Prof. Mishael Milaković, PhD

Contact information

Feldkirchenstr. 21
96052 Bamberg (GER)

Tel: [+49] (951) 863-2582
Fax: [+49] (951) 863-2581

Email: vwl-iwf(at)



Office hours

Office hours during the semester via Zoom: Thursdays, 2 - 3 pm and by appointment. In case you plan to attend the office hour, please write an email to the secretary at least a day in advance to facilitate scheduling.

Please note that Prof. Milakovic will be on sabbatical in summer semester 2024. In case you need to get in touch, please contact the secretary.


Mishael Milaković's work focuses on statistical equilibrium economic modeling. The concept of statistical equilibrium rests on the observation that economies are made up of a large number of heterogeneous agents whose interactions give rise to aggregate regularities in the form of statistical distributions, which routinely are neither foreseen nor intended by individual ("optimizing") agents. The aim of his research is to understand which agent interactions are macroeconomically crucial in the sense that they do not cancel out in the process of aggregation.

Milaković has addressed these questions in the fields of finance, industrial dynamics, and income and wealth, where all key variables exhibit remarkable non-Gaussian regularities. He also investigates how the topology of interactions influences market outcomes and distributions. (Publications)


Habilitation, Department of Economics, University of Kiel, 2010

Ph.D. in Economics, New School for Social Research, 2003