Many decisions which we make repeatedly not influence the current situations, but also the future. In economics this kind of decision problem is thereby known as dynamic. For example: should I repair my old car again or buy a new one, since the old one might need a repair again tomorrow?
In many areas it is thus useful to develop a model for such decision problems. If, for example, new, more environmentally sound car should be encouraged through a price subsidy, then the decisions of many different car owners and the consequences thereof can be modeled in order to implement the subsidy as efficiently as possible.
Through his research, economist Dr. Gregor Reich developed an algorithm which can be used to make a realistic and more accurate model of such decision problems. Gregor Reich composed his dissertation at the Department of Business Administration of the University of Zurich. For his excellent research achievements, Gregor Reich received the Mercator Award 2015 in the area of law and economics.