Ebook: Henri Theil’s Contributions to Economics and Econometrics: Volume III: Economic Policy and Forecasts, and Management Science

PREFACE TO THE COLLECTION PREAMBLE The editors are pleased to present a selection of Henri Theil's contributions to economics and econometrics in three volumes. In Volume I we have provided an overview of Theil's contributions, a brief biography, an annotated bibliography of his research, and a selection of published and unpublished articles and chapters in books dealing with topics in econometrics. Volume II contains Theil's contributions to demand analysis and information theory. Volume III includes Theil's contributions in economic policy and forecasting, and management science. The selection of articles is intended to provide examples of Theil's many seminal and path breaking contributions to economics in such areas as econometrics, statistics, demand analysis, information theory, economic policy analysis, aggregation theory, forecasting, index numbers, management science, sociology, operations research, higher education and much more. The collection is also intended to serve as a tribute to him on the occasion of his 67th birthday.! These three volumes also highlight some of Theil's contributions and service to the profession as a leader, advisor, administrator, teacher, and researcher. Theil's contributions, which encompass many disciplines, have been extensively cited both in scientific and professional journals. These citations often place Theil among the top 10 researchers (ranked according to number of times cited) in the world in various disciplines.

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These three volumes contain an account of Professor Henri Theil's distinguished career as a leader, advisor, administrator, teacher, and researcher in economics and econometrics. The books also contain a selection of his contributions in many areas, such as econometrics, demand analysis, information theory, forecasting, statistics, economic policy analysis and management science. To date he has contributed over 250 articles in refereed journals and chapters in books, and 15 books, three of which became citation classics. His books and articles have appeared in (and have been translated into) many languages, such as Polish, Russian, Dutch, English, French, German, Hungarian, Italian and Japanese.
This collection provides excellent reference material to researchers and graduate students working in a variety of disciplines, such as econometrics, economics, management science, operations research, and statistics. Moreover, Professor Theil's career serves as a role model for younger generations of scholars, both in terms of his approach to research and his commitment to his profession.
Professor Theil's distinguished career as an academic began in 1953 when he was appointed Professor of Econometrics at the Netherlands School of Economics in Rotterdam (now Erasmus University). Three years later he founded the Econometric Institute in Rotterdam and served as its first director until 1966, when he accepted a joint appointment at the Graduate School of Business and Department of Economics, University of Chicago, U.S.A. In 1981, Theil was appointed to the McKethan-Matherly Eminent Chair at the Graduate School of Business Administration of the University of Florida in Gainesville. Theil has received many international honours including four honorary degrees.

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These three volumes contain an account of Professor Henri Theil's distinguished career as a leader, advisor, administrator, teacher, and researcher in economics and econometrics. The books also contain a selection of his contributions in many areas, such as econometrics, demand analysis, information theory, forecasting, statistics, economic policy analysis and management science. To date he has contributed over 250 articles in refereed journals and chapters in books, and 15 books, three of which became citation classics. His books and articles have appeared in (and have been translated into) many languages, such as Polish, Russian, Dutch, English, French, German, Hungarian, Italian and Japanese.
This collection provides excellent reference material to researchers and graduate students working in a variety of disciplines, such as econometrics, economics, management science, operations research, and statistics. Moreover, Professor Theil's career serves as a role model for younger generations of scholars, both in terms of his approach to research and his commitment to his profession.
Professor Theil's distinguished career as an academic began in 1953 when he was appointed Professor of Econometrics at the Netherlands School of Economics in Rotterdam (now Erasmus University). Three years later he founded the Econometric Institute in Rotterdam and served as its first director until 1966, when he accepted a joint appointment at the Graduate School of Business and Department of Economics, University of Chicago, U.S.A. In 1981, Theil was appointed to the McKethan-Matherly Eminent Chair at the Graduate School of Business Administration of the University of Florida in Gainesville. Theil has received many international honours including four honorary degrees.

Content:
Front Matter....Pages i-xxiv
Front Matter....Pages 1051-1051
Econometric Models and Welfare Maximization....Pages 1055-1075
On the Theory of Economic Policy....Pages 1077-1083
A Note on Certainty Equivalence in Dynamic Planning....Pages 1085-1089
Macrodynamic Policy-Making: An Application of Strategy and Certainty Equivalence Concepts to the Economy of the United States, 1933–1936....Pages 1091-1112
Who Forecasts Best?....Pages 1115-1120
A Statistical Appraisal of Postwar Macro-Economic Forecasts in the Netherlands and Scandinavia....Pages 1121-1139
Some Observations on Adaptive Forecasting....Pages 1141-1151
Forecast Evaluation Based on a Multiplicative Decomposition of Mean Square Errors....Pages 1153-1173
Front Matter....Pages 1175-1175
Management Science in Europe....Pages 1179-1182
Econometrics and Management Science: Their Overlap and Interaction....Pages 1183-1196
Quadratic Programming as an Extension of Classical Quadratic Maximization....Pages 1199-1223
The Effect of Forecasting Errors on Optimal Programming....Pages 1225-1252
Some Reflections on Static Programming under Uncertainty....Pages 1253-1265
A Procedure for Integer Maximization of a Definite Quadratic Function....Pages 1267-1287
Substitution Effects in Geometric Programming....Pages 1289-1297
Quantitative Economics in the Netherlands....Pages 1301-1316
On the Optimal Management of Research: A Mathematical Approach....Pages 1317-1338
Can Economists Contribute to Marketing Research?....Pages 1339-1352
The Cube Law Revisited....Pages 1353-1360
The Apportionment Problem and the European Parliament....Pages 1361-1378
Back Matter....Pages 1379-1384

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These three volumes contain an account of Professor Henri Theil's distinguished career as a leader, advisor, administrator, teacher, and researcher in economics and econometrics. The books also contain a selection of his contributions in many areas, such as econometrics, demand analysis, information theory, forecasting, statistics, economic policy analysis and management science. To date he has contributed over 250 articles in refereed journals and chapters in books, and 15 books, three of which became citation classics. His books and articles have appeared in (and have been translated into) many languages, such as Polish, Russian, Dutch, English, French, German, Hungarian, Italian and Japanese.
This collection provides excellent reference material to researchers and graduate students working in a variety of disciplines, such as econometrics, economics, management science, operations research, and statistics. Moreover, Professor Theil's career serves as a role model for younger generations of scholars, both in terms of his approach to research and his commitment to his profession.
Professor Theil's distinguished career as an academic began in 1953 when he was appointed Professor of Econometrics at the Netherlands School of Economics in Rotterdam (now Erasmus University). Three years later he founded the Econometric Institute in Rotterdam and served as its first director until 1966, when he accepted a joint appointment at the Graduate School of Business and Department of Economics, University of Chicago, U.S.A. In 1981, Theil was appointed to the McKethan-Matherly Eminent Chair at the Graduate School of Business Administration of the University of Florida in Gainesville. Theil has received many international honours including four honorary degrees.

Content:
Front Matter....Pages i-xxiv
Front Matter....Pages 1051-1051
Econometric Models and Welfare Maximization....Pages 1055-1075
On the Theory of Economic Policy....Pages 1077-1083
A Note on Certainty Equivalence in Dynamic Planning....Pages 1085-1089
Macrodynamic Policy-Making: An Application of Strategy and Certainty Equivalence Concepts to the Economy of the United States, 1933–1936....Pages 1091-1112
Who Forecasts Best?....Pages 1115-1120
A Statistical Appraisal of Postwar Macro-Economic Forecasts in the Netherlands and Scandinavia....Pages 1121-1139
Some Observations on Adaptive Forecasting....Pages 1141-1151
Forecast Evaluation Based on a Multiplicative Decomposition of Mean Square Errors....Pages 1153-1173
Front Matter....Pages 1175-1175
Management Science in Europe....Pages 1179-1182
Econometrics and Management Science: Their Overlap and Interaction....Pages 1183-1196
Quadratic Programming as an Extension of Classical Quadratic Maximization....Pages 1199-1223
The Effect of Forecasting Errors on Optimal Programming....Pages 1225-1252
Some Reflections on Static Programming under Uncertainty....Pages 1253-1265
A Procedure for Integer Maximization of a Definite Quadratic Function....Pages 1267-1287
Substitution Effects in Geometric Programming....Pages 1289-1297
Quantitative Economics in the Netherlands....Pages 1301-1316
On the Optimal Management of Research: A Mathematical Approach....Pages 1317-1338
Can Economists Contribute to Marketing Research?....Pages 1339-1352
The Cube Law Revisited....Pages 1353-1360
The Apportionment Problem and the European Parliament....Pages 1361-1378
Back Matter....Pages 1379-1384
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