Organized by the Institute of Economics, the 26th annual Kurt Rothschild Lecture Series featured keynote speaker and outstanding economist, Prof. Axel Ockenfels (University of Cologne, Germany). Axel Ockenfels is the Director of the Max Planck Institute for Research on Collective Goods in Bonn. Ockenfels’ publications include papers in Science and Nature as well as co-authoring with five Nobel Prize winners. His area of expertise is “market design”, meaning how can one create and/or structure markets in a way so that they not only operate more efficiently but, above all, would not collapse during hard times.

Ockenfels has provided consulting services for companies such as eBay and Airbnb, and contributed significantly to how their auctions are organized as well as how to structure feedback systems (such as the mutual assessment of buyers' and sellers' activity) in an effort to avoid unfair "punitive actions". His focus is also on electricity market design in the wake of the Russian crisis and energy transition. As Ockenfels considers himself an “engineer” who wants not only to analyze the economy but change it as well, he is very interested in putting his ideas into practice at various companies and in government.

His presentation focused on how important international partnerships are, particularly when it comes to meeting the global challenge of climate change. Countries' voluntary commitments, such as those defined in the Paris Agreement, do not affect non-participating countries. On the other hand, reciprocal actions, such as introducing CO₂ pricing combined with an import sales tax, could be a way to “force” other countries - starting with a specific club of countries - to take similar measures. The expert's analysis suggests the only way to avert climate change is by international cooperation efforts based on reciprocity rather than voluntary action.