Vollhardt is one of the founders of the Dynamical Mean-Field Theory (DMFT) for strongly correlated electronic solids such as transition metals (e.g. iron or vanadium) and their oxides, i.e. materials with electrons in open d- and f-shells.
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2006 Europhysics Prize of the European Physical Society "for the development and application of the dynamical mean field theory" (together with A. Georges, G. Kotliar, W. Metzner)