place

Cowles Foundation

Economic research institutesResearch institutes established in 1932Research institutes in ConnecticutResearch institutes of the University of ChicagoYale University

The Cowles Foundation for Research in Economics is an economic research institute at Yale University. It was created as the Cowles Commission for Research in Economics at Colorado Springs in 1932 by businessman and economist Alfred Cowles. In 1939, the Cowles Commission moved to the University of Chicago under Theodore O. Yntema. Jacob Marschak directed it from 1943 until 1948, when Tjalling C. Koopmans assumed leadership. Increasing opposition to the Cowles Commission from the department of economics of the University of Chicago during the 1950s impelled Koopmans to persuade the Cowles family to move the commission to Yale University in 1955 where it became the Cowles Foundation.As its motto Theory and Measurement implies, the Cowles Commission focuses on linking economic theory to mathematics and statistics. Its advances in economics involved the creation and integration of general equilibrium theory and econometrics. The thrust of the Cowles approach was a specific, probabilistic framework in estimating simultaneous equations to model an economy. Its ultimate goal in doing so was to gain policy insight. The Cowles approach structured its models from a priori economic theory. One of its main contributions was in exposing the bias of ordinary least squares regression in identifying coefficient estimates. Consequently, Cowles researchers developed new methods such as the indirect least squares, instrumental variable methods, the full information maximum likelihood method, and the limited information maximum likelihood method. All of these methods used theoretical, a priori restrictions. According to an article by Carl F. Christ, the Cowles approach was grounded on certain assumptions: 1. simultaneous economic behavior; 2. linear or logarithmic equations and disturbances; 3. systematic, observable variables without error; 4. discrete variable changes as opposed to continuous; 5. a priori determination of exogeneity and endogeneity; 6. the existence of a reduced form; 7. independence of the explanatory variables; 8. a priori identified structural equations; 9. normally distributed disturbances with zero means, finite and constant covariances, a nonsingular covariance matrix, and serial independence; 10. a dynamically stable system of equations.Several Cowles associates have won a Nobel Memorial Prize in Economic Sciences for research done while at the Cowles Commission. These include Tjalling Koopmans, Kenneth Arrow, Gérard Debreu, James Tobin, Franco Modigliani, Herbert A. Simon, Joseph E. Stiglitz, Lawrence Klein, Trygve Haavelmo, Leonid Hurwicz and Harry Markowitz. The Cowles Foundation is located at 30 Hillhouse Avenue, New Haven, Connecticut.

Excerpt from the Wikipedia article Cowles Foundation (License: CC BY-SA 3.0, Authors).

Cowles Foundation
Trumbull Street, New Haven

Geographical coordinates (GPS) Address Nearby Places
placeShow on map

Wikipedia: Cowles FoundationContinue reading on Wikipedia

Geographical coordinates (GPS)

Latitude Longitude
N 41.313757 ° E -72.92352 °
placeShow on map

Address

Hillhouse Avenue Historic District

Trumbull Street
06510 New Haven
Connecticut, United States
mapOpen on Google Maps

Share experience

Nearby Places

St. Mary's Church (New Haven, Connecticut)
St. Mary's Church (New Haven, Connecticut)

St. Mary Church is a Roman Catholic church in New Haven, Connecticut, part of the Archdiocese of Hartford. It is the seat of the city-wide Blessed Michael McGivney Parish. As of July 1, 2023, the consolidated city-wide parish operates eight churches for regularly scheduled worship. The parish now known as Blessed Michael McGivney Parish was the first Catholic parish erected in New Haven, and is the second oldest Roman Catholic parish in Connecticut. The parish was originally established in 1832 as Christ Church Parish, becoming Saint Mary Parish in 1848. The current Saint Mary church building, located on Hillhouse Avenue near Yale University, was dedicated in 1874. In 1882, Michael J. McGivney, the Saint Mary's assistant pastor, founded the Knights of Columbus at the parish. McGivney, whose remains are interred within the church, was beatified by Pope Francis in 2020. For 135 years, from 1886 until their departure in December 2021, St. Mary's parish had been run by friars of the Dominican Order. In 2021, priests from the archdiocese were assigned to Saint Mary Parish as part of second major restructuring of parishes in New Haven. On July 1, 2023, all parishes within the city of New Haven were formally merged into Saint Mary Parish to form Blessed Michael McGivney Parish. In 2018, the parish of St. Mary had previously merged with nearby St. Joseph Parish as part of an earlier diocesan-wide restructuring. The churches constituting the city-wide parish include: Saints Aeden and Brendan Church, Saint Anthony Church, Saint Francis Church, Saint Joseph Church, Saint Mary Church, Saint Michael Church (Italian), Saint Thomas Moore Chapel at Yale, Saint Martin de Porres Church, and Saint Stanislaus Church (Polish). Saint Bernadette Church, though within the city of New Haven, is part of St. Pio of Pietrelcina Parish of East Haven, Connecticut. A separate Eastern Catholic parish of Saint Michael, part of the Ukrainian Eparchy of Stamford, also exists within New Haven.