Econometric Institute (Dutch Econometrisch Instituut) at the Erasmus University Rotterdam is a leading research instituteThe institute is ranked among the top 6% Economic Institutions. See Top 10% Economic Institutions, as of August 2013. Accessed Sept 9, 2013. in the fields of econometrics and management science in the Netherlands.Francis X. Diebold, Glenn D. Rudebusch (2013) Yield Curve Modeling and Forecasting. p. ii The Institute offers advanced education in econometrics. It was founded in 1956 by Henri Theil in cooperation with Jan Tinbergen.
History
Foundation The first proposal for a special institute in quantitative economics at the Netherlands School of Economics in Rotterdam was made by Henri Theil in 1953 with support of Jan Tinbergen, 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, where he made a similar proposal again with support of Jan Tinbergen. 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 (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."Christiaan Heij et al. (2004) Econometric Methods with Applications in Business and Economics. Oxford University Press. p. v. This evolved over the years. In this time many leading econometricians were guest at the Institute.Baldev Raj, J. Koerts (1992) Henri Theil's Contributions to Economics and Econometrics: Econometric theory and methodology. Vol. I. Springer, 1992
Today Today, the Econometric Institute offers several Bachelor and Master programmes in Econometrics, and a substantial number of well-known econometricians have their roots in Rotterdam. The institute is part of an active research community within the Erasmus School of Economics and participates in the research networks and graduate programmes of the Tinbergen Institute, the Erasmus Research Institute of Management (ERIM), and LNMB (the National Network for Operations Research).
The research of the Econometric Institute covers roughly three areas: Econometrics, Operations Research, and Data Science & Statistics. This research is applied to the domains of Energy & Sustainability, Transportation & Logistics, Climate, Policy Evaluation, Finance, and Analytics for Business, thereby contributing greatly to both fundamental research and societal impact. https://www.eur.nl/en/ese/department-econometrics/about-econometric-institute
Directors Directors since 1956
1956 - 1956 : Jan Tinbergen 1956 - 1966 : Henri Theil 1966 - 1971 : Jan Sandee 1971 - 1982 : Willem Somermeyer 1982 - 1987 : Alexander Rinnooy Kan (co-director) 1982 - 1992 : Teun Kloek (co-director) 1987 - 1992 : Harm Bart (co-director) 1992 - 1998 : Ton Vorst 1998 - 2003 : Herman K. van Dijk 2004 - 2006 : Philip Hans Franses 2006 – 2014 : Albert Wagelmans 2014 – 2020: Patrick Groenen 2020 - present: Dennis Fok
See also Erasmus Research Institute of Management Tinbergen Institute TRAIL Research School
Literature Erwin Dekker, Jan Tinbergen (1903–1994) and the Rise of Economic Expertise, Cambridge University Press, 2021. Matthijs Dicke, Ambitie en identiteit : van Nederlandsche Handels-Hoogeschool tot Erasmus Universiteit Rotterdam 1913-2013, Stad en Bedrijf, Rotterdam, 2013. Bas Diemel, Erasmus School of Economics honderd jaar, Stad en Bedrijf, Rotterdam, 2013.
References
External links Department of Econometrics: Econometric Institute at Erasmus University Rotterdam