The Concise Encyclopedia of Economics

Trygve Haavelmo

In 1989 Norwegian economist Trygve Haavelmo was awarded the Nobel Prize for his pioneering work in the forties in econometrics. He made two main contributions in econometrics. The first was a 1943 article that showed some of the statistical implications of simultaneous equations. The second was a 1944 article that based econometrics more firmly on probability theory.

During the war years Haavelmo worked for the Norwegian government in the United States. He was a professor of economics at the University of Oslo from 1948 until his retirement in 1979.

Selected Works

"The Probability Approach in Econometrics." Supplement to Econometrica 12 (July 1944): S1-115.

"The Statistical Implications of a System of Simultaneous Equations." Econometrica 11 (January 1943): 1-12.

A Study in the Theory of Investment. 1960.

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