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11 October 1989 THIS YEAR’S LAUREATE IN ECONOMICS SHOWED HOW ECONOMIC THEORIES CAN BE TESTED has decided to award the 1989 Alfred Nobel Memorial Prize in Economic Sciences to Professor Trygve Haavelmo, Oslo, Norway, for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures. Summary This year’s prize…

I was born in Chicago in 1927, the only child of Morris and Mildred Markowitz who owned a small grocery store. We lived in a nice apartment, always had enough to eat, and I had my own room. I never was aware of the Great Depression. Growing up, I enjoyed baseball and tag football in…

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Presentation Speech by Professor Bengt-Christer Ysander of the December 10, 1989 Translation from the Swedish text Your Majesties, Your Royal Highnesses, Ladies and Gentlemen, This year’s laureate, Professor Trygve Haavelmo of the University of Oslo, has been awarded the Alfred Nobel Memorial Prize in Economic Science for his pioneering contributions to the development of econometrics,…

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18 October 1988 has decided to award the 1988 Alfred Nobel Memorial Prize in Economic Sciences to Professor Maurice Allais, Ecole Nationale Supérieure des Mines de Paris, France, for his pioneering contributions to the theory of markets and efficient utilization of resources. One of the principal tasks of basic research in economics is to formulate…

The field of econometrics is concerned with estimating economic relations and testing whether postulated relations conform fully with reality. In an article in Econometrica in 1943 and in his doctoral thesis entitled, The Probability Approach in Econometrics (1944), Haavelmo showed that the results of many of the methods used thus far had been misleading. Earlier…

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