Center for Operations Research and Econometrics

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CORE
CORE
Center for Operations Research and Econometrics
Category: research Institute
Carrier: Université catholique de Louvain
Consist: since 1966
Facility location: Louvain-la-Neuve , Belgium
Type of research: Basic research, applied research
Subjects: Economics , game theory , econometrics , operations research , quantitative and economic geography
Management: Philippe Chevalier (President)
Employee: 49 (permanent staff)
Homepage: http://www.uclouvain.be/en-core.html
CORE

The Center for Operations Research and Econometrics (CORE) is an interdisciplinary research institute of the Université catholique de Louvain (UCL), which is located in Louvain-la-Neuve , Belgium . Since 2010 it has been part of the Institute for Multidisciplinary Research in Quantitative Modeling and Analysis (IMMAQ), alongside the Institute for Economic and Social Research (IRES) and the Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA).

CORE integrates basic and applied research in the following key areas: economics and game theory , econometrics , quantitative and economic geography, and operations research . Research at CORE aims to create a theoretical and methodological basis to analyze the decision problems associated with economic policy and public and private sector management; develop the theory of optimization and statistics for solving design and decision problems; and to provide computing tools ( algorithms and software ).

History and international recognition

CORE was founded in Leuven in 1966 on the initiative of Jacques Drèze , who is considered to be its founding father. Originally the center existed within the Catholic University of Leuven . After its split in 1968 with the binding of the Dutch- speaking Katholieke Universiteit Leuven and the French-speaking Université catholique de Louvain , CORE moved its headquarters to Louvain-la-Neuve in 1977 to join the last university.

CORE, the creation of which was inspired by the Cowles Foundation , as well as the other institutions Jacques Drèze visited while doing research in the United States, brought economic modeling to Europe. As a pioneer in this field, CORE has stimulated the development of Belgian and European economic research, which at that time was very “local”. The Center has modernized and internationalized it through the economic knowledge and research methods imported from the United States. At the same time, a local economic culture was created in Europe, e.g. B. through the imbalance economy , which can be seen as a French trademark in macroeconomics . Another element of continental economic culture has been the development of specific research practices such as research teams, co-authorship and peer review .

It was founded in 1966. For comparison, the center has around 40 academic staff, including retired professors ( Emeritus ), 26 Associate Fellows and Research Associates and more than 40 graduate students and postdoctoral fellows .

In 1967, CORE received a five-year grant from the Ford Foundation which enabled the center to grow rapidly by attracting academic staff and visiting researchers. These researchers, including Gérard Debreu , Truman Bewley , Hildegard Dierker, Birgit Grodal , David Schmeidler , Karl Vind, and Werner Hildenbrand , have helped CORE gain international recognition in the field of mathematical economics . The time of the Ford subsidy coincided with the period of the neo-Valrasian economy, which also set in motion the differentiation of the disciplines. While the research areas were originally integrated, the complementary but independent disciplines of mathematical economics, operations research and econometrics emerged around this time . According to the Department of Disciplines, imbalance economics became the most important and influential area of ​​research at CORE that differentiated the center from US practices and led CORE to establish itself as a specific macroeconomic school.

Before the Ford grant ended in 1973, CORE had a permanent academic workforce of up to 21, plus roughly the same number of visiting researchers. The center was maintained by the university with external funding through various research contracts with the Belgian government and various organizations. With the more and more differentiated disciplines, mathematical programming and econometrics , originally minor subjects, have also developed into important research areas at CORE. The Bayesian Econometrics heard so well to the emblematic areas that sometimes the Belgian Bayesian school called the Center.

In 1977 CORE expanded its training activities with the creation of the European Doctoral Program in Quantitative Economics, in which other partners were subsequently involved. In 1985, was European Economic Association (European Economic Association), founded on the initiative of Jacques Drèze (the first president was), Jean Gabszewicz, Louis PHLIPS, Jacques Thisse and Jean Waelbroeck.

Today the main research areas of CORE are economics , game theory , operations research , quantitative and economic geography . Its main objectives include promoting quality research, developing network connections for scientific exchange and cooperation, training young doctoral and postdoctoral students, and providing scientific knowledge to experts and business people in the private and public sectors .

staff

The core staff at CORE usually consists of around 40 academic staff from the Université catholique de Louvain and from other Belgian and some neighboring foreign universities ( Katholieke Universiteit Leuven , Université libre de Bruxelles , Université Saint-Louis - Bruxelles , Université de Liège , Université de Mons , Université de Namur , Universiteit Maastricht , Université de Lille and Université du Luxembourg ), as well as several administrative employees.

Every year, CORE receives an average of 25 researchers who come to the center for long-term visits. These include two categories of visiting researchers, Associate Fellows and Research Associates, who work on CORE on a weekly and yearly basis, respectively. They are appointed for a term of two years, subject to the support of two CORE members, with the possibility of extending this term. The Associate Fellows and Research Associates are invited to participate in all CORE activities, including scientific projects, seminars and publications. Every year, several Research Fellows receive postgraduate grants from CORE, which are distributed on a competitive basis for periods of one to three years. As part of its postgraduate training, the center welcomes around 30 doctoral students each year . In addition to longer stays, CORE regularly invites short-term visitors who come to the center for a period from some days to several weeks.

With its members and guest researchers from institutions all over the world and every third research director appointed by external researchers, CORE is characterized by an international working environment and gives particular importance to research network connections.

research

The main research areas of CORE are: economics and game theory , econometrics , quantitative and economic geography, and operations research .

Economics and Game Theory

The most important research fields developed at CORE traditionally include general equilibrium theory ( uncertainty , incomplete markets, equilibrium calculation, non-convexities in the production sector , the introduction of money, price equilibrium, the study of unemployment ), industrial economics , political economy , spatial economy, public economics, environmental economics , decision theory , macroeconomics and non-cooperative and cooperative game theory (equilibrium concepts, uncertainty, cooperative solutions). Current research in this area includes theoretical, applied and empirical developments. Its aim is to provide a theoretical basis for solving problems related to market regulation and the organization of the public sector . Current research fields include industrial organization, public and political economics, environmental economics, welfare economics and social choice theory , general equilibrium theory and various game theory topics.

Econometrics

Research in the field of econometrics at CORE aims to develop quantitative models as well as statistical and computer-aided methods that are suitable for processing economic data. CORE's major contributions to econometrics include Bayesian estimation of systems of simultaneous equations ( Bayesian inference methods are widely used in research at CORE) and the concepts of weak and strong exogeneity used in statistical inference. Other important fields of research include financial econometrics with topics such as the microstructure of financial markets or volatility models and structural econometrics. Current econometrics research areas are financial econometrics, time series econometrics, and Bayesian methods.

Operations Research

Research in this area is linked to optimization and mathematical programming . The most important contribution areas include discrete optimization , integer programming and convex optimization . Research topics also include major energy investments, electricity transmission and markets , the design and regulation of the European market, and supply chain management . The Operations Research is closely related to the economic geography , through the use of methods of mathematical programming for the solution of location decision problems. Current operations research research areas include modeling and solving industrial economics problems, discrete optimization, non-linear and linear optimization, and equilibrium calculations.

Quantitative and Economic Geography

Research in the field of geography at CORE is closely related to economics , e.g. B., the joint study of the location of human activities and their environmental footprint. It concentrates on the areas of quantitative and economic geography and is applied in the politics of land use planning. The current geography research fields include location allocation models, traffic geography and sustainable mobility, spatial quantitative analyzes, human geography and economic geography.

Chairs and scientific projects

Around 30 scientific projects are developed at CORE every year. They are financed through subsidies and contracts from the private and public sectors , including the Belgian Federal Government , e.g. B., the Belgian Federal Science Policy Office , the Scientific Research Foundation (FNRS) , the French Community of Belgium , the European Commission , e.g. B., the European Research Council , Research Framework Programs, COST Actions, various Belgian and foreign public institutions, private companies, etc.

There are currently three research assignments at CORE:

  • ENGIE Chair in Energy Economics and Energy Risk Management , which is funded by ENGIE and supports research in the field of risk management in energy markets .
  • GSK Vaccines Chair in Strategic Sourcing and Procurement , funded by GSK Vaccines, Belgium, which includes research, teaching and networking activities in the field of strategic procurement, both theoretically and practically.
  • Chair Lhoist Berghmans in Environmental Economics and Management with teaching and research aimed at the cost-benefit analysis of the application of alternative technologies in industry and the assessment of the impact of industrial activities on the environment and living standards .

PhD programs

CORE regularly accepts about 30 PhD students to conduct research under the supervision of its members. On average, around seven dissertations are completed at CORE each year, with around 25 still in progress. Supervision takes place within the framework of doctoral programs from various UCL departments that are connected to the CORE research areas, as well as the following inter-institutional doctoral programs:

Scientific events

There are currently eight regular seminars held at CORE, including the three traditional weekly seminars in Econometrics , Economics and Operations Research and a seminar by ECORES, a joint association of CORE ( Université catholique de Louvain ), ECARES ( Université libre de Bruxelles ) and CES ( Katholieke Universiteit Leuven ).

The scientific events organized by CORE also include regular doctoral workshops, where doctoral students can present their research projects that have already been carried out and ongoing, and a series of lectures (CORE Lecture Series) by recognized scientists from Belgian and foreign academic institutions who are invited to the center to to give lectures related to his research fields.

CORE often (co) organizes various scientific events at local and international level that take place both at CORE and at other institutions in Belgium and abroad: conferences, assemblies, workshops, forums, schools, etc. CORE members regularly take part in external seminars , Conferences and meetings, in most cases to present a work, and are invited by other institutions for academic stays and visits.

Publications

Three scientific series are currently being published at CORE:

  • CORE Discussion Papers

The Discussion Papers series comprises the papers that have been written by all CORE members or visitors during their stay at CORE and are available for discussion until they are published in scientific journals.

  • CORE reprints

The CORE Reprints series includes all articles published by CORE members and visitors.

  • CORE Lecture Series

This series was created in 1987, in collaboration with the CORE Foundation, a privately funded international scientific association that aims to promote research in econometrics , operations research and economics, as well as scientific collaboration and education in these areas. The CORE Lecture Series consists of the presentations by recognized scientists who are invited to the center to give lectures on topics related to CORE research.

In addition to the CORE Discussion Papers and Reprints, CORE members and visitors are involved in the preparation of various external scientific papers, including journal publications: Mimeos, manuscripts, reviews, research papers, working and discussion papers, conference reports, lecture papers, instructions, specialist reports, etc. Published several books and edited books as well as newspaper articles by CORE researchers annually. CORE members and visitors are also involved in various editorial activities and work as editors-in-chief, editorial members and members of the scientific committee, editors, co-editors, invited editors, etc. of various scientific journals.

Prizes and awards

The scientific honors received by CORE members include: Laschester Prize , Francqui Prize , Francqui Chair, EURO Gold Medal, Doctorate Honoris Causa , Dantzig Prize , John von Neumann Theory Prize , European Prize in Regional Science , Robert C. Witt Award, De la Vega Prize, Walter Isard Award, Kulp-Wright Book award, Wernaers Prize, Social Choice and Welfare Prize, Emile de Laveleye Prize, William Alonso Memorial Prize, Ferdinand de Lesseps Prize, Risques – Les Echos Prize, SIAM Activity Group on Optimization Prize, etc., various dissertation awards (Savage Award, Ernst Meyer Prize, Sogesci-BVWB Prize, Orgel Award, etc.) as well as (honorary) memberships in various research institutions, academic and other institutions.

Some recognized CORE researchers

Well-known researchers involved in the work on CORE through visits, publications and participation in seminars and conferences include: Kenneth Arrow , Robert Aumann , Claude d'Aspremont , Gérard Debreu , Marc Fleurbaey , John Geanakoplos , Michel Goemans , Christian Gourieroux , Patrick Harker , Werner Hildenbrand , Matthew Jackson , Thomas Magnanti , François Maniquet , Eric Maskin , Franco Modigliani , Roger Myerson , George Nemhauser , Arkadi Nemirovski , Juri Nesterow , Ariel Rubinstein , Thomas Sargent , Reinhard Selten , Lloyd Shapley , Joseph Stiglitz , Jacques-François Thisse , Jean Tirole and Laurence Wolsey .

Individual evidence

  1. ↑ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af Université catholique de Louvain: Center for Operations Research and Econometrics (CORE) ( Memento des Originals from June 29, 2016 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.uclouvain.be
  2. ↑ a b c d e f g Düppe, T., "When Modern Economics Learned French: Jacques Drèze and the Foundation of CORE". European Journal of the History of Economic Thought, April 2016
  3. ↑ Université catholique de Louvain: Engie Chair in Energy Economics and Energy Risk Management
  4. ↑ Université catholique de Louvain: GSK Vaccines Chair in Strategic Sourcing and Procurement ( Memento of the original from March 9, 2016 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.uclouvain.be
  5. ↑ European Doctoral Program in Quantitative Economics (EDP)
  6. ↑ Amir, R., Knauff, M., “Ranking Economics Departments Worldwide On the Basis of Ph.D. Placement ”. Review of Economics and Statistics 90 (1), 185-190, 2008
  7. ↑ European Doctorate in Economics Erasmus Mundus (EDEEM)