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After the Abitur in Heidelberg, Marco Lehmann-Waffenschmidt studied mathematics and economics (diploma) at the University of Heidelberg and the ETH Zürich with a fellowship of the Studienstiftung des deutschen Volkes until 1983.

Doctorate and habilitation in economics at the University of Karlsruhe. Since 1993 professor of Applied Microeconomics (Managerial Economics) at the Department of Economics of the Technical University of Dresden. Main research interests evolutionary economics, neuroeconomics, and behavioural economics. He started flute playing at the age of 12, studied with Willy Freivogel (Sinfonieorchester des Südwestfunks) and visited master courses with Rene Le Roy. He has been member of the DGfF since their founding.