Oec. Magazin_Ausgabe 22

Oec. Magazin_Ausgabe 22_Dezember 2024

INHALT FOKUS Guiding the Way Shaping Society Through Research 6 POLICY-MAKING Prof. Josef Zweimüller aims to close the gender gap 9 DIGITAL TRANSFORMATION Profs. Anikó Hannák and Martin Natter explain the inﬂ uence of search engines and product insurance 13 RESPONSIBLE DECISION-MAKING Prof. Zacharias Sautner knows the path to greener ﬁ nancial markets 16 PEOPLE Alumni showcase the social impact of their companies 18 HOW DO YOU BECOME A…? Cosma Gabaglio on his day-to-day work as a Social Policy Oﬃ cer 20 ALUMNI-PORTRÄT Monika Liechti – Veränderung als Chance 22 ALUMNI INSIGHTS Alumnus Jonas Birk über sein Engagement für die UZH 24 STUDI MEETS Student Benjamin Weber triﬀ t auf Alumna Stéphanie Tschanz 28 RESEARCH Aktuelle Forschung aus der Fakultät 36 LOKALTERMIN With Prof. Felix Kübler at restaurant “Rosengarten” 38 FAKULTÄT An interview with new vice dean Prof. Hui Chen Oec. Dezember 2024 6 20 28 36 38

FOKUS Closing the Gender Gap: Pathways to Equality 6 Text _ Maura Wyler Foto _ Caroline Krajcir Over the past decades, Switzer- land has made substantial progress towards integrating women into the workforce. Nevertheless, gender inequalities in the labor market remain very high. They are closely associated with the birth of a womanʼs first child and largely reflect traditional gender roles. Labor market economist Prof. Josef Zweimüller is researching how these gaps can be closed. In Switzerland, women often expe- rience a severe career break when they have �ildren – a disruption that economist Prof. Josef Zweimüller from the Department of Economics describes as a signiﬁcant setba�. Known as the �ild penalty, this income gap reﬂects how mothers’ earnings and career advancement diverge sharply from those of their male counterparts, whose salaries continue to grow unabated. Zweimüller’s longitudinal studies reveal that this setba� aﬀects Swiss women across all educational ba�grounds and persists over the life cycle, manifesting as slower labor income growth and limited pro- motion opportunities even as their �ildren grow older. What are the reasons for this persistent gender inequality? A key factor is the prevailing gender roles, explains Zweimüller. In Switzerland, traditional cultural norms still largely cast women in caregiving roles. This reality stands in contrast to countries like Sweden or Denmark, where progressive policies and societal support for gender equality create an environment in whi� mothers experience lower career penalties. The value of research Understanding the root causes of these disparities is essential. Studies like those conducted by Zweimüller are invaluable for providing the empirical evidence needed to fuel public debate and guide policy reforms. Resear� sheds light on hidden structural issues, analyzes trends over time, and oﬀers reliable forecasts. This is where the Faculty of Business, Economics and Informatics plays a pivotal role, acting not only as a resear� institution, but also as a thought leader in addressing gender inequality. With data-ba�ed insights, Zweimüller and his collea- gues are able to provide policymakers, companies and the public with essen- tial information to better navigate the complex issues surrounding gender in the workplace. “Resear� provides the foundation for informed discussions on policy,” Zweimüller explains. “Reliable data helps us understand where we are and identify practical steps forward.” His ﬁndings reveal that the gender gap in Social and Economic Policy-Making The following article is an example of re- search in the Thought Leadership Area “Policy- Making”. It is based on the realization that individuals often struggle to make optimal decisions, influenced by information over- load and short-term gains. The research of our Faculty in this area helps policymakers understand this irrational behavior to design better policies. Switzerland remains high, though younger generations show signs of improvement. However, the path to parity is a slow one, and simply expanding family policies may not be enough to close the gap. The complexity of solutions The causes of gender inequality are rooted in a combination of economic forces, cultural norms and individual preferences. Addressing them requires an approa� that encompasses work- place policies, family support by the government and shifts in societal expectations. The current labor shortage, Zweimüller argues, presents a unique opportunity for �ange. “If companies realize that ﬁlling vacant positions could be a�ieved by tapping into the existing underutilized but highly skilled female workforce, there would naturally be more incentives for women and mothers to remain in or re-enter the workforce,” he notes. For instance, models supporting ﬂexible work s�edules and re-entry programs can smooth the transition for women Oec. Dezember 2024

FOKUS 8 returning to work after parental leave. At the same time, fathers must also have access to �ildcare leave options that encourage shared family responsi- bilities and should not be discrimina- ted against by companies if they do so. In an increasingly competitive job market, companies that adopt inclusive policies stand to gain. Investments in ﬂexible career paths, mentoring programs and support systems that account for family responsibilities could attract and retain a more diverse workforce, ultimately strengthening both their talent pool and productivity. Beyond policy: The role of cultural norms Yet as Zweimüller emphasizes, policy alone cannot a�ieve gender equality if cultural expectations remain un- �allenged. Traditional gender roles continue to inﬂuence perceptions about men’s and women’s roles within families and the workforce. In Switzer- land, these norms vary signiﬁcantly by region, with German-speaking areas tending to exhibit more traditional views than their Fren�-speaking counterparts. “Family policy is essen- tial, but it’s not enough on its own to produce lasting �ange,” Zweimüller explains. He highlights the need for a broader societal shift, where policy is supported by eﬀorts to �ange the deeply ingrained norms that often shape career and family decisions. Questions remain: How do social norms �ange? Can they be actively inﬂuenced, or is gradual evolution the only way forward? According to Zweimüller, resear� into the impact of social norms is ongoing, with studies suggesting that simply providing accurate information about these norms may help people rethink their assumptions. “When people realize their perceptions about societal expectations are oﬀ, they will make “FAMILY POLICY IS ESSENTIAL , BUT IT’S NOT ENOUGH ON ITS OWN TO PRODUCE LASTING CHANGE.” �oices that align more closely with their own preferences,” he notes. Looking forward: A window for change When asked how long we will have to wait for gender equality in Switzer- land, Zweimüller responds: “If we extrapolate current trends, we might not see full gender parity until 2062.˝ So if we want to accelerate this pro- gress, we need to think more deeply about whi� policies work and how to implement them, he continues. The path to gender parity is not an easy one, but the current labor shortage in Switzerland could catalyze positive �ange. If Swiss companies and policymakers seize this moment to implement more inclusive models, they could unlo� the potential of the female workforce and create a more equitable economic landscape. How- ever, patience is required, as lasting �ange will depend on shifting cultural attitudes as well as policy reforms. “The time for action is now,” says Zweimüller, but he cautions that social norms will not shift overnight. Still, with dedicated eﬀorts, Switzerland might not have to wait until 2060 to see a fairer, more balanced workforce. The optimism for �ange lies in Switzer- land’s ability to combine data-driven policy with a willingness to rethink traditional roles, creating a brighter future for every- one in the workforce. Oec. Dezember 2024

Calls to action for policymakers, companies and society Flexible work environments and transparent pay and career advancement Companies should prioritize fl exible hours, part-time roles and re-entry programs to support caregivers, particularly mothers. Furthermore, they should address gender pay and promotion disparities through transparent reporting. Gender-neutral family and workplace policies Policymakers and employers should promote shared parental leave to balance caregiving, reduce the child penalty and support career equity for both parents. Governments and companies should work together to design a system of fl exible sub- sidized childcare and fl exible working hours to ensure that mothers are not forced to choose between career development and raising children and that fathers are not discrimi- nated with regard to childcare. Awareness campaigns for cultural norms Society should engage in aware ness campaigns to challenge traditional gender roles and promote equal responsibilities in caregiving and household duties. Cultural shifts are necessary to support policy changes and reshape outdated views on gender and work. Text _ Anikó Hannák & Aleksandra Urman Search engines hold immense power as trusted information gatekeepers, yet they can amplify bias and misinfor- mation. A research project by Prof. Anikó Hannák examines how AI- driven changes in search results impact user trust, behavior and the accuracy of information. Is there one online platform to rule them all? If we had to � oose, it would be sear� engines. While some people may not use social media or shop online frequently, anyone using the internet is almost guaranteed to rely on a sear� engine daily. Re- sear� indicates that the information presented in sear� results signiﬁ - cantly inﬂ uences users’ knowledge and opinions. Moreover, people oft en highly trust sear� results. The Edelman Trust Barometer, an annual global survey on trust and credibility, shows that respondents consistently cite web sear� as a very trustworthy source – more so than traditional news media and far more than social media. The Power of the Search Bar 9 Eﬀ ective and Sustainable Digital Transformation The following two articles are examples of research in the Thought Leadership Area “Digital Transformation”. It describes the fact that digital footprints offer valuable insights into societal trends, but organizations often struggle to leverage this data. The research of our Faculty helps bridge this gap and drive sustainable digital transformation. But do we actually have a reason to put so mu� power into the hands of sear� systems? In recent years, resear� ers of computer or social sciences have established that sear� es oft en reveal troubling patt erns, sur- facing conspiracy theories and even sexist or racist content, especially around topics like health or elections. These issues appear even more fre- quently in sear� es conducted in languages other than English, under- scoring an urgent need for greater scrutiny in sear� engine practices across languages. Inside the black box Studying sear� engines is � allenging: Without access to internal data, we approa� them as outsiders. To ta� le this, the resear� team led by Hannák uses a method called algorithm auditing, where they collect outputs from sear� systems to infer insights about the algorithms’ workings or their broader eﬀ ects. This approa� , however, grows complex qui� ly as they must consider a wide range of variables – su� as languages, cultural contexts, locations and sear� topics – all of whi� need to be studied individually and impact their analysis and ﬁ ndings. Anikó Hannák is an assistant professor of social computing at the Department of Informatics UZH and head of the UZH Social Computing Group. Oec. Dezember 2024

FOKUS 0 1 “THE INFORMATION PRESENTED IN SEARCH RESULTS SIGNIFICANTLY INFLUENCES USERSʼ KNOWLEDGE AND OPINIONS.” Until recently, resear� in this area – by the UZH Social Computing Group and others – primarily focused on the links included in sear� results and the content on the websites they led to. Today, instead of just listing links to external sites, sear� results often provide answers directly at the top of the page, and various information panels within the site, making them standalone sources of information. This shift reduces traﬃc to external websites, aﬀecting original content creators, and complicates our ability to assess the quality of sear� results. Inaccurate or biased infor mation can now be embedded within the sear� results themselves, making it harder to evaluate and ensure the reliability of the information presented. Shaping perception Examining the impact of new sear� page elements on users is at the heart of Hannák’s latest resear� project, funded by the Swiss National Science Foundation (SNSF). They aim to uncover how users perceive and trust these embedded information panels and features, and whether they alter sear� behavior and inﬂuence know- ledge. For example, does presenting an answer directly on the sear� page make users stop exploring and simply accept it as fact? How accurate and reliable are these panels, espe- cially in critical areas like politics or health? Does their eﬀectiveness depend on the way a query is formula- ted, the language used or browser settings? Since the start of their project, the rapid rise of generative AI has again transformed the sear� landscape. Some sear� engines now include AI- generated content directly in results, and many people turn to �atbots like ChatGPT for information, despite warnings that AI-generated responses may be inaccurate. To keep pace, they are expanding their project to study how these �anges shape user beha- vior, presenting fresh �allenges in data collection and requiring excep- tional adaptability. What they uncover in this evolving space promises to redeﬁne our understanding of sear� and trust. Calls to action for users and regulators Search engines shape what we see and know Remember, search engines are not objective like lexica or libraries. They guide us toward websites they consider relevant, influencing which products we see and which information we consume. AI-generated responses: Question accuracy, verify sources AI-generated responses are not necessarily accurate, even when presented by a search engine. Always verify sources for AI- generated summaries – original sources are likely more reliable than the AI’s interpretation. Regulators must demand transparency Small design changes can signifi- cantly influence user behavior and revenue. Increasing transparency and auditability of search engines is essential. Oec. Dezember 2024

Why Is Product Insurance So Expensive? Text _ Martin Natter Research by Prof. Martin Natter and former UZH PhD student Julia Wamsler suggests that retailers should drop their current practice of pricing add-on insurances separately from the price of the insured products. 1 1 D igitalization enhances retailers’ ability to interact with customers. Imagine you are shopping online at Digitec or Amazon and you put a new phone into your shopping basket. Before you even get to the �e�out, product recommendations like ear-pods or cables are typically generated for you. Additionally, retailers have also started to oﬀer add-on insurances for products su� as laptops, USB cables, washing ma�i- nes or travel insurance. The human tendency to avoid uncertainty and risk leads to a high demand for su� insurance, so the global market for extended warranty is booming and is expected to rea� a market value of CHF 150 billion by 2027. Consumers who pur�ase insurance typically exhibit a high level of risk Martin Natter is a professor of marketing at the Department of Business Administration UZH. Oec. Dezember 2024 aversion – and are thus more willing to pay more. Therefore, it is common retailer practice to �arge insurance prices with contribution margins of up to 70 percent or more. Consequently, insurance prices are often relatively high compared to product prices. For example, AppleCare+ for two years costs CHF 199 for an iPhone 16 Pro worth CHF 1049. How insurance prices influence the purchase decision Companies believe that consumers ﬁrst �oose a product and then decide whether to buy insurance. Thus, they assume that the consumer’s product pur�ase decision is independent of the insurance oﬀer – and that the insurance price does not inﬂuence the pur�ase decision for the core product. But is that true? A team of former and current UZH resear�ers including Julia Wamsler and Martin Natter, along with Jo�en Reiner from the University of Aalborg and Torsten Bornemann from Goethe University Frankfurt, have explored this common pricing practice for add- on insurance. Their central hypothesis

FOKUS “CONSUMERS INTERPRET THE INSURANCE PRICE AS A RISK SIGNAL FOR THE UNDERLYING PRODUCT.” 2 1 suggests that consumers interpret the insurance price as a risk signal for the underlying product. A higher relative insurance price signals higher product risk and potentially harms sales of the underlying product. Imagine, for example, that you are on a holiday trip to Mexico and about to book a 4-hour canyoning tour for CHF 100 on your mobile phone. Before you ﬁ nally book the tour, you are oﬀ ered an in- surance for the tour for CHF 90. This high price for the insurance may raise your concerns about risks involved in canyoning. Maybe you even refrain from taking the canyoning tour at all. Price diﬀ erence as a risk indicator A pilot study found that people asso- ciate higher or lower product insur- ance prices with higher or lower risks for those products. In a subsequent series of experiments on leisure activ- ities su� as canyoning, the resear� ers varied relative insurance prices (high vs. low) and looked at consumers’ booking intention for the respective leisure activity. The results showed that participants exposed to a high (vs. low) insurance price perceived the described leisure activity as riskier. Therefore, their booking intention for the canyoning tour was lower. The resear� team also investigated how the risk signal sent by the high insur- ance price can be inﬂ uenced: by pro- viding objective risk information and by oﬀ ering a larger number of potential options besides the add-on insurance. For example, participants who received objective information about accident probability showed less diﬀ erence in their risk perception between high and low insurance price conditions. In a next step, the resear� ers tested the insurance price risk signal on real transactional data from a large Euro- pean online retailer. Analyzing millions of browser sessions of online shoppers conﬁ rmed the experimental ﬁ ndings that very high relative insurance prices harm sales of the insured product itself. A 10 percent increase in the relative price of insu- rance was found to reduce the expec- ted number of pur� ases per product per day by 1.72 percent. The resear� team also found support for the idea that the negative impact of high insurance prices can be reduced by oﬀ ering larger numbers of other add-ons. Two insights relevant to companies are: Consumers’ product pur� ase decisions are not independent of the insurance oﬀ er, and higher relative insurance prices can negatively aﬀ ect product sales. And: Providing objec- tive risk information and oﬀ ering additional services can mitigate the negative eﬀ ect of the price-risk signal. Calls to action for politicians, retailers and consumers Mandate clear risk disclosure Retailers should be required to disclose objective risk information about add-on insurance and warranties. This would reduce the infl uence of price on risk per- ception and booking intention, helping customers avoid misinter- preting price as a risk indicator. No overpricing by retailers Retailers often charge high margins for add-on insurances and exten- ded warranties but overlook how this can hurt sales of the core product. This results in suboptimal overall results for themselves and high prices for their customers. Compare product and add-on insurance prices Prices of add-on insurances can be substantial and increase the overall ticket price signifi cantly. Therefore, it is recommended to compare prices and insurance benefi ts in the event of a claim of add-on insurances as well. Read the whole paper: www.oec.uzh.ch/add-on-insurance Oec. Dezember 2024

On the Path to Greener Financial Markets 1 3 Text _ Victoria Watts Foto _ Sho Naito Prof. Zacharias Sautner is a leading expert in sustainable fi nance. From examining the impact of corporate lobbying on climate action to developing innovative tools for measuring climate risks, his work exem- plifi es the vital connection between academic research and practical application. The goals of the Paris Agreement on climate change seem unattainable. Why? This is partly due to how incentive structures are set up. Companies will act within the regulatory framework and based on business logic. Even though economists agree that a carbon tax would incentivize companies to signiﬁ cantly reduce CO2 emissions, there is currently no su� tax at a global level, or if it is there, it is set too low. Why is there no carbon tax? One answer is lobbying. We have just posted a paper in whi� we show that US companies are spending large amounts of money to prevent stricter climate regulation. Interestingly, we also document for the ﬁ rst time that companies that spend a lot on su� anti-climate lobbying constitute an investment risk for investors. The reason is that anti-climate lobbying implies large reputation and transition risks. I hope our ﬁ ndings lead to more Oec. Dezember 2024 Zacharias Sautner is a professor of sus tainable finance at the Department of Finance UZH and a senior chair at the Swiss Finance Institute (SFI). Through his research on ESG topics such as climate change or biodiversity, he provides insights on how finance can contribute to a more sustainable future.

FOKUS 4 1 investors �allenging their portfolio companies on these lobbying activities. Eventually, this is in the long-term interest of investors, their companies and the planet. Are there other financial mechanisms that could incentivize more long-term thinking by companies? One me�anism is the cost of capital �annel. Companies need ﬁnancial capital to run their operations and grow. Resear� shows that the cost of capital, that is the cost of equity and debt, is higher for businesses with a negative impact on climate �ange and biodiversity. It is therefore rational for companies to reduce emissions and their impact on biodiversity because it reduces the cost of capital. This creates shareholder value. Do investors really care about the climate? Some investors have an intrinsic incentive to care about climate �ange, especially those that are exposed to the entire market, su� as big pension funds. Why? Because these investors will be paying the bills of climate �ange down the road. For example, many pension funds own real estate in coastal areas or areas aﬀected by landslides. They have therefore a strong interest in ﬁghting climate �ange. One way to do this is to use the power of capital, for example by engaging portfolio companies to become more climate-friendly. What is the role of Environmental Social Governance (ESG) ratings in the investment process? ESG ratings are important because they try to quantify companies’ ESG Responsible Decision- Making The following article is an example of research in the Thought Leadership Area “Responsible Decision-Making”. As sustainable development and resource use are pressing issues, the research of our Faculty combines economics, finance and informatics to explore sustainable incentives amid growing inequality and social tensions. risks. Investors can use these assess- ments to measure, manage and price these risks. Important to note is that ESG ratings typically do not reﬂect to what extent companies are improving the world. It is crucial to understand this diﬀerence because it implies that simply buying mutual funds or sto�s with high ESG ratings does not neces- sarily make the world a better place. We are currently seeing a backlash against ESG criteria. Why? Some people believe that ESG-based investing is a part of “woke capitalism”, whi� arguably pushes companies to do leftish things that are not really in their interest. But that is not what ESG investing is about. ESG investing is not an ideological ﬂavor but an important tool that helps investors manage ESG- related risks. And there are plenty of them. Singapore and other Asian countries are intensely promoting academic research in sustainable finance. What is their goal? There is enormous competition in terms of making capital markets future-proof by oﬀering investors ﬁnancial instruments that entail solutions to the climate or biodiversity Oec. Dezember 2024

“IT IS RATIONAL FOR COMPANIES TO REDUCE EMISSIONS AND THEIR IMPACT ON BIODIVERSITY LOSS BECAUSE IT REDUCES THE COST OF CAPITAL .” beneﬁ t the Swiss ﬁ nancial market - place. In this way, I hope to contribute a bit to Switzerland remaining a global leader in ﬁ nance. Finance is a global topic; does sustain- able fi nance research need to be done in Zurich? Yes, local resear� really matt ers. Think of the pharmaceutical sector. To retain leading pharmaceutical companies in Switzerland, you need to provide fundamental resear� in medicine or pharmacology in Switzer- land. And you need to oﬀ er cutt ing- edge education and training to the Swiss labor force. The same logic applies to the ﬁ nancial sector. The Swiss Federal Council’s Sustainable Finance Strategy clearly states that Switzerland wants to be a leader in sustainable ﬁ nance. So, we need worldclass resear� on sustainable ﬁ nance in Switzerland. Me and my colleagues at UZH try to do exactly this, thereby providing the latest insights to policy makers and the industry. How does your work contribute to this goal in practice? One dimension is to make our resear� and the data we generate available as a public good. To illustrate, we have developed a novel approa� to measure companies’ climate risks and opportunities by analyzing the transcripts of 10'000+ earnings confe- rence calls by companies. In these calls, managers and their investors discuss current and future develop- ments that companies face. We mea- sure how oft en climate-related topics were discussed in these calls, and 1 5 whether the discussion focused on risks or opportunities. We have made our data publicly available and dozens of resear� teams have already started to utilize them for their own work, for example to understand how climate risks are priced in ﬁ nancial markets. Su� data provides complementary information to commercial ESG ratings. Calls to action for companies, investors and the government Transparent climate lobbying Companies should openly disclose their policy engagement, lobbying expenditures and alignment with climate action goals as these impact investment risks for investors. Challenge portfolio companies Investors should scrutinize their portfolio companies’ lobbying activities and ESG impact to protect long-term value for stakeholders and the environment. Local research in sustainable fi nance Switzerland aims to lead in sustainable fi nance, as outlined in the Federal Council’s strategy. To achieve this goal, we need to provide cutting-edge research and education in sustainable fi nance for the Swiss fi nancial market. More about Climate Lobbying: www.oec.uzh.ch/climate-lobbying crisis. Think of green bonds, carbon certiﬁ cates, or biodiversity ﬁ nance. Several ﬁ nancial centers across the globe have started to adapt their market infrastructures and developed these instruments. Several Asian capital markets in particular have moved forward at fast speed, putt ing plenty of money into these develop- ments. Interestingly, this includes signiﬁ cant funds to promote resear� that helps us bett er understand how to green the ﬁ nancial system. And Switzerland? Switzerland has recognized the importance of integrating sustainabi- lity issues into ﬁ nancial markets to remain competitive. My professorship in sustainable ﬁ nance is part of these eﬀ orts. One goal of my resear� is to provide fundamental insights that Oec. Dezember 2024

FOKUS PEOPLE 6 1 What is your company’s societal impact? “I SEE AI AS THE VISIONARY ACHIEVE- MENT THAT LEVERAGES THE NEEDS OF OUR SOCIETY.” Claudia Joos Managing Director Outpatient Clinic, Psychiatric University Hospital Zurich (PUK) Executive MBA (2017) For the Outpatient Clinic, artiﬁcial intelli- gence (AI) oﬀers opportunities to improve the treatment outcome and ﬁnd solu- tions to the shortage of specialists. Waiting times for urgently needed treatments can be reduced by optimizing resource planning through AI-based personnel planning and appointment allocation. Virtual assistants can answer simple enquiries around the clo�, improving patient service and reducing administra- tion. By analyzing large amounts of data, AI systems can identify patterns that revolutionize diagnosis and the develop- ment of personalized treatment plans. AI also facilitates the ex�ange of information between diﬀerent specialities and service providers, improving integrated patient care. I see �allenges in responsible use and avoiding negative impacts. Data protection is key and personal contact must remain a high priority. Through targeted integration of AI, our company can further improve people’s quality of life and generate a great value for our society. Reto Ringger Founder and CEO, Globalance Bank lic. oec. publ. (1989) As a pioneer, Globalance is revolutioni- zing the ﬁnancial industry through transparency and investments in sustaina- ble te�nologies. With Globalance World, we have created an innovative platform that acts like Google Earth for invest- ments. For the ﬁrst time, investors can visually grasp the future viability and impact of their investments on the eco- nomy, society and the environment. We are driven by these themes: personalizing the investment experience through AI, ﬁnding the optimal balance between digital innovation and personal consulta- tion and maintaining our agile corporate culture during growth. The AI revolution “TODAY, THOUGHT LEADERS MATTER MOST WHEN THEY ALSO DRIVE ACTION.” will fundamentally transform work and society: Traditional business models are being �allenged and people are sear�ing for meaning and purpose. Thought leaders are more important today than ever – but only if they are also implementers. We need pioneers – people and companies – who boldly break new ground and develop solutions for the major �allenges of our time, su� as climate �ange, te�nological innovation and social cohesion. New social models are emerging that combine solutions for these �allenges. Oec. Dezember 2024

“THOUGHT LEADER- BARRIERS WITH VERVE AND FRESH IDEAS.” SHIP IS ABOUT BREAKING MENTAL Patrick Mauron Principal Communication & Strategy Manager, Swissgrid Executive MBA – Digital Transformation (2021) What makes life better? How do we shape the world of tomorrow? In an era marked by climate �ange, economic turmoil, geopolitical tensions, and the specter of anti-democratic populism, the solutions required go beyond te�nological inno- vation. What we need most are societal vision- aries. They inspire with foresight, food for thought and fresh perspectives that drive the discourse and help build a sustainable future. Thought leadership goes far beyond mere expertise – it means confronting mental blo�s and dogmatism with a positive verve and convention-breaking ideas to create new impulses and shift the compass of public opinion toward progress. Thought leader- ship is also gaining traction in the corpo- rate world as a powerful strategic tool to address social responsibility and environ- mental and climate protection. To drive a successful energy transition, we at Swiss- grid strive to spearhead innovation and digital transformation. Our goal is to improve the eﬃciency and resilience of the power grid, ensuring its 24/7 operation as the ba�bone of Switzerland’s energy supply. Collaborative thought leadership is at the heart of these eﬀorts, as we foster an interdisciplinary way of thinking and working. Our societal impact? A strong power grid makes life better. 1 7 Mila Stössel Senior Treasery Officer, Swiss Re M.A., Banking and Finance (2011) Why do something, why do anything? Do it for the joy of it, the joy that comes from having a purpose in life. The Japa- nese have a beautiful term for this – Ikigai – a reason for being, referring to some- thing that gives a person a sense of pur- pose, a reason to live. Thinking ba� to my student years at UZH, I could not have imagined that I would ﬁnd purpose in reinsurance, whi� is a largely unknown industry to the general public but of signiﬁcant value to the resilience of society at large. Neither did I expect to ﬁnd “I COULD NOT HAVE IMAGINED THAT I WOULD FIND PURPOSE IN REINSURANCE.” purpose in my current responsibilities of mana- ging the relationships of Swiss Re with rating agencies. But one doesn’t have to be saving endan- gered species with one’s bare hands to have Ikigai – just do some thing whi� adds value and do it well. Financial strength and issuer credit ratings, for example, have a value to investors, regulators, clients and brokers. The rating processes whi� contributed to the 2008 subprime crisis have since strengthened and become a more regulated space. It is certainly more obscure than saving endangered species, but there is real value and purpose in supporting informed ratings – because it supports the stability of the ﬁnancial system. Oec. Dezember 2024

How do you become a … Social Policy Oﬃ cer? Alumnus Cosma Gabaglio has a job with a direct social impact. Read his insights into his everyday work. 8 1 What does a Social Policy Oﬃ cer do? Broadly speaking, social policy is concerned with a govern- ment’s eﬀ orts to address the human needs of its population. In the context of international development and cooperation, it means supporting countries in establishing and strengthe- ning policies and programs to reduce poverty, promote social inclusion and give everyone a fair � ance in life. What are key challenges of this job? One big area of work is social protection – poli- cies that promote the social and economic well-being of the population. Public ﬁ nance is also important: helping countries ﬁ nd the ﬁ scal space to invest in social policies, including education and health. Finally, in the context of emergencies, you might work on delivering humanitarian assistance – usually in the form of cash transfers. What does your work mean to you? Over time, I grew increasingly interested in initiatives that seek to a� ieve long-lasting impact by involving governments, civil society and other stakeholders in gradual systems � ange. For me, it is a privi- lege and a responsibility to have a seat at the table in important and � allenging conversations that can inﬂ uence the lives of many people. What qualiﬁ cations are required to enter or succeed in this profession? My colleagues come from a variety of ba� grounds, with degrees in international relations, public policy, or economics like mine. A Master’s degree is necessary, as is international experience (intern- ships, volunteering). Knowledge of languages other than English can open doors – especially Fren� , Spanish and Arabic. You need to be passionate about these topics and happy to live a life that oft en requires ﬂ exibility – moving from one country to another – and may not guarantee professional stability at the beginning. Cosma Gabaglio is a Social Policy Specialist at UNICEF Palestine, where he is responsible for evidence and analysis. Previously, he worked for UNICEF and the NGO Innovations for Poverty Action in several countries. He has a Master’s degree in Econo- mics from the University of Zurich. What is the biggest challenge in this job? Professionally, coming to terms with the fact that all your eﬀ orts are a small part of bigger shift s, and that sometimes the progress a� ieved can be undone by political � anges and conﬂ icts. Why is it important for compa- nies to invest in this area? Over the years, value-driven corporate social responsibility has grown in importance. For UNICEF, partnerships with the private sector can be a great way to unlo� re- sources and skills and direct them in innovative endeavors that can impact the lives of thousands of � ildren. What advice do you have for students interested in this job? Before aiming for a career in inter- national organizations in general, immerse yourself in diﬀ erent topics and ﬁ nd areas that you are passio- nate about and then take every � ance to � allenge yourself and become te� nically strong in them. Oec. Dezember 2024

PORTRÄT Veränderung als Chance Nach über 12 Jahren beim Migros-Genossenschafts-Bund steckt Alumna Monika Liechti in einer Umbruchphase. Sie nutzt die Gelegenheit und plant den Schritt in die Selbständigkeit. 0 2 Text _ Graziella Bomio Foto _ Caroline Krajcir Du steckst aktuell in einer Umbruchphase: Nach über einem Jahrzehnt bei der Migros wurdest du im Frühling entlassen. Wie kam es dazu? Es war s�on länger angekündigt, dass es zu Entlassun- gen kommen würde, und zwar in grossem Stil. Das wussten alle. I� habe bei Famigros und Migusto gearbeitet, in Berei�en, die immer wieder hinterfragt wurden. In beiden Teams wurden fast alle entlassen. I� glaube, es hätte mi� s�werer getroﬀen, wenn man nur mi� rausgeworfen hätte. Aber i� wusste, es liegt ni�t an meiner Performance, i� muss mir keine Vorwürfe ma�en. Nun kann i� mal ganz in Ruhe überlegen: Was will i� ma�en? Wohin soll die Reise gehen? Es ist eine einmalige Chance, weil i� seit dem Studium dur�gearbeitet habe. Gibt es etwas aus dem Studium, das dir heute noch nützlich ist? Während des Studiums bleibt aufgrund der fehlenden Arbeitserfahrung vieles Theorie. I� hatte Freude später im Arbeitsleben zu entde�en, dass die gelernten Konzepte eﬀektiv praktis� angewandt werden können. Nützli�e Skills waren zusätzli� die strukturierte Vorgehensweise und si� innert kürzester Zeit viel Wissen anzueignen. Seit vielen Jahren bist du nebenbei als selbstständige Fotograﬁn tätig. Ja, i� habe am Gymnasium einen Fotokurs in S�warz- Weiss-Fotograﬁe und Fotoentwi�lung gema�t und seitdem immer fotograﬁert. Irgendwann kamen Anfragen für Bewerbungsfotos oder Eventbilder und so biete i� das seit 2014 im Nebenerwerb an. Auch Chinesisch gehört zu deinen Skills. Wie kam es dazu? Während meines Studiums habe i� einen Austaus� in Australien gema�t und auf der Rü�reise einen Stopover in Hongkong eingelegt. Als i� na� Hause kam, spra� i� nur von Hongkong und wollte Chinesis� lernen. Kurz vor der Diplomarbeit habe i� mi� als Gasthörerin bei den Sinologen einges�rieben und etwa zwei Monate lang a�t Stunden pro Wo�e Mandarin studiert. Dana� bin i� mehrmals na� China gereist. Wie geht es nun beruflich weiter? Ab Frühjahr 2025 plane i�, meine Expertise in neue beruﬂi�e Bahnen zu lenken. Mein Ziel ist es, Fotograﬁe, digitales Marketing und KI-Bildgenerierung innovativ zu verbinden und in einem internationaleren Umfeld tätig zu sein. Diese Phase betra�te i� als wertvolle Gelegenheit zur persönli�en und beruﬂi�en Weiterentwi�lung – eine Art «Mini-Sabbatical», in dem i� neue Ideen erkunden und meine Fähigkeiten erweitern kann. Gibt es darüber hinaus etwas, dass du verwirklichen möchtest? I� mö�te so arbeiten, dass i� meine optimalen Zeit- fenster und Saisonalitäten nutzen kann. Deshalb gründe i� kein Start-up, wo i� 24 Stunden pro Tag arbeite. I� habe herausgefunden, dass meine Peak-Performance zwis�en 17 und 19 Uhr ist. I� kann nun morgens Sport treiben, Ideen generieren oder netzwerken. Abends arbeite i� dann konzentriert im Flow und am Ende ist alles eﬃzienter erledigt. Natürli� bin i� jetzt entspannt, weil i� no� keinen wirts�aftli�en Dru� habe. Irgendwann muss i� Umsatz generieren. Aber die Selbstständigkeit erlaubt es mir, mi� besser einzuteilen und freier zu arbeiten. Was würdest du heutigen Studierenden raten? Es ist wi�tig, praktis�e Arbeitserfahrung zu sammeln. Und man sollte immer wieder neue Dinge ausprobieren, die einen interessieren, au� oder gerade wenn sie ein wenig fur�teinﬂössend sind: Sei es Sport, Neugrie�is� oder Public Speaking. Das hilft, die eigene Persönli�keit zu entwi�eln und an Herausforderungen zu wa�sen. I� ﬁnde es au� wi�tig, seine Kommiliton:innen als Mens�en kennenzulernen und gemeinsam etwas zu unternehmen. Denn trotz oder gerade wegen KI wird der mens�li�e Faktor in Zukunft massiv an Bedeutung gewinnen. Men- s�en wollen mit e�ten Mens�en zusammenarbeiten. Ihre Geschichte interessiert uns Möchten Sie hier als Nächstes stehen? Dann schreiben Sie uns: magazin@oec.uzh.ch Oec. Dezember 2024

ALUMNI INSIGHTS Ein Engagement für die UZH – über den Abschluss hinaus Die UZH Foundation ermöglicht dank Spendengeldern wichtige Forschungsprojekte an der 2 2 Universität Zürich. Beiträge von Alumnae und Alumni sind dabei besonders wertvoll. Alumnus Jonas Birk erzählt von seinen Beweggründen, die UZH zu unterstützen. Text _ Laura Furlanetto Foto _ Andreas Eggenberger N eue Therapieformen gegen Krebs entwi�eln, die Biodiver- sität besser s�ützen oder mögli�st lange ein gesundes Leben führen: Die UZH Foundation si�ert dur� Spenden die Finanzierung gesells�aftli� relevanter Fors�ung an der Universität Züri�. Mit einem «Giving Ba�»-Jahresbeitrag können Alumnae und Alumni die Umsetzung sol�er Fors�ungs projekte fördern. Donatorinnen und Donatoren erhalten die Mögli�keit, Fors�ungsprojekte und die Mens�en dahinter kennenzu- lernen sowie si� mit Glei�gesinnten zu vernetzen. Alumnus Jonas Birk engagiert si� seit einiger Zeit ﬁnanziell für «Giving Ba�» und setzt si� dafür ein, wissen- s�aftli�e Projekte dur� Beiträge zu fördern und zu unterstützen. Im Gesprä� beri�tet der ehemalige Finance-Student, warum ihm die Fors�ung an der UZH besonders am Herzen liegt. Was verbindet dich heute noch mit der UZH? Zum einen das vielfältige Angebot der UZH, das i� au� gemeinsam mit meiner Familie nutzen kann, etwa Veranstaltungen, Museen oder der Botanis�e Garten. Zum anderen die UZH Foundation, wel�e meine Bindung zur UZH wieder gestärkt hat. Dank meines Engagements kann i� den Kontakt zu damaligen Mitstudie- renden wieder auﬂeben lassen – etwas, das i� sehr s�ätze. Warum unterstützt du die «Giving Back»-Community der UZH Foundation? I� hatte eine lehrrei�e Zeit an der UZH. Dafür bin i� sehr dankbar. Darüber hinaus ist es für mi� selbst- verständli�, au� einen ﬁnanziellen Beitrag an eine gut funktionierende Jonas Birk hat 2008 seinen Master in Finance an der Wirtschaftswissen- schaftlichen Fakultät der Universität Zürich erlangt. Heute ist er Partner und Mitglied des Anlagekomitees bei Verium, einem Multi-Family- Office in Zürich. Er betreut und berät seine Kundinnen und Kunden in ihrer Vermögensallokation. Oec. Dezember 2024

Universität in Züri� zu leisten. Sie ist ein wi� tiger Faktor für eine forts� ritt - li� e Gesells� aft . Ausserdem ma� t das Team der UZH Foundation einen grossartigen Job und i� mö� te diesen positiven Spirit unterstützen. Die «Giving Back»-Spenden werden dort eingesetzt, wo der Bedarf am dringendsten ist. Zum Beispiel wurden Forschungsprojekte zu Lernschwäche bei Kindern oder zum Spracherwerb im Alter unterstützt. Was löst das bei dir aus? Bei «Giving Ba� » geht es darum Themen zu fördern, die einen viellei� t selbst ni� t betreﬀ en, für die Gesell- s� aft aber sehr wi� tig sind. Die beiden genannten Projekte ﬁ nde i� wunder - bar: Lernen und kognitive Fähigkeiten sind zwei essenzielle Kompetenzen, um im Leben voranzukommen. Die Frage ist, wo Spenden die grösste Wirkung entfalten können. I� habe Vertrauen in die UZH Foundation, dass die Spendengelder am ri� tigen Ort eingesetzt werden. Was wünschst du dir für die Zukunft der UZH? Die UZH hat eine positive Ausstrah- lungskraft und au� international kann sie mit allen führenden Universitäten mithalten. I� wüns� e mir, dass die UZH ihren relevanten Platz in unserer Gesells� aft beibehält und weiterhin viele Talente anziehen kann – Professo- rinnen und Professoren sowie Studie- rende und Fors� ende. «Giving Back» für starke Forschung Mit Ihrem Beitrag helfen Sie, gesellschaft- lich relevante Forschung und Lehre voranzu- bringen. Machen Sie mit und werden Sie Teil der «Giving Back»-Community: www.uzhfoundation.ch/ givingback Oec. Dezember 2024 Assil El Nadeim (43) hat 2007 sein Lizenziat in Betriebswirtschaftslehre an der Universität Zürich abgeschlossen. Heute ist er Finanzmanager in Real Estate bei der UBS. 2 3 …Assil El Nadeim In der Rubrik «Auf einen Kaﬀ ee mit… » porträtiert OEC ALUMNI UZH jeweils ein Mitglied. Dieses Mal im Fokus: Immobilien-Finanzmanager Assil El Nadeim. Text _ Michèle Tewlin Wie würdest du einem 5-jährigen Kind deinen Job in einem Satz beschreiben? Ich verwalte das Familienportemonnaie von zwei Immobilienfonds. Der Papa muss von mir wissen, wieviel Geld er ausgeben kann. Welches beruﬂ iche Ereignis hat dich am stärksten geprägt? Anlässlich meines Jubiläums bei meinem alten Arbeitgeber wurde mir bewusst, dass ich mich in dieser Zeit lediglich einmal im Kreis gedreht hatte. Zudem hatte ich keinen Job, der mich wirklich erfüllte und so habe ich meine Stelle ins Blaue hinein gekün- digt und bin erstmals auf Reisen gegangen. Schliesslich bin ich bei meiner heutigen Arbeitsstelle gelandet, welche viel interessanter und auch fordernder ist. Wenn du die Macht hättest: Was würdest du an der heutigen Gesell- schaft ändern? Ich würde eine objektive und faktenbasierte Berichterstattung in den Medien durch- setzen. Zu oft habe ich das Gefühl, dass das Narrativ von Eigeninteressen geprägt ist und versucht wird, die Leute für dumm zu verkaufen. Wir Akademiker haben gelernt, kritisch mit jeder Art von Wissensvermittlung umzugehen. Aber da draussen gibt es so viele Menschen, die alles wortwörtlich glauben, so wie es geschrieben steht. Was hast du aus deiner Studienzeit mitgenommen? Am meisten schätze ich das Netzwerk zu anderen Alumni und zu Studierenden durch das Mentoring-Programm. Und ab und zu laufe ich jemandem von meinem Jahrgang über den Weg. Es ist inspirierend zu sehen, wo Menschen heute stehen, die mit mir zusammen angefangen haben. Welchen Ratschlag hast du an heutige Studierende? Geniess vor allem die sozialen Kontakte während der Uni-Zeit. Man realisiert gar nicht, wie schnell es plötzlich vorbei ist. Was ist die beste Entscheidung, die du im Leben getroﬀ en hast? Meinen damaligen Job zu kündigen, obwohl meine Zukunft ungewiss war. Welches war der beste Ratschlag, den dir jemand gegeben hat? Und warum? Wenn du etwas Neues und Besseres in dein Leben einladen willst, musst du zuerst Platz dafür schaffen und dich von Altem trennen. Das vollständige Porträt und weitere Mitgliederporträts finden Sie unter: www.oecalumni.ch

STUDI MEETS «Heute ist der Unterricht mehr auf Augenhöhe» 4 2 In der neuen Folge von «Studi meets…» unterhält sich Lehrdiplom-Student Benjamin Weber mit Alumna und Gymnasiallehrerin Stéphanie Tschanz darüber, wie sich der Unterricht – auch durch Künstliche Intelligenz – seit ihrer eigenen Schulzeit verändert hat. Text _ Janine Hammer Foto _ Esteban Castle «EINMAL ALLES VOR- BEREITEN UND DANACH DIE BEINE HOCHLEGEN? NICHT BEI WIRTSCHAFT UND RECHT.» I n unserer Serie «Studi meets...» treﬀen Studie- rende auf vers�iedene Gesprä�spartner:innen der Fakultät: Alumnae und Alumni, Professor:innen, Fors�ende, Doktorierende oder Mitarbeitende. Die Vorgaben sind einfa� – es gibt keine. Falls das Gesprä� einmal ins Sto�en geraten sollte, gibt es vor- gefertigte Zettel mit Fragen. « B E V O R D U E I N E N TA S C H E N R E C H N E R B E N U T Z E N K A N N ST, M U S ST D U W I S S E N , W I E M A N R E C H N E T. S O I ST E S A U C H M I T K I . » Benjamin Weber (links) studiert Management and Economics im Master und hat kürzlich angefangen, das Lehrdiplom für Wirtschaft und Recht zu absolvieren. Alumna Stéphanie Tschanz (rechts) unterrichtet als Lehrperson Wirtschaft und Recht. Oec. Dezember 2024

BENJAMIN: Warum bist du Lehrerin für Wirts� aft und Re� t geworden? STÉPHANIE: Eigentli� hatt e i� das gar ni� t vor. (la� t) Na� meinem Studium in BWL und Banking and Finance habe i� in der Bank gearbeitet und Kinder bekommen. Zum Job als Lehrperson kam i� eher spontan. Was hat di� dazu bewogen, das Lehrdiplom zu ma� en? B: Einen Einﬂ uss hatt en si� er meine Eltern, die beide Musiklehrer:innen sind. Zum einen reizt es mi� , mit jungen Mens� en zu arbeiten. Zum anderen ist es etwas für später im Leben. I� mö� te zuerst Berufserfahrung in der Privatwirt- s� aft sammeln und dana� für mehr Work-Life- Balance in den Lehrerberuf einsteigen. S: Die Vereinbarkeit mit der Familie war au� einer meiner Beweggründe. Mein jüngster Sohn hat gerade angefangen, an der UZH Banking and Finance zu studieren. Es ist spannend, wie si� das Studium verändert hat, au� mit der Digitalisierung. Bereiten wir die S� üler:innen an der Kanti deiner Meinung na� gut auf das Studium vor? B: I� hatt e damals Wirts� aft und Re� t als S� wer- punktfa� . Das hat mi� gut auf das Studium vor- bereitet, besonders wegen der Fa� begriﬀ e. Aber es ist s� on anders. An der Kanti hast du am Vorabend angefangen, für eine Prüfung zu lernen. Und jetzt verfolgst du über Monate ein Ziel – die Prüfung zu bestehen. Wel� e Herausforderungen erwartest du in Zukunft in diesem Beruf? S: Künstli� e Intelligenz (KI) wird den künft igen Unterri� t prägen. Das müssen wir vertieft mitein- ander diskutieren, denn es ändert die Art und Weise, wie wir unterri� ten. Wel� e Lehrinhalte ma� en no� Sinn, wenn man gute Tools zur Verfügung hat? Und wie kann man überprüfen, ob das Tool gut ist? Dazu brau� t man Wissen. B: Bevor du einen Tas� enre� ner benutzen kannst, musst du wissen, wie man re� net. So ist es au� mit KI. S: Wie thematisiert ihr das im Studium? B: Bei meiner Masterarbeit durft e i� ChatGPT verwenden, musste aber eine Erklärung unter- s� reiben, dass i� die Verantwortung für den Inhalt übernehme, ni� t plagiiere und alle Quellen korrekt angebe. S: Wel� e Herausforderungen erwartest du im Lehrerberuf? Oec. Dezember 2024 B: Momentan ist es herausfordernd, überhaupt eine Stunde zu planen. Zudem bin i� in Re� t no� kein Experte. Tatsä� li� habe i� fast mehr Angst, von der Uni zurü� an die Kanti zu gehen, als damals von der Kanti an die Uni zu we� seln. (la� t) S: Mit jeder Klasse wirst du besser. Je vertrauter du mit der Materie bist, desto spontaner kannst du Inhalte einbauen. Wirts� aft und Re� t ist so vielseitig und lässt dadur� viele Bezüge zum aktuellen Ges� ehen zu. B: Würdest du also sagen, dass si� dein Unterri� t ständig verändert? S: Absolut! Bei Wirts� aft und Re� t stimmt es deﬁ nitiv ni� t, dass man den Unterri� t nur einmal vorbereiten muss und dann die Beine ho� legen kann. Natürli� gibt es zeitlose Inhalte. Aber es ist viel spannender, wenn die S� üler:innen dur� aktuelle Medien aktiv in den Unterri� t eingebun- den werden und Themen behandelt werden, die für sie relevant sind. Das sollte au� so sein – s� liessli� sind wir alle Bürger:innen mit Re� ten und Pﬂ i� ten und nehmen jeden Tag am Wirts� aft s - ges� ehen teil. Was unters� eidet in deinen Augen die heutige Gymi-Generation von deiner eigenen? B: I� war am Montag an einer Kanti und mein Eindru� ist, dass die Dynamiken re� t ähnli� sind. I� habe teilweise gestaunt, wie gut die S� üler:innen aufgepasst und mitgema� t haben. Da ging es bei uns man� mal ganz anders zu und her. Was meinst du dazu? 2 5 Sehen Sie sich das vollständige Gespräch als Video an oec.uzh.ch/studi-meets S: I� habe damals die C-Matur gema� t. Wir waren die einzige naturwissens� aft li� e Klasse, in der es viele Mäd� en gab. In der ersten Lektion kam die Lehrperson herein und sagte: «Ihr Mäd� en, vergesst es. Am Ende der Probezeit seid ihr alle draussen.» Na� jeder Prüfung sagte er zu uns, dass wir s� le� t seien. Das hat uns als Klasse zusammenges� weisst. Ihre Meinung interessiert uns! Wer sollte als Nächstes auf der Lounge gegen- über einer Studentin oder eines Studenten Platz nehmen? Schreiben Sie uns Vorschläge an: magazin@oec.uzh.ch B: Wie haben die Jungs auf so etwas reagiert? S: Vieles wurde einfa� hingenommen. Heute würde man si� dagegen wehren. Andererseits gab es au� seitens der Lernenden Verhalten, das heute wohl ni� t toleriert wäre. Wir durft en zum Beispiel bei einem Lehrer in der hintersten Reihe im Unter- ri� t stri� en, weil er fand, dass es das Denken anregt. Damals war fast alles Frontalunterri� t und etwas von oben herab. Heute ist der Unterri� t mehr auf Augenhöhe.

STUDIES Award-Winning Theses of the Semester In the spring semester 2024, ﬁ ve students from the Faculty of Business, Economics and Informatics received the semester award for outstanding scholarly work. 6 2 Like Parent, Like Child? How do parents inﬂ uence their � ildren’s career � oices in Switzerland? In his Ba� elor’s thesis, Federico Crivelli used survey data from secondary s� ool students and found that 10-15 percent of � ildren � oose the same job as one of their parents, while almost half stay in the same ﬁ eld or type of occupation. The thesis also shows that kids are more likely to � oose a job if their parents work in that area, and those who swit� careers tend to move further away from their parents in terms of estimated earnings. Gender- speciﬁ c patt erns are also observed: Sons and daughters oft en follow the careers of their same-sex parent. Intrapersonal Preference Aggregation It is well-known that human � oice contains a signif- icant random component. In her Master’s thesis, Chen Lan explored how people make decisions by imagining they have diﬀ erent versions of themselves, ea� with its own preferences. These versions “vote” to decide what � oice to make. Two models are introduced: One that assumes people act rationally and another that recognizes that they sometimes make irrational � oices due to inatt ention. The ﬁ ndings reveal that inner conﬂ icts and la� of att ention signiﬁ cantly aﬀ ect how people decide. What Does Well-Being Mean in Management Research? In her Ba� elor’s thesis, Lina Widmer investigated the role of well-being in managerial contexts and its inﬂ uence on job performance through the Job Demands-Resources (JD-R) theory. The ﬁ ndings highlight that well-being is oft en � aracterized as an emotional state encompassing both pleasure and purpose, aﬀ ecting physical, mental and ﬁ nancial health. To bett er understand employee well-being, the paper proposes that the deﬁ nition of well-being must be extended with more speciﬁ c aspects su� as subjective satisfaction, good health, high engagement and the absence of stress or burnout. Oec. Dezember 2024

2 7 Firm Heterogeneity and Immigrant-Native Earnings Gap What role do ﬁ rm wage policies play in closing the earnings gap between immigrants and natives? In his Master’s thesis, Dominik Lukač examined this question by analyzing wage trends in Switzerland from 2002 to 2020. He highlights the signiﬁ cance of both within-ﬁ rm and between-ﬁ rm wage eﬀ ects. For immigrants who arrived between 2000 and 2004, moving to higher-paying ﬁ rms was key to reducing the gap, while wage inequality within ﬁ rms persisted. Greater job mobility and larger wage hikes upon move enable this � annel, while its size depends heavily on origin, education and age at arrival. Semester Awards More information can be found here: www.oec.uzh.ch/ semesterpreise Enhancing Athletic Performance with RecRef How can athletes make the most out of the data from their wearable devices? In his Ba� elor’s thesis, Paul Safari examined how athletes oft en fail to fully utilize wearable te� data to enhance their training. Collaborating with rowing experts, he identiﬁ ed major issues like interfaces that don’t encourage reﬂ ection and the absence of subjec- tive recovery data. To ta� le this, he developed „RecRef“, a mobile tool that combines user input and recovery metrics to help athletes optimise their recovery and performance. Oec. Dezember 2024

RESEARCH Navigating the Digital Economy Prof. Gregory Crawford, Chief Economist at Zalando, discusses the pressing challenges and opportunities shaping the digital economy. His insights highlight the critical role of policy, research and global collaboration in building a fairer, more sustainable future. 8 2 What are recent developments in antitrust policy for digital platforms and how does your research approach these issues? The jury is still out. I’m mildly optimistic, but I’ve been disappointed so often in the last decade or more that I’ll only believe good outcomes for consumers and smaller businesses when I see them. There is both an EU and a US angle: In the EU, the Digital Markets Act is now in place and it forbids a number of anti-competitive practices by so-called gatekeeper platforms. For example, gatekeeper platforms are not permitted to “self- preference”. But the devil is in the details and those haven’t been ﬂeshed out yet. I see three hurdles: First, identifying who is a gatekeeper? Second, what exactly counts as self- preferencing (or other prohibited practices)? And third, assuming the EU wins, will the regulations be meaningful and enforced in a meaning- ful way? Given the �allenges from companies at every step of the way? What about the US angle? The US has taken a diﬀerent ap- proa�, namely antitrust lawsuits against the biggest te� ﬁrms. These include Google in sear� and digital advertising markets, Amazon in e-commerce and Microsoft in cloud computing. Even if the enforcers win these lawsuits, what will the remedies be and will they be implemented if the companies ﬁght them? Text _ Tessa Rauber For the past two years, the EU has been ﬂooded with cheap, low-quality goods from China (e.g. through platforms like Temu), often bypassing European customs clearance and safety regulati- ons. What measures can the EU take to counter this economically and environ- mentally unsustainable trend? This is a real problem for both EU consumers and the planet as a whole. The number of items that were shipped to the EU from non-EU countries in 2023 exceeded 2 billion, with the majority coming from China. There are important gaps in the scope and enforcement of existing EU regulations that currently prevent addressing this trend. The biggest example is the exploitation of the EUR 150 duty-free threshold for non-EU imports by intentionally splitting and/or under- valuing shipments. But there are other examples as well, with Chinese products violating product safety standards (particularly in the use of dangerous �emicals), disregarding copyright protections and more. The EU ﬁrst needs to lower or eliminate the EUR 150 threshold for customs duties. Second, it needs to better monitor and enforce its existing “WE NEED TO BALANCE THE NEEDS OF CONSUMERS, BRANDS, RETAILERS AND THE PLANET.” product safety and consumer protec- tion regulations. The new Digital Services Act is a step in the right direction, as it’s designated both large Chinese platforms Shein and Temu as “Very Large Online Platforms” (VLOPs). This opens the door for market surveillance authorities and regulators to collect data on regulatory infringements and impose penalties. There is mu� that could be done within the EU’s existing rules and regulations – it just requires attention and resources! Your work addresses vertical integration and foreclosure. How do you see these dynamics playing out in digital plat- forms and e-commerce today? They are very relevant for the biggest digital platforms. For example, in my view, Google has a dominant market position in ﬁve products (Sear�, short-form video/YouTube, the digital ad market, Android and personal data). Some of these they developed organically (e.g. Sear�, data via “free” services like Gmail, Maps, Chrome and more), while others they a�ieved via acquisitions (Android, YouTube, the ad te� sta�). Because many digital products are complements, there is the strong incentive to leverage market power from one market into another (often via tying or bundling). In the ad te� market for example, Google now has a dominant position in Demand-Side Platforms, Supply-Side Platforms and Oec. Dezember 2024

2 9 the Ex�ange that mediates supply and demand. Su� a situation would never be permitted to arise in ﬁnancial markets! We need to have strong regulation, including breaking up dominant companies that have a tra� record of leveraging market power from one market to another. What is your role as Zalando’s first Chief Economist? What goals have you set for bringing economic insights into the business? My role is to help senior business leaders make better decisions by providing trustworthy data-driven insights. And – in the process – to build a culture of data-driven decision- making across the organization. A key (but not exclusive) element of doing this is to empower experimentation across the company. Many of the most proﬁtable companies in the world have a data-driven culture empowered by experimentation and I can see why – it’s an incredible tool! More generally, I see a tremendous opportunity for PhD economists inside businesses. At the moment, this practice is concentrated in te� compa- nies (e.g. Amazon, Netﬂix, Microsoft, Uber, Spotify, AirBnB and more). I’m conﬁdent these practices will diﬀuse to non-te� companies as well. In my view, economists are uniquely well Oec. Dezember 2024 suited to help businesses due to their breadth of experience with alternative empirical methods (including predic- tion, experimentation and observatio- nal causal inference methods), deep experience in knowing how mu� belief to put in empirical estimates, and, with what I call the “secret sauce”, having been trained in a framework to understand drivers of market outco- mes. Taken together, these skills help with both problem framing (i.e. what is the right problem to solve) and solu- tion design (i.e. what are the right tools to solve that problem). That being said, a key hurdle is to educate current and future commercial business leaders with the economic frameworks and empirical skills needed to prepare them to drive innovation in a data-ri� future. I know the Faculty of Business, Economics, and Informatics shares this view! To which extent can a business such as Zalando help shape public regulations? I deﬁnitely think Zalando can play a role in shaping public regulations. First, while I realize this will appear self-serving, it’s worth pointing out that Zalando is tiny compared to the big American and Chinese digital te� platforms. So, while we may be “big for Europe”, we are deﬁnitely not big from a global perspective! This “in-between” position gives us a unique perspective, however, and we therefore often comment on proposals from the European Commission and the mem- ber states. One place that Zalando can play a leading role is in helping design sustainability regulations. It is very �allenging to make progress in this space. Both brands and retailers like Zalando deﬁnitively want to address sustainability in the fashion industry, but it is very hard to do so without concrete leadership at the European (or ideally global) level. The reason is that while consumers say they care about sustainability, they also like inexpen- sive fashion and when these two interests conﬂict, the vast majority appear to prefer the latter. In su� settings, we need coordinated regula- tory rules that can balance the needs of consumers, brands, retailers and the planet. By virtue of its position as the largest fashion e-commerce platform in Europe, Zalando can play a role helping to deﬁne these rules. Gregory Crawford is a professor of applied microeconomics at the Department of Economics UZH. He is Co-founder and Director of the Centre for Economic Policy Research (CEPR) and Chief Economist at Zalando. The replies in this Q&A are his personal views and do not necessarily represent the views of Zalando.

RESEARCH The Impact of Social Networks How do social networks inﬂ uence people to change their values and behavior? From 2013 to 2024, an interdisciplinary research team led by Prof. René Algesheimer conducted research to better understand the impact of social networks on social change. 0 3 Humans are inherently social creatures. Thus, social networks have always been fundamental in shaping human behaviors, values, beliefs and cultures – and in creating a dynamic environment where individuals can inﬂ uence one another. Through their ability to connect people and spread new norms and habits, social networks are therefore crucial in promoting widespread behavioral � anges that underpin social � ange. For social � ange to be impactful, behavioral shift s must not only be adopted by a majority but also sustai- ned over time. The rise of digital platforms like Instagram and LinkedIn has ampliﬁ ed these dynamics. Since 2014, increased screen time and re- duced face-to-face interactions have led to denser digital networks, enhancing participation and creating complex, hard-to-predict network eﬀ ects. These evolving interactions highlight the importance of understanding and leveraging social networks to drive collective behavioral shift s. Insights from 12 years of research Understanding the impact of social networks on behavioral shift s was the primary goal of the University Resear� Priority Program (URPP) “Social Networks”, led by Prof. René Algesheimer from the Department of Business Administra- tion. For 12 years, an interdisciplinary team across the University of Zuri� combined behavioral laboratory and Text _ Janine Hammer ﬁ eld experiments as well as qualitative surveys to simulate collective behav iors and test scenario predictions. The resear� revealed that under - standing connections within net- works is vital to comprehending both individual and collective behaviors. On an individual level, for example, � ange in behavior only happens if people have also � anged their values and opinions beforehand. This leads to the important realization that driving social � ange requires key people – so-called inﬂ uencers – who encourage the followers in their network to � ange not only their values but also their behavior. As these micro-level interactions spread across the network, they lead to the emergence of macro- level patt erns and collective behaviors. As an outcome, the resear� team deﬁ ned several frameworks: one to measure the stability of human values during � ildhood, another to understand how values develop and spread through networks, and a third for designing social � ange interventions that integrate individual and collective “BEHAVIOR WILL ONLY CHANGE IF PEOPLE FIRST CHANGE THEIR VALUES AND OPINIONS.” behavior models. The team also identiﬁ ed me� anisms that facilitate or hinder the success of interventions in social networks. The ﬁ ndings were applied through network interventions in Swiss s� ools, experiments on digital platforms to increase sustaina- ble consumption and seeding programs promoting sustainable behaviors among cocoa farmers in Côte d’Ivoire. Continous research and impact Aft er 12 years of resear� and over 330 scientiﬁ c papers, the URPP Social Networks has concluded. However, the impact of the program extends beyond its formal end. The resear� ers aim to leverage their insights to develop concrete policies for politics and the economy by starting a competence center for social � ange – The Change Lab – for whi� they are currently seeking sponsors. René Algesheimer is a professor of marketing for social impact at the Department of Business Administration UZH. His research interests lie in studying human values, consumer well-being and social (influence) processes for a sustainable living. For more information, visit: www.socialnetworks.uzh.ch Oec. Dezember 2024

Wie Geschlechternormen die Berufswahl prägen Traditionelle Geschlechternormen beeinﬂ ussen die Berufswahl von Jugendlichen, was zu ungenutztem Potenzial und Problemen wie Ausbildungsabbrüchen führen kann. Eine Studie unter Prof. Uschi Backes-Gellner zeigt Wege, dies zu vermeiden. 3 1 Text _ Patricia Pálff y, Patrick Lehnert, Uschi Backes-Gellner Warum werden MINT- Berufe kaum von Mäd� en und Berufe im Gesundheitswesen kaum von Jungen gewählt? Dieser Frage geht ein Fors� ungs- projekt von Patricia Pálﬀ y, Prof. Patri� Lehnert und Prof. Us� i Ba� es-Gellner vom Institut für Betriebswirts� aft slehre na� , wel� es si� der ges� le� ts- speziﬁ s� en Berufswahl von Jugendli� en widmet. Konkret untersu� t die Studie, wel� e Rolle soziale Ges� le� ternormen – also die gesells� aft li� en Erwartungen an das Verhalten von Frauen und Männern – bei der Berufswahl von Jugendli� en spielen. Ausser- dem wurde erfors� t, wie sol� e Verzerrungen im Bewerbungs- prozess reduziert werden können. Die Tendenz zur ges� le� ts- speziﬁ s� en Berufswahl führt nämli� zu zwei wesentli� en ökonomis� en und gesells� aft - li� en Problemen: Erstens ver- stärkt sie ges� le� tsspeziﬁ s� e Unglei� heiten auf dem Arbeits- markt, da männli� dominierte Berufe oft mit besseren Löhnen oder Karrieremögli� keiten verbunden sind. Zweitens bleibt ein grosses Fa� kräft epotenzial un- genutzt, wenn Jugendli� e auf - grund sozialer Erwartungen einen Beruf entgegen ihren tatsä� li� en Fähigkeiten oder individuellen Interessen wählen. Dies kann Oec. Dezember 2024 zu verstärktem Fa� kräft e- mangel in Betrieben oder zu Ausbildungsabbrü� en, Arbeitsun zufriedenheit und geringerer individueller Produk- tivität führen. Jungen sind stärker von Geschlechternormen beeinﬂ usst Die Ergebnisse zeigen, dass traditio- nellere regionale Ges� le� ternor- men bei Jungen tatsä� li� eine stereotypis� e Berufswahl verstär- ken, was aber bei Mäd� en ni� t so ist. Was bedeutet das? Ein männli- � er Jugendli� er aus St. Gallen hätt e z.B. eine um 11.6 Prozent höhere Wahrs� einli� keit, einen «weibli� en Beruf» zu wählen, wenn die Ges� le� ternormen in St. Gallen identis� zu den weniger traditionellen Ges� le� ternormen in Genf wären. Für Mäd� en gibt es dagegen keine Eﬀ ekte regionaler Ges� le� ternormen. Die Ergeb- nisse legen im Verglei� also nahe, dass die über Jahrzehnte geführten Kampagnen zur Sensibilisierung von Mäd� en für die Wahl eines ges� le� tsuntypis� en MINT- Berufs wirksam waren, da si� der Zusammenhang für Mäd� en ni� t zeigt. Für Jungen hingegen, für die es keine verglei� baren Kampagnen gab, ist der Zusammen- hang sehr stark. Um in Zukunft ges� le� tsspezi- ﬁ s� verzerrten Berufswahlents� ei- dungen stärker entgegenzuwirken, «GESCHLECHTS- SPEZIFISCHE BERUFS- WAHL FÜHRT ZU FACHKRÄFTEMANGEL UND UNGLEICHHEITEN AUF DEM ARBEITS- MARKT.» müssen also verstärkt au� männli� e Jugendli� e für Berufe ausserhalb traditioneller männli� er Ges� le� ter- rollen sensibilisiert werden. Zur Wirksamkeit von Kampagnen für Jungen und Mäd� en im Verglei� haben die drei Fors� enden weitere aktuelle Kooperationsprojekte mit der Platt form «Yousty» initiiert. Dort analysieren sie die unters� iedli� en Mögli� keiten von Betrieben und Mat� ing-Algorithmen zur Reduktion von Verzerrungen. Dr. Patricia Pálffy, Prof. Patrick Lehnert und Prof. Uschi Backes-Gellner sind am Institut für Betriebswirtschaftslehre UZH tätig. Die Studie ist Teil des «Swiss Leading House VPET-ECON», welches sich der ökonomischen Erforschung und Weiter entwicklung der Berufsbildung widmet. Weitere Informationen unter: www.oec.uzh.ch/ social-norms

RESEARCH KI muss menschlicher werden In Zukunft werden wir mit KI zusammenarbeiten wie mit Menschen. Dabei ergänzen sich idealerweise die Fähigkeiten von Mensch und KI, um gemeinsam Neues zu schaffen. Damit das gelingt, muss KI humaner werden. 2 3 Text _ Thomas Gull I m Labor von Anand van Zelderen hat die Zukunft der Arbeit bereits begonnen. Dort sitzen Johanna und Johan mit Mens�en aus Fleis� und Blut am glei�en Bürotis� und arbeiten munter mit. Sie sind KI-Ava- tare, die aussehen wie Mens�en und zumindest teilweise au� so reagieren. «Wenn man Johanna anspri�t, antwortet sie, allerdings brau�t sie dafür zwei bis drei Sekunden», erklärt Managementfors�er van Zelderen vom Institut für Betriebswirts�afts- lehre. Er geht davon aus, dass viele von uns künftig mit sol�en KI-Avataren zusammenarbeiten werden und hat deshalb getestet, wie wir auf Mitarbei- tende mit künstli�er Intelligenz reagieren. Das Ergebnis: Wenn sie mens�li�e Züge haben, sind wir eher bereit, sie wertzus�ätzen, als bei einem Roboter oder traditioneller generativer KI wie ChatGPT. Integrative und offene virtuelle Welten Je mens�li�er die KI aussieht und si� verhält, umso lei�ter fällt es uns, mit ihr zu kooperieren und ihr zu vertrauen. «Um KI erfolgrei� in den Arbeitsalltag zu integrieren, müssen wir virtuelle Arbeitsumgebungen s�aﬀen, in denen die Mens�en auf mögli�st natürli�e Weise mit KI interagieren können», lautet van Zelderens Fazit. Er hat deshalb die Openverse Initiative gegründet, die zum Ziel hat, integrative, oﬀene und ethis� verantwortli�e virtuelle Welten zu s�aﬀen und mittlerweile weltweit 25 akademis�e Einri�tun- gen umfasst. «Virtuelle Umgebungen, wie wir sie mit Openverse gestalten, können vollkommen verändern, wie wir arbeiten», sagt van Zelderen. Die te�nologis�e Revolution dur� KI ermögli�t, dass au� kognitive mens�li�e Arbeit von Computerpro- grammen erledigt wird. Oﬀen ist aber, wel�e mens�li�en Tätigkeiten KI ersetzen kann. «In der Vergangenheit haben neue Te�nologien Aufgaben übernommen, die gut strukturiert und klar deﬁniert waren», sagt Informatik- professor Abraham Bernstein. «Die Frage ist, ob KI au� komplexere Arbei- ten erledigen kann.» Im Moment ist das aus seiner Si�t no� ni�t der Fall. «Heute ist die Zusammenarbeit des Mens�en mit generativer KI wie etwa ChatGPT ein eher langweiliges Ping- pong mit Auftrag und Antwort.» Dabei bleibt der KI-Algorithmus eine Bla�- box, mit unbekannter Funktionsweise – und man�mal fals�en Antworten. Die Herausforderung für die Nutzer:inn- en besteht darin, diese zu erkennen, weil au� fals�e Antworten über- zeugend formuliert werden. Der Einsatz von KI in der Arbeitswelt hängt deshalb au� stark davon ab, wie verlässli� die Programme sind. Und: «Wir müssen na� wie vor in der Lage sein, zu beurteilen, ob die von KI gelieferten Ergebnisse etwas taugen. Deshalb müssen wir au� in Zukunft Dinge lernen, die wir so nie gebrau- �en werden, weil die Mas�ine das besser und s�neller kann, wie heute das Kopfre�nen», so Bernstein. Der Tas�enre�ner übernimmt zwar das Re�nen, wir brau�en aber na� wie vor mathematis�e Grundkenntnisse, um die Grössenordnungen von Zahlen eins�ätzen zu können. Wir können besser denken Zu den dystopis�en Visionen, die mit KI verbunden werden, gehört, dass sie mens�li�e Arbeit weitgehend überﬂüssig ma�t. Bernstein hält das für ein eher unrealistis�es Szenario. Berufe bestünden aus einem Bündel von Tätigkeiten – einige davon könnten «FÜR EINE ERFOLGREICHE INTEGRATION VON KI IM ARBEITS ALLTAG BRAUCHEN WIR VIRTUELLE ARBEITS - UM GEBUNGEN, IN DENEN MENSCHEN NATÜRLICH MIT KI INTERAGIEREN KÖNNEN.» ANAND VAN ZELDEREN Oec. Dezember 2024

3 3 Verhalten zeigt. Glei� zeitig sollte die Fors� ung generative KI ni� t nur als Werkzeug betra� ten, sondern als Mitarbeitende, weil die Interaktionen zwis� en Mitarbeiter:innen und KI in vielerlei Hinsi� t denen mit e� ten Mens� en ähneln. «Wenn es gelingt, eine harmonis� e Zusammenarbeit von KI und den Mens� en zu s� aﬀ en, werden die neuen Te� no- logien das mens� li� e Potenzial ni� t untergraben, sondern unterstützen.» Gekürzte Version. Vollständiger Artikel im UZH Magazin 3/2024: www.oec.uzh.ch/ ki- menschlicher Abraham Bernstein ist Professor für Dynamic and Distributed Information Systems am Institut für Informatik UZH und Direktor der Digital Society Initiative. Anand van Zelderen ist ein Post- Doctoral Research Associate am Institut für Betriebswirtschaftslehre UZH. Digital Society Initiative Die Digital Society Initiative (DSI) ist das Kompetenzzent- rum der UZH zu Themen des Digitalen Wandels. In die- sem Netzwerk untersuchen Wissenschaftlerinnen und Wissenschaftler aus verschie- denen Disziplinen, wie Digita- lisierung und technologischer Fortschritt das Arbeiten ver- ändern. Ziel ist, die Auswir- kungen der Digitalisierung auf Menschen, Organisationen und Gesellschaft zu verstehen und die Chancen der Digita- lisierung zu nutzen, um die Arbeitswelt für die Menschen zu verbessern. www.dsi.uzh.ch von KI übernommen werden, andere ni� t. «Wir werden gewisse Arbeiten an die Mas� inen abgeben und uns dafür auf andere konzentrieren können», lautet seine Prognose. Mens� li� e Intelligenz wird es au� künft ig brau� en. Denn der Mens� kann no� besser denken als KI, weil wir reaktives und reﬂ exives Denken verbinden können, erläutert Bernstein. Reaktiv bedeutet, s� nell und unmitt el- bar auf Situationen zu reagieren, während reﬂ exiv die Fähigkeit meint, eigene Ergebnisse kritis� zu hinterfra- gen. Letzteres bereitet der KI (no� ) Mühe. Der Einzug von KI in die Arbeitswelt bedeutet deshalb ni� t, dass mens� li� e Arbeit obsolet wird, sondern vielmehr, so Bernstein, dass «Mens� und KI die ri� tige Beziehung ﬁ nden müssen». Es brau� t eine Kombination der Stärken beider Seiten: die unendli� e Ausdauer und Re� en- leistung der Mas� inen und das analytis� e Denken, das Wissen und die Intuition des Mens� en. Nicht zu bequem werden Das klingt vielverspre� end. Van Zelderen warnt aufgrund seiner Studie mit Avataren jedo� vor negativen Aus- wirkungen der Arbeit mit KI: «Wir müssen aufpassen, dass wir ni� t zu stark abhängig werden.» Wie seine Studie zeigt, engagieren si� die Mens� en weniger, wenn sie mit KI zusammenarbeiten, und sind weniger zufrieden mit ihrer Arbeit. Van Zelde- ren hält es zudem für ungesund, den ganzen Tag in einer virtuellen Arbeits- umgebung zu verbringen. «Ideal ist eine Mis� ung von Realität mit virtuel- len Elementen.» Die grosse Herausfor- derung ist, die Zusammenarbeit mit KI so zu gestalten, dass si� die Mens� en wohlfühlen. Dazu muss KI humaner werden, ist van Zelderen überzeugt, etwa indem sie ein mens� li� es Gesi� t erhält und mens� enähnli� es Oec. Dezember 2024

RESEARCH Data Labeling for Better Analytics Prof. Jürgen Bernard develops impactful human-centered AI systems through interactive visual data labeling methods. By applying them to real-world problems, he helps companies like BMW or Roche to foster data-driven decision-making. 4 3 Text _ Jürgen Bernard Data is today’s driver of innova- tion, decision-making and economic growth. However, without proper analysis, data provides no added value – a process that is oft en supported with ma� ine learning. This is where data labeling steps in. Data labeling describes the process of adding human knowledge, meaning and insights to data, enabling ma� ines to learn from it. Without data labeling, ma� ines would struggle to unders- tand the context of the data – leading to inaccurate predictions and classiﬁ cati- ons. Examples of labeling processes include tagging mushrooms as edible or poisonous, tumors by their risk category, or sto� s by their buy/hold/ sell assessments. However, data labeling conducted by humans is tedious and can be error-prone, especially if the required training dataset is large. In addition, use cases are oft en complex and require special expertise to interpret and label data patt erns, making the labeling process both costly and time-consuming – especially for unexplored datasets. This is where Prof. Jürgen Bernard and his Interactive Visual Data Analy- sis (IVDA) group from the Department of Informatics step in. They design and develop visual interfaces for interactive data analysis, enabling new forms of human-AI collaboration. Bernard’s resear� on data exploration and visual feedba� methods leads to innovative ways for people to engage with com- plex data, identify patt erns and label them accordingly. His state- of-the-art “OU R RESEARCH EXPAN DS POSSI BI LITI ES FOR DATA-DRIVEN DECISION- MAKI NG.” Visual InterActive Labeling (VIAL) methodology proposes a human-centered approa� for data labeling, and led to signiﬁ cant empirical, te� nical and applied improvements in both resear� and industry use cases. For example, in interdis ciplinary collabora tions with companies su� as BMW or Ro� e, Bernard and his team ta� led labeling � allenges on an industry scale, accel- erating ma� ine learning workﬂ ows and expanding the possibilities for data-driven decision-making. Advancing data quality in healthcare In a partnership with Ro� e, Bernard, Gabriela Morgenshtern and Alexander Wyss investigated how VIAL could be applied to improve the quality control of medical diagnostic materials. The resulting visual analytics system, DaedalusData, enables experts to explore thousands of images and label particles based on experts’ personal experience and knowledge. This approa� improves contamination detection workﬂ ows and increases reliability of diagnostics by in- corporating expert-enri� ed data. Evaluations of DaedalusData demonstrate high usability and eﬃ ciency, transforming expert know- ledge into structured data that ad- vances future data quality analysis, contamination awareness and data-driven decision-making at Ro� e. Bernard’s user-centered, applied resear� on human-AI collaboration spans healthcare, sustainability, ﬁ nance, digital libraries and the digital human i- ties. Beyond te� nical advancements, his work results in human-centered AI systems that align with human values and needs. Furthermore, they are more interpretable, reliable and useful across domains. Jürgen Bernard is an assistant professor of compu- ter science at the Department of Informatics UZH. He is leading the Interactive Visual Data Analysis (IVDA) Group and affiliated with the Digital Society Initiative (DSI). For more information, visit: www.oec.uzh.ch/data-labeling Oec. Dezember 2024

The Psychology of Financial Decisions Prof. Stefan Zeisberger is on a mission to improve investment decisions and ﬁ nancial well-being, with the human being at the center of his research. He shares insights into his latest ﬁ ndings on risk perception, sustainability and digitalization. 3 5 Your research focuses on behavioral and experimental fi nance. What is it about? My resear� area is a combination of two seemingly opposing ﬁ elds: ﬁ nance, with its supposedly rational thinking and thinkers, and psy� ology, whi� explores the “soft er” side of human behavior. This intersection is powerful because even ﬁ nancial professionals oft en make the same fundamental mistakes as retail investors. Through my resear� , I am committ ed to pursuing resear� with real-world impact. Why is the psychological aspect so important? I’ve seen many interesting examples of how understanding the psy� ology of ﬁ nance and ﬁ nancial communicati- ons is crucial. For instance, an Ameri- can bank once tried to calm its custo- mers during a turbulent ﬁ nancial period by sending reassuring emails. However, their emails had the opposite eﬀ ect. Based on my resear� , I aim to highlight su� mistakes so that people can make bett er decisions. One of your other core topics is risk perception. Risk perception is fascinating because it systematically deviates from actual risk. Personal experiences, Oec. Dezember 2024 Text _ Cornelia Kegele & Victoria Watts upbringing, and even cultural ba� - ground play a huge role in how people view risks. For example, people who grew up during times of economic downturn tend to be more cautious with their ﬁ nances throughout their whole lives. Take a special case in Germany: People in the Eastern fed - eral states still invest less in sto� s compared to those in the West also because of historical skepticism toward capitalism. Another interesting aspect: People see risks as higher when they don’t understand something well. Financial education and simulated investment games can help bridge that gap. Across all areas, sustainability is THE current big topic – also for you? Yes, I’m currently studying why people � oose to invest sustainably – or not. In a recent study where we collaborated with a German robo advisor, we found that only 30 percent of new customers opted for sustainable investments. Of those, most believed sustain able portfolios would give bett er returns. Only 12 percent of all investors were willing to sacriﬁ ce expected returns, whi� was a surprisingly low number given earlier resear� in the ﬁ eld. Generally, I explore the barriers to sustainable investing, su� as trust issues, greenwashing concerns, or simply a la� of knowledge. Based on that, I aim to explore how to measure sustainability in investments and how to communicate these concepts more eﬀ ectively to investors. “THE SHIFT FROM COMPUTER TO SMART- PHONE TRADING HAS LED INVESTORS TO ACT FASTER AND MORE IMPULSIVELY.” What role plays digitalization in your research? Digitalization � anges the whole world dramatically and by that also investments. Therefore, I’m investiga- ting how digital te� nologies shape investment behavior. Today, it’s easier than ever to invest. You can download an app and start investing with just a few cli� s. This so-called democratiza- tion of ﬁ nancial markets is exciting, but it also comes with risks. The shift from computer to smartphone trading has led investors to act faster and more impulsively. We have seen that this leads to riskier portfolios. Additionally, social media increasingly inﬂ uences investment behavior, with more people gett ing ﬁ nancial information from less controlled sources. I explore the impact on our behavior, on ﬁ nancial markets and the ﬁ nancial services industry, for example whi� new products and services will emerge. Stefan Zeisberger is a professor of Fintech – Experi- mental Finance at the Department of Finance UZH. Read the full interview: www.oec.uzh.ch/financial-decisions

LOKALTERMIN With Felix Kübler at “Rosengarten” 6 3 A chance encounter with an economics book changed Prof. Felix Kübler’s career path. Today, his research uses complex economic models to understand the role of ﬁnancial markets in climate change or how to bridge generational differences in support for social policies. Text _ Jamie Brama Foto _ Caroline Krajcir W hile studying mathematics, Felix Kübler came across a book on economics that captivated him. “I was naive and believed everything in it,” he says, “and since I wasn’t that good at math, I decided to swit� to economics. It turned out to be a perfect ﬁt.” He was so fascinated by the subject that he decided to pursue a PhD, �oosing to study in the United States to reconnect with fond memories of his teenage years there. “At that time, getting a PhD in the US pretty mu� meant you were on an academic tra�.” So his career path was set. “I became an economist for life,” he adds with a laugh. His swit� to ﬁnancial economics came somewhat unexpectedly when he joined Prof. Thorsten Hens at UZH. Although he had already done extensive resear� on economic un- certainty, also in ﬁnancial contexts, his focus had re mained in economics. Now he specializes in macroﬁnance – a ﬁeld that bridges macroeconomics and ﬁnance. Bridging economics and ﬁnance to ﬁght climate change One of his main resear� interests is computational econo- mics, whi� uses numerical methods to solve complex, non-linear economic models. “Advances in neural networks and AI-driven ma�ine learning have made this ﬁeld far more interesting, opening up new ways to ta�le previously unsolvable problems,” he explains. Kübler studies the macroeconomic impact of human-induced climate �ange. By incorporating climate factors into ﬁnancial models, he explores how economic policies can help mitigate the eﬀects of climate �ange and adapt to �anging conditions. Key questions he addresses are: What measures, su� as taxes, regulations or no action at all, are eﬀective today? And how should ﬁnancial markets adapt to play a positive role in addressing climate �ange, rather than contributing to it? When it comes to climate solutions, one widely discussed approa� among resear�ers is a global emissions tax. “In our models, su� a tax would have a positive impact on emissions. For example it would make coal, whi� is the main problem, uncompetitive and reduce its use,“ says Kübler. “However,” he notes, “taxes are often viewed negatively and the introduction of new ones is extremely unpopular, especially among older generations. Young people welcome lower emissions because they’ll be aﬀected by climate �ange the longest, but older people may feel diﬀerently because of rising energy and transportation costs.” In the United States, the focus of Kübler’s resear�, support for an emissions tax is unlikely due to limited public transportation options and high demand for heating and cooling. “In many regions, a car is essential, and in extreme climates, heating or air conditioning is necessary for survival,” he explains. Diﬀerent approaches for diﬀerent generations Kübler’s resear� explores whether ﬁnancial compensation for older generations could build broader support for an emissions tax. Su� compensation could help seniors cope with rising costs while also beneﬁting younger generations by reducing climate impacts. Increasing pension beneﬁts for older generations could be one way of gaining support for su� a tax. This would oﬀset the higher heating and trans- port costs they might face. “Younger people who contribute to these pensions might receive less in the future, but would gain from a more stable climate,” he explains. “Our calcula- tions show that su� intergenerational compensation me�anisms could improve overall quality of life and foster broader support for climate measures like an emissions tax.” Reﬂecting on his career path, Kübler admits: “Some days I think I should have gone into medicine – it’s a ﬁeld where you can really see the impact you’re making.” A doctor, for example, can help people directly. “With economics, howe- ver,” he adds, “you have the �ance to drive a broader, systemic �ange.” His advice to others is to always ask questions and be critical. “The world is full of misinforma- tion, and many people present their views as the absolute truth. In reality, we all know far less than we think. It’s crucial to understand the limits of our knowledge and to examine carefully what we’re told.“ Oec. Dezember 2024

FAKULTÄT “This Faculty is my academic home” As a new vice dean, Prof. Hui Chen aims to promote impactful research, support the career development of young researchers and ensure that the Faculty remains a place of inspiration, empowerment and academic excellence. Text _ Jasmin Rippstein Foto _ Esteban Castle 8 3 You have been with our Faculty for more than 10 years. What makes it stand out? Compared to a typical business s�ool, our Faculty is larger and broader. In addition to traditional business disciplines su� as account - ing, ﬁnance and marketing, we also have economics and informatics. This gives us a signiﬁcant advantage, making our Faculty truly comprehensive and interdisciplinary. There- fore, we are able to provide education and conduct resear� that is both fundamental and applied across disciplines. Where do you see the most pressing current challenges – and chances – for our Faculty? I think remaining internationally competi- tive represents both our greatest opportunity and �allenge. The global academic landscape evolves qui�ly, with increasing pressure to produce impactful resear�, attract top talent and adapt to new te�nological developments. Our Faculty has always strived to remain agile and eﬃcient in responding to these �anges while continuing to excel in fundamental resear� and education. Why did you take on the role of vice dean? What motivated you? I am very honored to take on this important role. This Faculty is my academic home. I joined 10 years ago as an assistant professor, got tenure after several years, and was later promoted to full professor. My most important resear� projects were started and published during my Hui Chen is a professor of ac- counting at the Department of Business Administration UZH. She joined the University of Zurich in 2014 and her research primarily focuses on the econo- mic effects of accounting regu- lations and practices. In August 2024, Chen was appointed as the new vice dean of research, academic career development and accreditation. time here. Looking ba�, this Faculty gave me the opportunities and support needed to grow professionally. Today, I am grateful for the �ance as vice dean to give ba� to the commu- nity so that others can have the same experi- ences that I have enjoyed. What are your primary goals in this new position? The goal of our Faculty has always been very clear: to pursue excellence. We are constantly striving to become better. My primary goals are therefore also centered around this pursuit of excellence, through supporting new resear� initiatives, fostering collaborations and helping junior resear�ers grow and thrive. Oec. Dezember 2024

What are some key challenges you anticipate in your role? One � allenge is the career planning of our junior resear� ers. In Switzerland and neighboring countries, pursuing an academic career aft er a doctoral or postdoctoral program in business and economics is not always easy. Many of our junior resear� ers move to industry, government or other sectors. While both academic and non- academic career paths are valuable, it is not easy to be prepared for both possibilities. I hope to provide our junior resear� ers with bett er support and training for both career � oices through mentorship, skills development and networking opportunities. What else? Another � allenge is demonstrating the impact of our resear� . Our Faculty produces exceptional resear� , but there is still room to improve how we disseminate our ﬁ ndings to society. Through open science initiatives, public outrea� and partner ships with industry and policymakers, we can make our work more accessible and impactful. You are a professor of accounting. Do you see parallels with your new (additional) role as vice dean of research, academic career development and accreditation? There are indeed many parallels. Just as in accounting, strategic oversight and att ention to detail are both critical in managing the Faculty’s goals and responsibilities. A big part of accounting is about working in the ba� ground to provide crucial services, ensuring a reliable environment and an eﬃ cient system, and facilitating others to perform at their best. Similarly, as vice dean, my primary function is to support resear� and education. This involves creating an environment where academic excellence can thrive and ensu- ring the processes for career development and accreditation are fair, eﬃ cient and well-organized. Imagine looking back at the end of your four-year term: What would you like to have achieved? Aft er four years, I would like to be able to say that I have ﬁ nished my tasks well. When looking ba� , I hope to see our Faculty not only academi- cally excellent, but also as a place where resear- � ers and students feel inspired, supported and empowered to a� ieve their best. Oec. Dezember 2024 S S P P O O T T L L I I G G H H T T 3 9 Third-party funding as a driving force A s a Faculty, we are in international competition for professors, young talents and thought leader- ship. However, like many universities and facul- ties, we depend on third-party funding to not only keep up with this competition in the future, but also to develop further, to open up new subject areas and to provide good support for the ever-increasing number of students. In 2023, 20 percent of UZH’s income came from third-party funding from research promotion funds such as the SNSF and from (private) foundations. They offer us important opportunities for organisation and development: Be it to finance research projects and databases, doctoral students and postdocs, laboratory equipment and IT infra- structure, publications and conference participation, or to (co-)finance professorships. When it comes to third-party funding, the question of inde- pendence is often raised. My answer to this is: We need these funds for our further development and to maintain the qua- lity of teaching and learning. To ensure independence, various mechanisms and principles are in place: The UZH University Act guarantees the freedom of research and teaching. In addi- tion, the freedom and independence of research and teaching is enshrined in contracts. Donors and third-party funders have no say in appointments, nor in the selection process or in negotiations with candidates. The funds are accepted for a research purpose, without conditions or requirements imposed by third parties. These cornerstones are indispens- able and protect us from influence. In this way, third-party funding can act as what it is: An important driver of university development. It is necessary to enable excellent and diverse research, to expand it and to support research-based teaching. This in turn benefits our students – and ultimately the economy and society once they enter the labor market. Therefore, we will continue along this path. Regards, Harald C. Gall is a professor of software engineering and has been dean of the Faculty of Business, Economics and Informatics UZH since 2012. In each ‘Spotlight’ column, he focuses on a topic that is currently of particular interest to the Faculty.

UPDATE 0 4 Erste Real-Estate-Professuren geschaﬀ en An unserer Fakultät wurden erstmals zwei Professuren im Berei� «Real Estate Economics & Finance» ges� aﬀ en. Sie tragen wesentli� dazu bei, Züri� als führenden Standort im Berei� immobilienwirts� aft li� er Fors� ung und Lehre zu etablieren. Prof. Christian Hilber fors� t im Berei� Wohnraum versorgung und Stadtentwi� lung. Prof. Francisco Amaral fors� t zu Risiko und Rendite in Wohnungsmärkten unter vers� iedenen makroökonomis� en Bedingungen. Die beiden Professuren sind beim Center for Urban & Real Estate Management (CUREM) am Institut für Finance angesiedelt. Weitere Informationen unter: www.curem.uzh.ch/de/forschung Berufungen und Beförderungen Francisco Amaral wurde zum Assistenzprofessor für Real Estate Finance ernannt. Er hat 2024 an der Universität Bonn promoviert und ist ein Resear� Fellow am Kiel Institut für Weltwirts� aft . Timo Boppart wurde als ordentli� er Professor für Makroökonomie und Politi- s� e Ökonomie berufen. Na� seiner Promotion an der UZH im Jahr 2012 war er zuletzt ordentli� er Professor an der Universität St. Gallen sowie ausserordentli� er Professor am Institute for International Economic Studies der Universität Sto� holm. Maya Eden wurde als ordent- li� e Professorin für Ökonomie ernannt. Sie promovierte 2011 am Massa� usett s Institute of Te� nology (MIT) und war zuletzt als ausserordentli� e Professorin für Economics an der Brandeis University in Waltham (USA) tätig. Ronak Jain wurde als Assis- tenzprofessorin für Ökonomie der Entwi� lung und der Kinderwohlfahrt berufen. Sie ist dem Center of Child Well- Being and Development UZH anges� lossen und ihre Professur wird von UNICEF S� weiz unterstützt. Jain hat 2024 an der Harvard University promoviert. Todd. A. Hare wurde zum ordentli� en Professor für Neuroeconomics and Human Development ernannt. Er war seit 2017 als ausserordentli� er Professor für das glei� e Fa� gebiet an der UZH tätig. Jakub Steiner wurde als ordent- li� er Professor ad personam für Mikroökono mis� e Theorie berufen. Er war seit 2019 als ausserordentli� er Professor ad personam für das glei� e Fa� gebiet an der UZH tätig. Oec. Dezember 2024

Save the Date: «Homecoming» 2025 Der nä� ste «Homecoming»-Event der Fakultät ﬁ ndet am 8. April 2025 statt . Die Veranstaltung bietet Alumnae und Alumni die Gelegenheit, an die Universität zurü� zukehren und si� mit Fakultäts- mitgliedern und ehemaligen Kommiliton:innen auszutaus� en. Wie in den Vorjahren sind vier Connect- Sessions geplant, in denen Professor:innen und Alumni aktuelle Erkenntnisse und Best-Practice- Beispiele zu relevanten Themen präsentieren. Alumni, wel� e dem Kontakterhalt zugestimmt haben, erhalten eine persönli� e Einladung per E-Mail. Anmeldung www.oec.uzh.ch/homecoming Kontakterhalt uzhalumni.ch/page/connect 4 1 Emeritierungen Marc Chesney wurde als Professor für Mathematical Finance emeritiert. Er war seit 2003 am Institut für Finance tätig, das er 2015 bis 2021 au� leitete. Chesney hat während seiner Zeit am Institut für Finance das UZH Center of Competence for Sustainable Finance gegründet mit dem Ziel, die interdisziplinäre Fors� ung in diesem Berei� zu fördern. Vor seiner Tätigkeit an der UZH war er von 1994 bis 2003 Professor am Department of Finance and Economics der HEC in Paris und von 1993 bis 2000 stellvertretender Dekan. Lorenz Hilty wurde als Professor für Informatik und Na� haltigkeit emeritiert. Er war seit 2010 am Institut für Informatik tätig und leitete die Fors� ungsgruppe Infor- matics and Sustainability (ISR). Er hat die Fors� ung an der S� nitt stelle zwi- s� en Te� nologie und Umweltverantwortung massgebli� vorangetrieben und war seit 2014 zusätzli� Delegierter der Universitätsleitung für Na� haltigkeit. Oec. Dezember 2024 Für Neuabsolvent:innen: Einladung zur New Grads Night Zur Feier ihres Studienabs� lusses sind alle Absolvent:innen von 2024 zur «New Grads Night» am 30. Januar 2025 eingela- den. Zusammen mit ihren ehemaligen Studienkolleg:innen erwartet sie ein unvergessli� er Abend im exklusiven Restau- rant uniTurm. Die Platzzahl ist beschränkt. Es gilt: First come, first served. Weitere Infos und Anmeldung unter: www.oec.uzh.ch/ngn

EXCHANGE SEMESTER WITH… Leonie Schmidhuber Doing an exchange in Spain at the Universidad Autónoma de Madrid. 2 4 What impressed you at your host university? The number of ex� ange students, the size of the campus and the beautiful nature around it. Which lecture did you like best? I � ose three ﬁ nance-focused courses, all of whi� were decent, but my favorite by far was the Spanish language course. What’s the best thing about an exchange? All the amazing people I’ve had the privilege to meet so far. We’ve formed su� a beautiful, close-knit community, and the moments we share together are truly the most meaningful. To add even more, I have to say that I ﬁ nd Madrid to be an incredibly appealing and livable city. There’s a vibrant energy at all hours of the day, with bars and restaurants on every corner, and a general sense of joy What should you bring to an exchange semester? The most crucial thing is to be open to new experiences, to approa� others with an open mind and to fully embrace new situations. How do you spend your free time? Meeting other students H om e t ow n : Zurich Fi e l d s o f s t u d i e s : Bachelor’s degree in Business Administration D re am j o b : Currently still on a journey to ﬁ nd the right path. and zest for life that I wasn’t accustomed to. Culturally, the city is equally captivating – you could spend endless hours in the museums and still not have enough. Even aft er my ex� ange, I’ll probably have only scrat� ed the surface of what Madrid has to oﬀ er. Impressum 22. Ausgabe Herausgeber Dekanat der Wirts� aft s- wissens� aft li� en Fakultät, Universität Züri� magazin@oec.uzh.� Redaktionsleitung Jamie Brama Jasmin Rippstein Redaktionelle Mitarbeit Graziella Bomio Janine Hammer Gestaltung artdepartment.� Adrian Hablützel Bilder zVg (sofern ni� t anders angegeben) Druck Stämpﬂ i AG Inserate magazin@oec.uzh.� Auﬂ age 11‘000, ers� eint zweimal jährli� Geht an Alle Studierenden, alle Neuab- solvent:innen (bis 2 Jahre na� Abs� luss), alle Mitarbeitenden der Fakultät und Alumni mit Einverständnis zum Kontakt- erhalt (uzhalumni.� /page/ connect) E-Paper oec.uzh.� /oec Abonnieren Das Oec. Magazin kann gratis abonniert werden: magazin@oec.uzh.� and going for long walks around the city and Retiro Park. Even though it is a big city, all of downtown Madrid is wonderfully walkable. What new dish have you discovered? While cevi� e is more commonly associated with Latin America than Spain, I had the � ance to try it here for the ﬁ rst time and was genuinely impressed. I’ve also really enjoyed Madrid’s specialties, su� as small tapas and bocadillos, whi� I also experienced for the ﬁ rst time here. What would you have liked to know before? How diﬃ cult it would be to ﬁ nd a suitable apartment to live in – that was the most diﬃ cult part of the entire ex� ange experience. Is there one thing you would like to share? Embrace new experiences without fear! Consider doing an ex� ange semester in another country – it doesn’t have to be far away, but I’m certain it’s a decision you won’t regret! ISSN ISSN 2571-5143 Drucksache myclimate.org/01-24-228512 Oec. Dezember 2024