You were the only "business" presenter, surrounded by academia, at a ZEW market design event in February. What do you personally draw from this exchange?
At such events it becomes clear that there is still a great deal to explore regarding problems such as combinatorial auctions, bundling, innovations and market design, which are relevant to business. Particularly with regard to understandable, robust implementation and also innovative approaches. I find it excellent that, in this research area, not only are theoretical models developed, but also experimental and empirical research is carried out. Even if some of the problems are not directly applicable to industrial purchases, the exchange is refreshing. For the first time, some of the experts clients also attended. It is good to see that the world of academia and the world’s market leaders are sharing the same space.
How do you transfer this theory into practice at TWS Partners and why do you continue to do this?
This is, strictly speaking, a bit like research; our customers usually come to us when they have a special challenge or want to drive change. Our task is to analyse situations, identify relevant game theoretic parameters and approaches, incentive structures and conflicts, and to work out a solution based on this. It is always important to compare this with the latest scientific findings, as we are usually in very challenging situations and every starting point is relevant in developing a solution. In this respect, the results of the experiments and field studies, as well as improvements in established approaches, are not only intellectually welcome, but also support implementation.