prozess", in: WiSt, Wirschaftswissenschaftliches Studium H.5, 1991, pp. 245-248
      • "Aussenhandel im Grundmodell der Ungleichgewichtstheorie" (with S. Klatt and M. Ernst), in: WISU, Das Wirtschaftsstudium, H.12, 1989, pp. 706-711
      • "Oekomomische Analyse von Verkehrsstaus" (with P. Knauth), in: WiSt, Wirtschaftswissenschaftliches Studium, H.11, 1989, pp. 583-586
      • "Das Grundmodell der Ungleichgewichtstheorie" (with S. Klatt and M. Ernst), in: WISU, Das Wirtschaftsstudium, H.8/9, pp. 506-514
    6. Published Consulting Work
      • "Eckpunkte einer nachhaltigen Antwort auf die Wachstumskrise", Report to the German Federal Ministry for the Environment, Nature Concervation and Nuclear Savety (with C. Jaeger and G. Horn under collaboration of S. Frst, W. Lass, L. Lin, A. Mandel, F. Meiner, C. Prelle, H. Prietzel and H. Schreiber), August 2009, 45 pages (available at Link)
    7. Book Review
      • J. Frankel, G. Gallo and A. Giovannini, eds., "The Microstructure of Foreign Exchange Markets". Chicago 1996, in: Kredit und Kapital H. 1/1999, pp. 146-153
    8. Ph.D. and Habilitation Theses
      • Keynesianische Stabilisierungspolitik in Neokeynesianischen Modellen, Ph.D. Thesis, University of Würzburg, published in the series Dynamische Wirtschaftstheorie vol. 8, Peter Lang, Frankfurt/M. et al., 1990
      • Spekulative Dynamik und Preisbildung auf Finanzmärkten", Thesis for the Habilitation, 243 p., University of Bamberg, 1995
    Conferences and Seminars: Invited and Keynote Talks
    • GENED Workshop and School on Networks in Finance and Macroeconomics, Kiel, 28.-29. April 2014
    • Conference on Technologies and Applications for Artificial Intelligence, Taipei, 6 - 8 December 2013
    • ESHIA Winter Workshop, Singapore, 18 19 November 2013
    • Symposium "CeNDEF at 15", Amsterdam, 24 - 25 October 2013
    • Econophysics Colloquium and Asia Pacific Econophysics Conference 2013, Pohang, 29 31 June 2013
    • International Workshop on Nonlinear Dynamics, Agent-Based Models, and Complex Evolving Systems in Economics, Bologna, 27 - 28 June 2013
    • Conference Can We Still Trust in the Market?, Berlin, 29 November 2012
    • International Symposium Economics in a Complex World: Networks, Agents and People, Madrid, 27 28 September 2012
    • 4th World Congress on Social Simulation, Taipei, 4 7 September 2012 (keynote lecture)
    • 17th Workshop on Economics with Heterogeneous Interacting Agents, Paris, 19 23 June 2012
    • Workshop on Heterogeneity and Networks in Financial Markets, Aix-en-Provence, 23 March 2012
    • 8th International Meeting of Experimental and Behavioral Economics, Castelln, 8 10 March 2012
    • Conference in honor of Paul De Grauwe, Leuven, 17/18 November 2011
    • GSDP Agent-Based Modeling Workshop, Paris, 8 10 September 2011
    • Third Graz Schumpeter Summer School Whither Macroeconomics?, Graz, 3 -9 July 2011
    • 16th Workshop on Economics with Heterogeneous Interacting Agents, Ancona, 23 - 25 June 2011
    • Workshop on Econo- and Sociophysics, Pohang University of Science and Technology, 12 February 2011
    • Workshop on Sociophysics, Institute for Statistical Mathematics, Tokyo, 6 January 2011
    • Conference on Quantifying and Understanding Dysfunctions of Financial Markets, Leuven, 15 16 October 2010
    • Workshop on Development of Agent-Based Models for the Global Economy and its Markets, European Commission, Information Society and Media Directorate-General, Brussels, 1 October 2010
    • Annual Meeting of the Society for Computational Economics, London, 13. - 17. July 2010 (Pre-conference one-day workshop)
    • EPOS 2010, TU Hamburg-Harburg, 23 25 June 2010
    • Workshop on Interacting Agents and Nonlinear Dynamics in Macroeconomics, Udine, 9 - 11 June 2010
    • 11th Workshop on Optimal Control, Dynamic Games and Nonlinear Dynamics, Amsterdam, 31May - 2 June 2010
    • CESifo Conference Whats Wrong with Modern Macroeconomics, Munich, 6 7 November 2009
    • 7. Kongress of the Gesellschaft fr analytische Philosophie, University of Bremen, 14 17 September 2009
    • Workshop on Managing Financial Instability in Capitalistic Economies, Reykjavik University, 2 5 September 2009
    • International Workshop on Networks as Determinants of Economic and Political Behavior, Kiel, 29 31 August 2009
    • International Workshop on Nonlinear Dynamics and Financial Market Modelling, Beijing University, 9 10 October 2008
    • Symposium on Stochastic Dynamic Models in Finance and Economics, University of Southern Denmark, Odense, 15 16 August 2008
    • Conference Complex Markets, Warwick, 31 March 5 April 2008
    • Workshop on Quantitative Finance, HSH Nordbank, Kiel, 15 16 November 2007
    • 2nd Toyota Workshop on Complex Systems, Baden bei Wien, 24 26 September 2007
    • Summer School on Computational Social Sciences, National Chengchi University Taipei, 27 August 7 September 2007
    • Summer School in Agent-Based Finance, Trento, 2 13 July 2007
    • 13th Annual German-American Frontiers of Science Symposium of the National Academy of Sciences and Humboldt Foundation, Irvine, 31 May 2 June 2007
    • Workshop on Statistical Physics and Financial Markets, Abdus Salam Centre of the UNESCO, Trieste, 20/21 April 2007
    • Conference Heterogeneous Agents in Financial Markets, Radboud University Nijmegen, 24 January 2007
    • Econophysics Colloquium 2006, International Christian University, Tokyo, 23 25 November 2006
    • Workshop Modeli Dinamici per lEconomia e la Finanza, Urbino, 21 23 September 2006
    • Summer School on Complex Systems, Ambleside, 20 29August 2006
    • Conference Ecople: Economics: from Tradition to Complexity, Capri, 2 3 July 2006
    • Workshop on the Econophysics of Stock Markets and Minority Games, Saha Institute for Nuclear Physics, Kolkota, 14 17 February 2005
    • Symposium Autonomous Agency and the Evolution of Diversity, University of Melbourne, 16.December 2005
    • Econophysics Colloquium, Australian National University, Canberra, 14 18 November 2005
    • Summer School Econophysics and Complexity, Navodari, Romania, 2 9 September 2005
    • Conference Beyond Einstein Physics for the 21st Century, Berne, 11 15 July 2005
    • Conference Agent-Based Models for Economic Policy Design, University of Bielefeld, 30 June 2 July 2005
    • Conference Socio-Dynamics, Networks and Markets, University of Warwick, 9 - 11 May 2005
    • International Workshop on Econophysics of Wealth Distribution, Kolkota, 15 19 March 2005
    • Symposium on Business Models for the 21st Century Risk Management and Expectations for Econophysics at Nihon Keizai Nikkei Corp., Tokyo, 9 11 November 2004
    • Workshop Volatility in Financial Markets, Lorentz Center, Leiden, 18 29 October 2004
    • 9th Workshop on Economics with Heterogeneous Interacting Agents, Kyoto, 27 - 29 May 2004
    • Research Seminar in Monetary Economics on Internationalisierung von Geldpolitik und Finanzmaerkten, HWWA Institute for Economic Research, 16 April 2004
    • AEA Stock Markets Conference: Analysis and Prediction, Paris, 1 - 2 April 2004
    • Winter School on Physics of Socio-Economic Systems, University of Konstanz, 16 21 February
    • Applications of Physics in Financial Analysis 4, Warsaw, 13 15 November 2003
    • 10th International Meeting on Connectionist Approaches in Economics and Management Science, Nantes, 20 - 21 November 2003
    • Lustrum Symposium des Center for Nonlinear Dynamics in Economics and Finance, University of Amsterdam, 6 November 2003
    • Workshop on Power Laws in the Social Sciences, George Madison University, Fairfax, U.S.A., 23 25 October 2003
    • Annual Distinguished Lectures at the Institute for Studies in Finance, University of Essex, 7 9 May 2003
    • Conference Economic Behavior and Organization in honor of Richard Day, Los Angeles, 26 - 27 April 2003
    • Eighth International Symposium on Simulation Science, Graduate University for Advanced Studies, Hayama, Japan, 5 8 March 2003
    • Taipei Winter Workshop on Economic Models and Related Problems, Academia Sinica 24 - 25 February 2003
    • Symposium on Toward Control of Economic Change Application of Econophysics of the Nihon Keizai Nikkei Corp., Tokyo, 12 14 November 2002
    • Second ISM/SEKONDAI Economics Meeting, Institute of Statistical Mathematics, Tokyo, 11 November 2002
    • Workshop on Computational Economics and Finance: Simulation Methods and Agent-Based Models for the Foreign Exchange Market, Training Centre of the German Bundesbank, Frankfurt, 4 5 October 2002
    • International Conference on Economics and Physics, Denpasar, 28 31 August 2002
    • Workshop on Economic Dynamics, Leiden, 17 28 June 2002
    • 7th Workshop on Economics with Heterogeneous Interacting Agents, Trieste, 30 May - 1 June 2002
    • Statphys Kolkota IV, Indian Society for the Cultivation of Science, Calcutta, 14 19 January 2002
    • International Conference on Long-Range Dependent Stochastic Processes and their Applications, Indian Institute of Science, Bangalore, 7 12 January 2002
    • Workshop on Multi-Agent Computation in Natural and Artificial Economies, Brookings Institution, Washington, 26 28 October 2001
    • 14th Marian Smoluchowski Symposium on Statistical Physics, Zakopane, 9 14 September 2001
    • Computational Physics School, Physikzentrum Bad Honnef, 2 - 6 April 2001
    • NATO Advanced Research Workshop on Applications of Physics in Economic Modelling, Academy of Sciences of the Czech Republic Prague, 8 - 10 February 2001
    • Symposium on Empirical Science of Financial Fluctuations of the Nihon Keizai Nikkei Corp., Tokyo, 15 17 November 2000
    • Workshop on Dynamic Models in Economics and Finance, Urbino, 28 - 30 September 2000
    • Second School on the Mathematics of Economics, Abdus Salam Centre of the UNESCO, Trieste, 21 August - 1 September 2000
    • Conference Applications of Physics in Financial Analysis of the European Physical Society, Liege, 13 - 15 July 2000
    • Workshop Beyond Equilibrium and Efficiency, Santa Fe-Institute, 18 - 24 May 2000
    • International Workshop Economic Dynamics from the Physics Point of View, Physikzentrum Bad Honnef, 27 - 30 March 2000
    • International School on The Mathematical Modelling of Financial Markets and Econophysics, Siena, 17 - 23 March 2000
    • Workshop on Expectational and Learning Dynamics in Financial Markets, Sydney, 13 - 14 December 1999
    • International Conference on Facets of Universality in Complex Systems: Climate, Biodynamics and Stock Markets, Castle Rauischholzhausen, 7 - 10 June 1999
    • Symposium of the Society for Nonlinear Dynamics and Econometrics, New York, 18 - 19 March 1999
    • Conference Quantitative Methods in Finance 1997, Sydney, Cairns and Canberra, 20 August - 3 September 1997
    • Annual Meeting of the German Statistical Association, Karlsruhe, 23 - 25 September 1996

    • About 10 to 15 contributed talks at scientific meetings and seminar presentations at academic institutions per year.
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