Raphael Max

Dr. Raphael Max is an economist with a philosophical background working at the intersection of economic ethics, political economy, and the analysis of how markets respond to political events, public narratives, and institutional conditions. His work is centered on what he describes as the behavioral ethics of markets: the idea that market outcomes are shaped not only by economic fundamentals, but also by how societies interpret risk, responsibility, and economic action.

Raphael earned his PhD in Economics (Dr. rer. pol., summa cum laude) from the Technical University of Munich and is currently a Postdoc and Habilitation Candidate at the Chair of Economic and Social Ethics at the University of Hohenheim. 

His research focuses on how markets are perceived, evaluated, and contested in practice — particularly in situations where economic developments trigger strong moral reactions or political responses, such as in financial markets, energy systems, or public policy debates. He is interested in how people interpret market outcomes, assign responsibility, and form expectations under uncertainty.

More broadly, his work examines how moral intuitions, incentives, and collective narratives interact to shape both market behavior and the public understanding of markets. A recurring theme in his research is the tension between the small-scale social environments in which many moral intuitions are formed — characterized by face-to-face interaction and informal control — and the large, anonymous structures of modern market societies.

Raphael has a long-standing connection to Italy, shaped by his studies in Venice and family ties to Sardinia. These experiences continue to inform his interest in how different forms of social organization shape cooperation, trust, and the perception of economic life.

Contact: raphael.max [at] uni-hohenheim [dot] de