studied economics at the University of Bonn. There he received his doctorate degree in 1975 for his dissertation on the effects of collective risks on economic equilibria. The topic of his habilitation thesis, which he completed at the University of Constance in 1983, was information asymmetries in goods and services markets. From 1987 to 1994 he was full professor for economics at the faculty of economics, business administration and statistics at the University of Mannheim. From 1994 until his retirement in 2011 he was head of the Institute of Economic Theory and Statistics at the Karlsruhe Institute of Technology (KIT). His research interest focuses on the game theory and economic decisions under uncertainty. In addition to the formal analysis of problems in that field of research, he is particularly interested in applying theoretical findings to the work of a consultant.