Annual Research Night: Kaspar Villiger Keynote
One of the highlights of the 2026 Annual Research Night was the tribute delivered by former Swiss Federal Councillor Kaspar Villiger in honor of Professor Ernst Fehr’s 70th birthday. Drawing on his own experiences in business, government, and finance, Villiger reflected on the impact Fehr has had not only on economics as a discipline, but also on the way we understand human behavior in society.
Villiger described meeting Fehr as a turning point in his understanding of economics. While traditional economic models often focused on the rational and self-interested individual, Fehr’s work helped explain many of the realities Villiger had encountered throughout his career.
“He bundled everything I had gathered in life as practical experience into logical economic and psychological frameworks. He demonstrated how crucial cultural and ethical factors are alongside institutions and supplemented the admittedly useful fictional construct of the homo oeconomicus with the complex, versatile, and emotionally driven real-world human being.”
Villiger highlighted Fehr’s pioneering contributions to behavioral economics, emphasizing his willingness to challenge established thinking and explore new questions. He credited Fehr’s success to a combination of intellectual curiosity, analytical rigor, and persistence.
“Foremost is undoubtedly his exceptional achievement as a researcher. It is the fruit of a never-fading intellectual curiosity, impressive clarity in thought and argumentation, and hard work.”
But Villiger stressed that Fehr’s impact extends well beyond his research contributions. Equally important, he argued, is Fehr’s commitment to educating and mentoring the next generation of economists.
“He was always aware that teaching, that is, passing on his knowledge to the next generation of academics, was of fundamental importance. He is, in fact, a gifted teacher who consistently inspires his students.”
Yet the tribute extended beyond research and teaching. Villiger emphasized Fehr’s lasting influence on the development of the Department of Economics and the UBS Center.
“Ernst Fehr also possesses a quality that is of great importance to the UBS Center and to the University of Zurich in general. I call it ‘reputational gravity.’ Thanks to Ernst’s excellent reputation, the UBS Center and the Department of Economics at the University of Zurich have consistently been able to attract outstanding professors.”
As Chairman of the UBS Foundation for many years, Villiger witnessed firsthand how Fehr helped transform Zurich into one of the leading centers for economic research in Europe. He also recalled the creation of the UBS Center, praising Fehr’s ability to inspire support for ambitious ideas and long-term investments in science.
“Today, we can note with satisfaction that the UBS Center, and with it the department, have garnered an enormous reputation. I had the privilege of accompanying this development for about ten years as President of the UBS Foundation.”
Concluding his tribute, Villiger thanked Fehr for his contributions to research, education, and society, while noting he remains driven by new goals he still intends to pursue.
“Thank you from the bottom of my heart for everything you have given to science, the UBS Center, the University, and thus to the entire country.”