Econometric Institute (Dutch ''Econometrisch Instituut'') at the

Erasmus University Rotterdam Erasmus University Rotterdam (abbreviated as ''EUR'', nl, Erasmus Universiteit Rotterdam ) is a public research university located in Rotterdam, Netherlands. The university is named after Desiderius Erasmus Roterodamus, a 15th-century humani ...

is a leading research institute in the fields of

econometrics Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships. M. Hashem Pesaran (1987). "Econometrics," '' The New Palgrave: A Dictionary of Economics'', v. 2, p. 8 p. 8 ...

and

management science Management science (or managerial science) is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities. It is ...

in the Netherlands. The Institute offers advanced education in econometrics. It was founded in 1956 by

Henri Theil Henri (Hans) Theil (October 13, 1924 – August 20, 2000) was a Dutch econometrician and professor at the Netherlands School of Economics in Rotterdam, known for his contributions to the field of econometrics. Biography Born in Amsterdam, The ...

in cooperation with

Jan Tinbergen Jan Tinbergen (; ; 12 April 19039 June 1994) was a Dutch economist who was awarded the first Nobel Memorial Prize in Economic Sciences in 1969, which he shared with Ragnar Frisch for having developed and applied dynamic models for the analysis o ...

History

Foundation

The first proposal for a special institute in quantitative economics at the Netherlands School of Economics in Rotterdam was made by

in 1953 with support of

, while working at the Central Planning Bureau. The senate of the school added the requirement that it "would not confine itself to economic applications, but would also give attention to business problems, which implied that operations research had to be included in the program."Pedro Garcia Duarte (2007) ''Constructing Concepts of Optimal Monetary Policy in the Postwar Period.'' p. 35 In the year 1955–56 Theil was Visiting Professor at the

University of Chicago The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private university, private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park, Chicago, Hyde Park neighborhood. The University of Chic ...

, where he made a similar proposal again with support of

. This proposal was eventually accepted both in Chicago and in Rotterdam, and the Econometric Institute started September 1956 in Chicago and later in Rotterdam. The Econometric Institute was the first research institute in the field of econometrics in the world, and started with a research staff of 6.

Philip Hans Franses Philippus Henricus Benedictus Franciscus "Philip Hans" Franses (born 1963) is a Dutch economist and Professor of Applied Econometrics and Marketing Research at the Erasmus University Rotterdam, and dean of the Erasmus School of Economics, especial ...

(2005)
Annual Report 2004: Econometric Institute
' p. 7 Henri Theil became its first director, and headed the institute until 1966.

Development

In the early years the Institute developed a full academic program in Econometrics. The program originally focussed on "national and international macroeconomic policy; the required computing power to estimate econometric models was expensive and scarcely available, so that econometrics was almost exclusively applied in public (statistical) agencies." This evolved over the years. In this time many leading econometricians were guest at the Institute.

New millennium

In the new Millennium the Econometric Institute had "dismissed a strong emphasis on mathematics and statistics as research areas, and it embraced areas as finance, marketing and economics in general."Franses (2005; Preface) In 2005 the Econometric Institute served some 300 students at the BSc and MSc level, and 28 PhD students with a staff of 35.

Directors

Directors since 1956 * 1956 - 1956 :

* 1956 - 1966 :

* 1966 - 1971 : Jan Sandee * 1971 - 1982 : Willem Somermeyer * 1982 - 1987 : Alexander Rinnooy Kan (co-director) * 1982 - 1992 :

Teun Kloek Teunis (Teun) Kloek (born 1934) is a Dutch economist and Emeritus Professor of Econometrics at the Erasmus Universiteit Rotterdam. His research interests centered on econometric methods and their applications, especially nonparametric and robust ...

(co-director) * 1987 - 1992 : Harm Bart (co-director) * 1992 - 1998 : Ton Vorst * 1998 - 2003 : Herman K. van Dijk * 2004 - 2006 :

* 2006 – 2014 : Albert Wagelmans * 2014 – 2020: Patrick Groenen * 2020 - present: Dennis Fok

References

External links

Department of Econometrics: Econometric Institute
at Erasmus University Rotterdam {{authority control Erasmus University Rotterdam Economic research institutes Research institutes in the Netherlands