Studying economics in Graz
Internationally renowned researchers at the University of Graz are currently working on the following research areas (which are then taught in our bachelor and master programs):
- Environmental Economics: How can we reduce the negative economic effects of climate change? Why are international environmental agreements (such as Kyoto and Paris) not very effective? What are the consequences of extreme weather events on local economies?
- International Economics: What determines the economic success of regions in a competitive global world? What is the role of organizations such as companies and banks in the international division of labor. What is the role of markets? How does environmental regulation affect international trade?
- Macroeconomics: Why are some countries so much richer than others? What are the key forces behind economic growth? Today we are much richer than we were 40 years ago - why are we not happier?
- Priceindices and Real Estate Markets: What is the long-run effect of AirBnB on rental prices? How can we detect and prevent housing bubbles? How do increasing real estate prices affect inflation and monetary policy? How can machine learning tools help in the valuation of real estate properties. How can we compare real income across different countries?
- Econometrics and Empirical Ecomomic Research: How can we assess economic theories empirically? What data and methods are needed for this purpose? How can we use non-experimental data to identify causal relationships? How can we predict future economic developments with statistical methods?
- Decision Theory and Game Theory: How predictable is human behavior in strategic interaction? How can cooperation between people develop when cooperation is detrimental to ones own interests? How should you make decisions under different forms of uncertainty? How do people make decisions under uncertainty? What is the effect of radical uncertainty on prices of financial assets and individuals' financial decisions?
- Mechanism Design and Market Making: Why does Google use auctions to sell search terms to advertisers? How can we create an efficient allocation of goods in the absence of markets and prices? For instance, how can we provide more donated kidneys to patients with kidney failure? How can we make rezoning decisions (e.g., from forest to building land) as efficiently as possible?
- Collective Decisions and Fair Division: What are good (voting) rules with which we can make collective decisions? How can we split the costs and benefits of join projects fairly?
Apart from producing scientific publications, doctoral students, alumni, and professors occasionally also try to communicate economic insights to the public through the Graz Economics Blog; professors sometimes also in the Blog der Presse: der ökonomische Blick and in other media oulets.