Trygve Haavelmo
Facts
Photo from the Nobel Foundation archive.
Trygve Haavelmo
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1989
Born: 13 December 1911, Skedsmo, Norway
Died: 26 July 1999, Oslo, Norway
Affiliation at the time of the award: University of Oslo, Oslo, Norway
Prize motivation: “for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures”
Prize share: 1/1
Life
Trygve Haavelmo was born in Skedsmo, Norway. He received a degree in economics from the University of Oslo in 1930. He received his Ph.D. in 1946 for his work The Probability Approach in Econometrics. He was a professor of economics and statistics at the University of Oslo for nearly thirty years. Haavelmo died in Oslo at the age of 88.
Work
Trygve Haavelmo was a pioneer in what became the field of economic forecasting. His statistical techniques made possible the development of econometric models that predict how a change in one aspect of the economy will affect others; that is, he demonstrated that statistical probability theory could be integrated into economic formulations. Haavelmo’s method contributed to the techniques of national economic forecasting.
Nobel Prizes and laureates
Six prizes were awarded for achievements that have conferred the greatest benefit to humankind. The 12 laureates' work and discoveries range from proteins' structures and machine learning to fighting for a world free of nuclear weapons.
See them all presented here.
