Econometrics and Operations Research

• 1. Welcome to Maastricht University

2. Econometrics & Operations Research

• Dries Vermeulen

• Associate Professor in Mathematical Economics

• Jeroen Linders

• MSc student Econometrics & Operations Research

3. W hat is Econometrics ?

• The study of economics and business administration from a quantitative, mathematical point of view.

• The study of mathematics and statistics oriented towards economic application.

• The ideal version of studying business and economics for students who are mathematically talented.

4. Examples

• Statistical forecasting in business, banks and other financial institutions, government: Given what we observed so far, what can we expect in the future?

• Planning decisions in logistics, (public) transportation, manufacturing, marketing, services, telecommunication: Given the personnel and resources that we have, and the demand that we predict, what is their most efficient use?

5. Examples (cont.)

• Asset Liability Management in Insurance companies: Given our risk estimates and financial forecasts, how should we compose investment portfolios?

• Market Design and Business Strategies: Given the goal to allocate spectrum to telecommunication firms in order to balance interests of consumers and industry, how should we set the auction rules, and given a design how should the telecom firm bid in the auction.

6. Career Perspectives

• Managerial decision support in: manufacturing and service industries, consultancy, banking and insurance companies, governmental institutions

• Software development for decision support

• Start with technical functions, grow into management functions

• Academic careers:PhD thesis, universities and other research institutions

7. Bachelor s Programme (3 years)

• Before the start: Online PreparatoryCourse

• First two years: Obligatoryprogramme

• Third year: - study abroad

• • • • • - combined core courses

• • • • • - electives, includingpreparatory courses inactuarial science

8. Outline of a Year Education Vacation Skills training Exams Re-sits 9. Year 1

• Business and Economics (26 ECTS)

• Methods (23 ECTS)

• Orientation (7 ECTS)

• Philosophy of Science (4 ECTS)

10. Econometrics year 1 Organisationand Marketing Analysis & Linear Algebra& Orientation Microeconomics Analysis & Linear Algebra & Orientation Reflection on Academic Discourse in Business and Economics Macroeconomics Analysis & Probability theory& Orientation Finance Probability theory & Orientation Orientation 11. Year 2

• Methods (13 ECTS)

• Economics and Finance (13 ECTS)

• Area Courses and skills (26 + 8 ECTS):

• • Operations research

• • Econometrics

• • Mathematical Economics

• • Informatics/programming

12. Econometrics year 2 Optimisation Macroeconomics & Finance Programming Game Theory & Economics Project I Mathematical statistics Operations research Econometric methods Information, markets andOrganisation Project II 13. Year 3

• Study abroad (26 ECTS): obligatory

• Preparatory courses Actuarial Science (13 ECTS)

• • or

• Electives in Business and Economics (13 ECTS)

• Dynamic Modelling (6,5 ECTS)

• Skills (4 ECTS)

• Bachelor thesis (4 + 6,5 ECTS)

14. Master s Programme (1 year)

• Composed of:

• Three tracks: Econometrics, Mathematical Economics, Operations Research and Computer Science

• New track: Actuarial Science(life insurance, pensions)

• Electives, free and obligatory

• Masters Thesis

• Admission:

• • Bachelor s degree in Econometrics a.o.

• • Individual tests, competence

15. Characteristics

• International students (50 % Dutch, 40 % German, 10 % others) and international teachers

• Problem solving in teams

• Easy access to teachers

• Analytical depth

• Practical skills

• Contacts with firms and (foreign) universities, in particular throughwww.vectum.nl .

16. What do you need?

• Mathematical talent

• Interest in Business and Economics

• To have fun in logical reasoning

• To have fun in problem solving

• Readiness to work hard

17. A Taste of Econometrics and OR

• For secondary school students in their last or second last year

• Get to know typical cases in Ect & OR, learn to position your skills

• Get into contact with 3 rdand 4 thyear students

• One meeting of 3 hours every 2 ndweek here in Maastricht, in total 8

• Offered once a year (Sept. Dec.)

• free flyer at the information desk

18. Admission requirementsfor Dutch students Graduation in 2010 and after Natuur en Techniek Natuur en Gezondheid Economie en Maatschappij Cultuur en Maatschappij Economics & Business Economcis (Wia1,2/ Wib1) Wi A/B Fiscal Economics (Wia1,2/ Wib1) Wi A/B Econometrics & Operations Research Wi B Wib1 Wi B Wib1 Wi B International Business (Wia1,2/ Wib1) Wi A/B 19. Admission requirementsnon-Dutch students

• Apply both via:

• • www.studielink.nl & www.maastrichtuniversity.nl

• Diploma assessment by Student Service Center

• (seewww.maastrichtuniversity.nl admissions)

• Students from a non-EU/EEA country: language test (TOEFL or IELTS)

20. Application Deadlines

• EU/EEA Students

• • Apply before 31 stof August 2010

• Non EU/EEA Students

• • Apply before 1 stof April 2010

21. Information Fair Faculty of Economics and Business Administration ECT & OR FE IB Mensa Student Services DUO (Former IB-groep) PGE Study Abroad Master s Programmes & Decentral Selection IB/EC Language Centre IES INF IBE EFM Academy UB Double degrees Education & Exams Office Student Life 22.

• Studying Econometrics & Operations Research

• In Maastricht

School of Business Economics 23. Who am I?

• Jeroen Linders

• Dutch

• 22 years old

• Master student Econometrics & Operations Research (Econometrics track)

• Bsc E&OR at SBE

• Study Abroad in Adelaide, AUS

24. Why chooseMaastricht?

• • E&OR in Maastricht is relatively small

• • • Personal contact with teachers and tutors

• • • Group feeling among students; everyone knows everyone

• • Program is in English

• • • Developing great English skills

• • • Useful for further career

• • • Literature will be English(so why not talk English as well?)

• • #1 in E&OR according to Elsevier

• • Obligatory Study Abroad

25. Why chooseEconometrics & Operations Research?

• Main reasons:

• Really enjoyed doing mathematics

• Had a healthy interest in economics

• In addition:

• Good job opportunities

• Challenging myself

26. My three years E&OR

• First year:

• • Lots of mathematics

• • A real challenge

• • Fellow students became good friends

• Second year:

• • Blending economics and mathematics

• • Still a challenge, but more fun

• Third year:

• • Study abroad!

• • Challenging second half

• • Using all youve learnt in your bachelor thesis

27. Study Abroad

• Before:

• Exciting, but scary.

• Long time away from home.

• Nice opportunity.

• Not much of a world traveller.

• After:

• Wow.

• Six months flew by.

• Tons of new friends.

• Can I go again?!

28. Studying abroad in Adelaide, AUS

• Had to do some studying

• • Good opportunity to have more advanced economic courses

• Most of the time: having fun!

• • Meeting people from all over the world

• • Travelling around. A lot.

• • No worries! Enjoying the Australian lifestyle

• • Grew as a person, while having the best time of my life!

29. 30.

• Verenigde Econometristen uit Maastricht

• • Study association for all econometrics students in Maastricht

• Study-related activities

• • Company presentations, Vectum Congress, Vectum Business Tour, National Econometricians Day (LED)

• Social activities

• • Block drinks, Poker tournaments, Movie nights, Lasergaming, Karting, Parties and a Members Weekend

31. Maastricht: city of students

• A lot of students

• • International, still mainly Dutch and German

• A lot of great bars and pubs

• • Every night of the week is a good night

• Not too difficult to find a nice room

• • My room: 280 euros, 18m2, about ten minutes from city center/university

Faculty of Economics and Business Administration 32. Sports

• UM Sports Card

• Student Sports Associations

• • Athletics, Rugby, Dancing, Rowing, Hockey,

• • Volleyball, Climbing, Tennis, Soccer, Tae Bo,

• • Swimming, Cycling, Fencing, Sailing, Diving,

• • Badminton, Fitness, Horse riding, Ballet, Capoeira,

• • Ice-Skating, Water polo, Aerobics, Judo.

Faculty of Economics and Business Administration 33. Student associations

• Larger student associations

• Independent fraternities/sororities

• INKOM

34. A typical student week Faculty of Economics and Business Administration Spanish Language Course Lecture Game Theory Having dinner with housemates Reading/Studying Lecture Mathematical Statistics Studying Business Trip Committee Meeting Vectum activity Indoor soccer competition Sleeping in Tutorial Game Theory Studying Going out Still going out and sleeping in Tutorial Mathematical Statistics Lecture Game Theory Studying Dinner at parents Enjoying the weekend Spanish homework Last-minute studying Enjoying the weekend Monday Tuesday Wednesday Thursday Friday Saturday Sunday 35. Questions Faculty of Economics and Business Administration 36. Maastricht University