DEFINITION of 'Trygve Haavelmo'
A Norwegian economist who won the 1989 Nobel Memorial Prize in Economics for his econometric research showing how economic theories can be tested and his analysis on simultaneous structures in economics. Much of his research focused on interdependence problems. Haavelmo also made contributions to predicting investment in a country, and used mathematical statistics to explain how some economic theories are actually misleading.
BREAKING DOWN 'Trygve Haavelmo'
Haavelmo was born in Norway in 1911. He studied under fellow Nobel laureate Ragnar Frisch and earned his Ph.D. in economics from the University of Oslo. Trygve Haavelmo was a professor at the University of Oslo from 1948 to 1979, and also worked for the Norwegian government's Maritime Fleet Administration, the Norwegian Embassy in the United States and the Cowles Commission. In addition, Haavelmo served as president of the Econometric Society. Haavelmo died in 1999.