Jun.-Prof. Dr. Tomasz Makarewicz

Brief biography

Tomasz Makarewicz studied economics at Warsaw University, Central European University and Tinbergen Institute. He also holds MA degree in philosophy from Warsaw University. Tomasz finished his PhD in economics at University of Amsterdam in 2014, under supervision of Cars Hommes, after which he worked at CeNDEF UvA and MACFINROBODS project as a postdoc. Since September 2017 he joined Otto-Friedrich-Universität Bamberg, at the chairs of Frank Westerhoff and Christian Proaño.

For more information see his full CV(778.7 KB, 4 pages).

Fields of Research

Behavioral and experimental economics; Expectation formation and learning to forecast; Financial markets and macroeconomics under bounded rationality; Heterogeneous Agents Models


Anufriev, M., Hommes, C. und T. Makarewicz (2018), Simple Forecasting Heuristics that Make us Smart: Evidence from Different Market Experiments.  Journal of the European Economic Association

Hommes, C.H., Makarewicz, T.A., Massaro, D. & T. Smits (2017), Genetic Algorithm Learning in a New Keynesian Macroeconomic Setup. Journal of Evolutionary Economics, in print.

Makarewicz, T.A. (2017), Contrarian behavior, information networks and heterogeneous expectations in an asset pricing model. Computational Economics 50(2): 231-279.

Bao, T., Hommes, C.H. & T.A. Makarewicz (2015), Bubble Formation and (In)efficient Markets in Learning-to-Forecast and -Optimize Experiments. The Economic Journal, in print.

Diks, C. & T.A. Makarewicz (2012), Initial Predictions in Learning-to-Forecast Experiment.  Managing Market Complexity, Vol.662 of Lecture Notes in Economics and Mathematical Systems: 223-235, Springer Berlin Heidelberg 2013.

Working Papers:

Makarewicz T. (2019), Traders, forecasters and financial instability: A model of individual learning of anchor-and-adjustment heuristics, BERG Working Paper 141(624.6 KB, 56 pages), Universität Bamberg.

Hommes, C.H. & T.A. Makarewicz (2017), Price level versus inflation targeting under heterogeneous expectations: a laboratory experiment.