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::: About the CRC 649


:::Economic Risk

Risk and uncertainty are central and omnipresent determinants of economic progress and individual welfare. They influence microeconomic decisions which ultimately sum up to macroeconomic outcomes. Risks result from the vagaries of the economic environment and decisions of other economic decision makers, such as firms and households as well as governments and the international marketplace. Risks also arise as a result of the cognitive limitations of economic agents as well as the interaction between them. Cyclical fluctuations as well as medium term trends can affect the economic environment of individuals, but are determined at the same time as the outcome of those individuals’ choices. Because modern economies use markets to price and trade risks, the quantitative analysis of these risks is more important than ever. A deeper understanding of the nature of economic risk is therefore essential for improving and managing the economic situation of firms, households and nations.


Expanding and extending our understanding of economic risk is the central objective of the Collaborative Research Center 649, which was established by the German Research Foundation and which is part of the interdisciplinary Center for Applied Statistics and Economics (C.A.S.E.) at the Humboldt-Universität zu Berlin. Participating economists, mathematicians and statisticians are affiliated with the Humboldt-Universität zu Berlin as well as the Freie Universität Berlin, the Technische Universität Berlin, the Weierstrass Institute for Applied Analysis and Stochastics (WIAS) and the Wissenschaftszentrum Berlin (WZB). Excellent graduate students actively participate in the research done within the Collaborative Research Center 649, thereby obtaining cutting edge training in modern research techniques.


Researchers of the CRC 649 employ empirical as well as quantitative-theoretical methods are supported by an innovative Research Data Center (RDC). We also aim to provide external researchers with access to the data, algorithms and results. The CRC 649 encourages the visits of guest researchers. Ultimately, the goal of our research is to improve the decision-making capabilities of both public and private institutions by reducing economic risks and better exploiting economic opportunities. This brochure serves as a guide to our work, and we hope that you will gain many new and useful insights from it.

Wolfgang Härdle
Michael C. Burda
Deputy Coordinator

Wolfgang Härdle

Michael C. Burda
Deputy Coordinator
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