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Welcome to the Faculty of Economics and Management
at Otto von Guericke University Magdeburg


Summer School 2020

Students of the Faculty of Economics and Management who would like to participate in the Russian-German Summer School 2020 are asked to apply at the Chair of Finance and Banking by February 29th. The participation requirements and information for the application procedure can be found here.

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The "Regulative Policy Award" is awarded to Professor Joachim Weimann

The environmental economist and FEM professor Joachim Weimann has been awarded the "Regulative Policy Award" from the trade association
DIE FAMILIENUNTERNEHMER for the article "Underestimated Emissions Trading", published in the Frankfurter Allgemeinen Zeitung on March 22nd, 2019. Finally yet importantly, the exceptional significance of this award, for which we would like to congratulate him, is reflected by the composition of the jury, which included the president of the ifo Institute in Munich, and as well the director of the Hamburg Institute of International Economics. Professor Felbermayr,the president of the Kiel Institute for the World Economy, held the laudation.

Background information, a pdf of the aforementioned article, photos of the award ceremony, and more, are available on the association's website.

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"Just briefly" - Professor Weimann's new Youtube channel

Professor Joachim Weimann, Chair of Economic Policy at our faculty, has officially become a YouTuber. He has just launched a channel that feature short and precise videos with entertainment and high educational value on YouTube, which is visited by billions of people every day. His message, in a nutshell, "Everyone is talking about climate policy. But is it a good policy? Where are the current misunderstandings coming from? What models & methods are there and how can they be implemented? These are the questions I would like to address in my videos... just briefly:"

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Go East! WS 2020/21 in St. Petersburg, Russia

The Faculty of Humanities (FHW) has currently announced two "Go East" Grants (DAAD) for studying at the State University of St. Petersburg in Russia. The "Go East" funding is indented for the period from 01.09.2020 until 31.01.2010 and is also available for students of the Faculty of Economics and Management (FEM).

Further information regarding requirements and applications can be found here.

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Publication from Prof. Marko Sarstedt appears in "Nature"

A research paper written by FEM Professor Marko Sarstedt along with colleagues Edward E. Rigdon (Georgia State University in Atlanta, USA) and Jan-Michael Becker (University of Cologne) has been published in the legendary "Nature" scientific journal in the beginning of January in the category "Nature Human Behavior". The faculty congratulates him on this very special accomplishment!

According to Professor Sarstedt, the research published under the title "Quantify uncertainty in behavioral research" is based on methodologically unsatisfactory study conditions in the field of social sciences: "Many areas of social science research are in a replication crisis. In recent years, many fundamental impacts in fields of research including psychology, management, and marketing have not been able to be confirmed in repeated investigations under almost identical conditions. As such, various research groups affiliated with the Open Science Foundation have been trying to define empirical study standards in order to increase replicability. This has resulted in various checklists that should help researchers document important aspects of their investigations and make them transparent. Another approach is to introduce stricter limit values as to when an effect can be recognized as statistically significant." ...

In the aforementioned article, Becker, Rigdon, and Sarstedt argue that these approaches "do not go far enough." In order to increase the replicability of research work, researchers must actively quantify the uncertainty of their results. This is the only way to identify and eradicate long-term sources of error. To achieve this, researchers in the field of social sciences can learn from scientists. For example, a study in physics can't be done without any indication of the measurement accuracy. While corresponding calibration information when measuring social phenomena may be difficult,  but are not impossible. This way, contributing authors show how typical sources of uncertainty can be quantified, and study results can therefore be corrected accordingly."

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