The Max Planck Institute of Economics, Jena founded in 1993 as Max Planck Institute for Research into Economic Systems with the intention to research the transition of the former socialist economic systems, now conducts research on a broad set of problems relating to change in modern economies more generally, experimental economics, and entrepreneurial studies. It is organized into two research units, the Evolutionary Economics Group (director: Ulrich Witt) and the Strategic Interaction Group (director: Werner Güth). Since 2007 the Institute hosts the International Max Planck Research School on Adapting Behavior in a Fundamentally Uncertain World (IMPRS).
The institute is part of the Max Planck Society for the Advancement of Science, Germany's largest research organization. The Max Planck Society employs over 4,400 researchers in some 80 institutes in both the sciences and the humanities.
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