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
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.
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.
Their work and discoveries range from paleogenomics and click chemistry to documenting war crimes.
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