View source for Center for Operations Research and Econometrics

{{Infobox university
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| other_name = Center for Operations Research and Econometrics
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| type = [[Research center]]
| established =  1966
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| founder = [[Jacques Drèze]]
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| affiliation = [[UCLouvain]]
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| president = Philippe Chevalier
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| academic_staff = 41
| administrative_staff = 8
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| doctoral = 33
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| city = [[Louvain-la-Neuve]]
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| country = [[Belgium]]
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| campus = [[Louvain-la-Neuve]]
| language = English
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| website =   http://www.uclouvain.be/en-core.html
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The '''Center for Operations Research and Econometrics''' (CORE) is an interdisciplinary [[research institute]] of the [[Université catholique de Louvain|University of Louvain]] (UCLouvain) located in [[Louvain-la-Neuve]], [[Belgium]]. Since 2010, it is part of the Louvain Institute of Data Analysis and Modeling in economics and statistics (LIDAM), along with the Institute for Economic and Social Research (IRES), Louvain Finance (LFIN) and the Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA). 

CORE integrates [[Fundamental research|fundamental]] and [[applied research]] in the following key fields: [[economics]] and [[game theory]], [[econometrics]], quantitative and economic [[geography]], and [[operations research]]. Researchers at CORE aim at developing a theoretical and methodological base for the analysis of decision problems related to [[economic policy]] and the management of the [[Public sector|public]] and [[private sector]], the theory of [[optimisation]] and [[statistics]] for the solution of design and [[decision problems]], and computational tools (algorithms and software).

== History and international recognition ==
CORE was founded in [[Leuven]] in 1966 at the initiative of [[Jacques Drèze]], who is considered its founding father, [[Anton Barten]] and Guy de Ghellinck. Initially, the center existed within the [[Catholic University of Leuven (1834–1968)|Catholic University of Leuven]]. Following its split in 1968 to form the Dutch-speaking [[Katholieke Universiteit Leuven]] and the French-speaking [[Université catholique de Louvain]], CORE moved to [[Louvain-la-Neuve]] in 1977 to join the latter.

CORE, the creation of which was inspired by the [[Cowles Foundation]] as well as the other institutions that [[Jacques Drèze]] had visited during his research work in the United States, brought economic modelling to Europe. Being a pioneer in the domain, CORE propelled Belgian and European economic research, which was very "local" at that time, into development. The center modernized it through the economic knowledge and research practices imported from the United States and contributed to its [[internationalization]], while at the same time creating a local economic culture in Europe, e.g., through [[Disequilibrium macroeconomics|disequilibrium economics]], which can be considered a French ‘trademark’ in [[macroeconomics]]. Another element of the continental economic culture was the development of specific research forms, such as research teams, co-authorship and [[peer review]].

In 1966, CORE opened its doors with four academic members and three researchers on the staff. For comparison, today the center hosts around 40 [[Faculty (academic staff)|faculty]] members including [[Emeritus Professor|emeritus professors]], 26 [[associate fellow]]s and [[research associate]]s as well as over 40 [[Doctoral student|doctoral]] and [[Postdoctoral researcher|postdoctoral researchers.]]

In 1967, CORE received a five-year grant from the [[Ford Foundation]], which propelled the center into rapid development by attracting [[Faculty (academic staff)|faculty]] members and visitors. These researchers including [[Gérard Debreu]], [[Truman Bewley]], Hildegard Dierker, [[Birgit Grodal]], [[David Schmeidler]], Karl Vind and [[Werner Hildenbrand]] gained CORE international recognition in the field of [[mathematical economics]]. The time of the Ford grant coincided with the epoch of "Neo-Walrasian" economics at CORE, which also started the differentiation of disciplines. While initially, the research fields were integrated, at that time, there appeared the complementary, but independent disciplines of [[mathematical economics]], [[operations research]] and [[econometrics]]. After the division of the disciplines, [[Disequilibrium macroeconomics|disequilibrium economics]] became the major and most influential research area at CORE differentiating the center from the US practices and establishing it as a specific school in [[macroeconomics]].

By 1973, when the Ford grant ended, CORE had expanded its permanent [[Faculty (academic staff)|faculty]] to 21 members with about as many visitors. The maintenance of the center was taken over by the university, supported by external funding through various research contracts with the [[Belgian government]] and different organizations. With the disciplines becoming more and more differentiated, [[mathematical programming]] and [[econometrics]], initially minor fields, also developed and became important research areas at CORE. Thus, [[Bayesian econometrics]] can be considered a trademark of the center, sometimes referred to as the "Belgian Bayesian School".

In 1977, CORE expanded into training activities by the creation of the European Doctoral Program in Quantitative Economics, later joined by the other partners. In 1985, the [[European Economic Association]] was created at the initiative of [[Jacques Drèze]] (who became its first president), Jean Gabszewicz, Louis Phlips, [[Jacques-François Thisse]], and Jean Waelbroeck.

Today, CORE's major research fields include [[economics]], [[game theory]], [[operations research]], quantitative and economic [[geography]]. Its main objectives are fostering quality research, developing networking connections for scientific exchange and collaboration, training young [[Doctoral student|doctoral]] and [[postdoctoral researcher]]s as well making professionals in the [[Public sector|public]] and [[private sector]] benefit from scientific knowledge.

== People ==
The permanent staff of CORE is generally constituted of some 40 [[Faculty (academic staff)|faculty]] members coming from [[Université catholique de Louvain|UCLouvain]], other Belgian and some neighbouring foreign universities ([[Katholieke Universiteit Leuven]], [[Université libre de Bruxelles]], [[Université Saint-Louis Bruxelles|Université Saint-Louis - Bruxelles]], [[Université de Liège]], [[Université de Mons]], [[Université de Namur]], [[Universiteit Maastricht]], [[University of Lille|Université de Lille]] and [[University of Luxembourg|Université du Luxembourg]]), as well as of several administrative employees.

Yearly, the center hosts an average of 25 researchers coming to CORE on long-term visits, including two categories of external visitors: [[associate fellow]]s and [[research associate]]s working at CORE on a weekly and yearly basis respectively. They are appointed for two years subject to support of two CORE members, with the possibility to extend this period. [[Associate fellow]]s and [[research associate]]s are expected to participate in all CORE activities including scientific projects, seminars and publications.
Yearly, several [[research fellow]]s receive CORE fellowships, postdoctoral grants distributed on a competitive basis for a period of time from one to three years. In the framework of its Ph.D. programs, the center hosts some 30 [[Doctoral student|doctoral researchers]] per year.
In addition to the longer stays, CORE regularly receives [[Faculty (academic staff)|faculty]] and researchers coming on short visits from a few days to a few weeks.

With its members and visitors coming from institutions all over the world and every third research director appointed from among external researchers, CORE is characterised by an international working environment and attributes particular importance to research networking connections.

== Research ==
CORE's major research areas are: [[Economics]] and [[Game theory]], [[Econometrics]], [[Operations Research]] and Quantitative and Economic [[Geography]].

=== Economics and game theory ===
Among the major research areas developed at CORE are traditionally [[general equilibrium]] (uncertainty, [[incomplete markets]], computation of equilibrium, non-convexities in the production sector, introduction of money, price equilibria, unemployment study), [[industrial economics]], [[political economics]], [[spatial economics]], [[public economics]], [[environmental economics]], [[decision theory]], [[macroeconomics]] as well as  non-cooperative and cooperative game theory ([[equilibrium concept]]s, uncertainty, cooperative solutions).
The current research in this area comprises theoretical, applied and empirical developments. It aims at providing a theoretical basis for the solution of market regulation and [[public sector]] organisation problems. The current research areas include [[industrial organization]], [[public economics]] and [[political economy]], [[environmental economics]], [[welfare economics]] and [[social choice theory]], [[general equilibrium]] and various game-theoretical topics.

=== Econometrics ===
[[Econometrics]] research at CORE is aimed at the development of quantitative models as well as statistical and computational methods applied to treating economic data.
Among the major CORE contributions in [[econometrics]] are [[Bayesian estimation]] of [[Simultaneous equations|simultaneous equations systems]] ([[Bayesian inference]] methods are widely used in research at CORE) and the concepts of weak and strong exogeneity used in [[statistical inference]]. Other important research fields include [[financial econometrics]] with such topics as the microstructure of [[financial markets]] or volatility models and structural econometrics.
The current research areas in [[econometrics]] are [[financial econometrics]], [[time series econometrics]] and [[Bayesian methods]].

=== Operations research ===
Research in this field is related to [[Mathematical optimization|optimization]] and [[mathematical programming]]. Among the major contribution areas are [[discrete optimization]], [[integer programming]] and [[convex optimization]]. Research is also carried out in the fields of large energy investments, electricity transfers and markets and European market design and regulation as well as in [[supply chain management]].
[[Operations research]] is closely connected with [[economic geography]] through the use of [[mathematical programming]] methods in solving location [[decision problems]].
The current [[operations research]] areas include modelling and finding solutions to [[industrial economics]] problems, [[discrete optimization]], [[linear optimisation|linear]] and [[nonlinear optimization]], and the calculation of equilibria.

=== Quantitative and economic geography ===
Research in [[geography]] at CORE is closely connected with [[economics]], e.g. the joint study of the location of [[human activities]] and their [[environmental footprint]]. It is focused on the areas of quantitative and economic [[geography]] and finds its applications in [[land-use planning]] policy.
The current research areas in [[geography]] include location-allocation models, [[transport geography]] and [[sustainable mobility]], spatial quantitative analyses, [[Human geography|human]] and [[economic geography]].

== Chairs and scientific projects ==
Around 30 scientific projects are developed yearly at CORE financed in the form of grants and contracts by the [[Public sector|public]] and [[private sector]], including the [[Belgian Federal Government]], e.g., the [[Belgian Federal Science Policy Office]], the [[National Fund for Scientific Research|Fund for Scientific Research – FNRS]], the [[Belgian French Community]], the [[European Commission]], e. g., the [[European Research Council]], [[Framework Programmes for Research and Technological Development|Framework Programmes]], COST Actions, various Belgian and foreign public institutions, private enterprises, etc.

At CORE, there are currently three research chairs:
* '''ENGIE Chair in Energy Economics and Energy Risk Management''' funded by [[ENGIE]] and supporting research in the field of [[risk management]] in [[energy market]]s.
* '''Kronos Group Chair in Strategic Sourcing and Procurement''' financed by [[Kronos Group]], Belgium and combining research, teaching and networking activities in [[strategic sourcing]] and procurement at the [[Louvain School of Management]], both in the theoretical and practical domain.
* '''Chair Lhoist Berghmans in Environmental Economics and Management''' comprising teaching and research targeting the cost-benefit analysis of the application of [[Alternative technology|alternative technologies]] in industry and the evaluation of the impact of [[industrial activity|industrial activities]] on the environment and the [[standard of living]].

== Doctoral training ==
CORE regularly hosts some 30 [[Doctoral student|Ph.D. students]] carrying out research under the supervision of its members. On average, around seven [[doctoral dissertation]]s are completed at CORE yearly with about 25 more in progress. The supervision is carried out in the framework of the doctoral programs of various UCLouvain departments related to the CORE research fields as well as of the following inter-institutional Ph.D. programs:
* '''The European Doctoral Program in Quantitative Economics (EDP)''' created in 1977 by CORE and organized jointly by the following institutions: [[Université catholique de Louvain]] (Belgium), [[Ecole des Hautes Etudes en Sciences Sociales]] (France), [[Rheinische Friedrich-Wilhelms-Universität Bonn]] (Germany), [[European University Institute]] (Italy), [[Pompeu Fabra University|Universitat Pompeu Fabra Barcelona]] (Spain), [[London School of Economics and Political Science]] (UK) and [[Tel Aviv University]] (Israel) as an exchange partner. The program covers the fields of [[econometrics]], [[economics]] and [[game theory]]. It was ranked third among European Ph.D. programs in 2008.
* '''The European Doctorate in Economics Erasmus Mundus (EDEEM)''' federating the following institutions: [[Universität Bielefeld]] (Germany) as the coordinator, [[Universiteit van Amsterdam]] (the Netherlands), [[Universidade Nova de Lisboa]] (Portugal), [[Université catholique de Louvain]] (Belgium), [[Université Paris 1 Panthéon-Sorbonne]] (France), [[École des Hautes Etudes en Sciences Sociales]] (France), [[Ca' Foscari University of Venice|Università Ca'Foscari Venezia]] (Italy) as well as academic and non-academic partners. The program accepts students with various backgrounds though strong interest and knowledge in [[economics]] and [[mathematics]] are highly desirable.

== Scientific events ==
Currently, eight seminars and reading groups are held at CORE on a regular basis including the three traditional weekly seminars in [[econometrics]], [[economics]] and [[operations research]] and a seminar organized by ECORES, a joint association of CORE ([[Université catholique de Louvain|UCLouvain]]), ECARES ([[Université libre de Bruxelles]]) and CES ([[Katholieke Universiteit Leuven]]).

Among the scientific events organized at CORE are also regular doctoral workshops where Ph.D. students can present their completed and on-going research and lecture series hosting renowned scientists from Belgian and foreign academic institutions invited to the center to give lectures on topics related to its research areas.

CORE is a frequent organizer and co-organizer of various scientific events at the local and international level, held both at CORE and other institutions in Belgium and abroad: conferences, meetings, workshops, forums, schools, etc.  CORE members regularly attend external seminars, conferences and meetings, most often to present a paper, and are invited to other institutions for academic stays and visits.

== Publications ==
CORE currently issues three scientific paper series:
* '''CORE Discussion Papers'''
The Discussion Paper Series includes the papers produced by all CORE members or visitors during their stay at CORE open for discussion pending publication in scientific journals.
* '''CORE Reprints'''
The CORE Reprints comprise all published papers written by its members and visitors.
* '''CORE Lecture Series'''
This series was created in 1987 with the CORE Foundation, a privately financed international scientific association aiming to support research in [[econometrics]], [[operations research]] and [[economics]] as well as scientific cooperation and training in these fields. The CORE Lecture Series is constituted of the presentations of renowned scientists invited  to the center to give lectures in research areas related to CORE.

Apart from the CORE Discussion Paper and Reprint Series, CORE members and visitors contribute to the production of various external scientific papers including journal publications: mimeos, manuscripts, reviews, research papers, working and discussions papers, conference proceedings, lecture notes, guides, technical reports, etc. Likewise, several books and edited books as well as newspaper articles are published yearly by CORE researchers. CORE members and visitors are equally involved in various editorial activities working as editors-in-chief, members of the editorial board and of the scientific committee, editors, co-editors, invited editors, etc. of different scientific journals.

== Awards and honours ==
Among the scientific distinctions received by CORE members are: [[Lanchester Prize]], [[Francqui Prize]], Francqui Chair, [[European Research Council]] Advanced and Starting Grants, EURO Gold Medal, [[doctorat Honoris Causa|Honoris Causa Doctorate]], 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 thesis awards (Savage Award, Ernst Meyer Prize, Sogesci-BVWB Prize, Orbel Award, etc.) as well as (honorary) memberships and fellowships within different academic, research and other institutions.

== Some renowned researchers at CORE ==
Among the renowned researchers having contributed to the work of CORE through visits, publications and  participation in seminars and conferences are, the list being non-exhaustive: [[Kenneth Arrow]], [[Robert Aumann]], [[Claude d'Aspremont Lynden|Claude d'Aspremont]], [[Gérard Debreu]], Marc Fleurbaey, [[John Geanakoplos]], [[Victor Ginsburgh]], [[Michel Goemans]], [[Christian Gouriéroux]], [[Patrick Harker]], [[Werner Hildenbrand]], [[Matthew O. Jackson|Matthew Jackson]], [[Thomas Magnanti]], {{Interlanguage link multi|François Maniquet|fr}}, [[Eric Maskin]], [[Franco Modigliani]], [[Roger Myerson]], [[George Nemhauser]], [[Arkadi Nemirovski]], [[Yurii Nesterov]], [[Ariel Rubinstein]], [[Thomas Sargent]], [[Reinhard Selten]], [[Lloyd Shapley]], [[Joseph Stiglitz]], [[Jacques-François Thisse]], [[Jean Tirole]] and  [[Laurence Wolsey]].

== References ==
{{reflist}}
# Amir, R. and Knauff, M., "Ranking Economics Departments Worldwide On the Basis of Ph.D. Placement". Review of Economics and Statistics 90 (1), 185- 190, 2008
# [https://web.archive.org/web/20160425115248/http://economie.esg.uqam.ca/upload/Duppe_Till_SI_-_Dec_2015.pdf Düppe, T., "When Modern Economics Learned French: Jacques Drèze and the Foundation of CORE"]
# [https://web.archive.org/web/20120221183559/http://www.uclouvain.be/en-core.html Center for Operations Research and Econometrics (CORE)] website
# [http://perso.uclouvain.be/anthony.papavasiliou/public_html/home.html Engie Chair in Energy Economics and Energy Risk Management] {{Webarchive|url=https://web.archive.org/web/20160422012251/http://perso.uclouvain.be/anthony.papavasiliou/public_html/home.html |date=2016-04-22 }} website
# [http://www.edpqe.eu European Doctoral Program in Quantitative Economics (EDP)] website
# [http://www.edeem.de European Doctorate in Economics Erasmus Mundus (EDEEM)] website
# [https://web.archive.org/web/20160309193314/https://www.uclouvain.be/en-gsksourcingchair.html GSK Vaccines Chair in Strategic Sourcing and Procurement] web page

{{Universities of Louvain}}
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[[Category:Education in Belgium]]
[[Category:Econometrics]]
[[Category:Université catholique de Louvain]]
[[Category:Research institutes established in 1966]]
[[Category:1966 establishments in Belgium]]