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Econometrics and Management Science

Research focus
The Econometrics division aims to address policy‐relevant questions using rigorous econometric techniques. The majority of our theory‐related research focuses on identification and estimation of causal effects with a major emphasis on policy evaluation in health economics. The majority of our applications lie at the intersection of health economics and medicine. Through our research we aim, for example, to inform policymakers who are seeking ways to reduce medical expenditures without harming health outcomes. This line of research is an important part of COHERE and is becoming increasingly recognized both nationally and internationally. The division also has a narrowly defined interest in time‐series econometrics focused on forecasting, semi‐ and non‐parametric econometrics with applications in finance and energy economics, and duration analysis with applications to issues pertaining to ageing.

The Management Science division focuses on the scientific foundation that combines economics, statistics and mathematics with an emphasis on decision making, planning and performance measurement. In other words, scientific foundations for solving multi‐criterion decision problems encountered in economics and business economics are of central importance. In fact, decision making typically involves a trade-off between multiple criteria, usually under certainty or uncertainty. The methods and theories developed in the division usually deal with some of these issues in a decision making problem. The aim is to provide an improved framework for the analysis and solution of problems encountered in the context of economics and/or business economics rather than mathematical optimization, convex analysis and statistics per se. Another special strength of the Management Science division is application‐driven research, especially in the context of the hospital sector. Hospital management is highly complex, partly because of the randomness of patient flows and of proper treatment. The hospital sector is faced with decision problems within the areas of operations management, production economics and industrial economics.
 
Research methods

The Econometrics division develops and uses a wide range of the most recent and advanced methods within its core research areas.

Part of the Management Science division’s research focus is on developing methods that can support decision making, planning and performance measurement models. Theoretical research usually adopts mathematical programming theories, axiomatic approaches, optimization theories, etc., to develop new methods or theories. Application‐driven research within the Management Science area often involves model formulations that require existing methods within Operations Research in general and Optimization in particular to be extended. The use of, for example, linear or quadratic programming for estimating nonparametric frontiers for benchmarking analysis can benefit from, for example, Convex Hull algorithms originating from Convex Analysis and Computational Geometry.
 
Knowledge exchange
The members of the Econometrics division have actively engaged in research dissemination. The research of the division is highly relevant both within academia and in the policy arena. For example, research by the Econometrics division published in the Journal of Health Economics has been discussed in blogs of the Washington Post. A study on medical technologies has been publicized by IZA Newsroom. Research on the effects of uninsurance was cited by the Council of Economic Advisers to the US President. The division has also provided expert testimony to the UK Parliament in the debate on the same‐sex marriage bill, which was eventually passed into law in 2013. The Econometrics division’s research on same‐sex marriage has also been cited in the United States in the debate on the legalization of same‐sex marriage.

The Management Science division has paid a strong contribution to the dissemination of knowledge regarding how to use methods from management science for an improved performance of hospitals as witnessed by the project ‘Hospital of the Future’. The project was financed by the Danish Council for Strategic Research with a budget of around 17,000,000 DKK. It has been the driver for the development of simulation tools utilized for the dimensioning of New OUH along with software for automated and optimal physician and nurse rostering and for the assignment of patients to surgery. The division also has a long tradition for the development of tools for improved efficiency measurement in the public sector including hospitals. The division has been a core player in the Professional Master programme MHM designed for the dissemination of methods from management science for the benefit of improved performance in the hospital sector.
 
Teaching activities

The group undertakes teaching in a wide range of undergraduate and graduate programmes with a focus on the BSc and MSc in Economics, Mathematics‐Economics and Business Administration, as well as the Professional Master in Hospital Management. The group also organizes PhD courses in health economics with international participation. The group’s members experiment with their teaching in order to constantly improve the teaching quality. When possible, the curricula made by the group’s members are based on the most prominent and latest findings of research from the field of interest.

Researchers

affiliated with econometrics and management science

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Workshop on Medical Interventions and Socio-Economic Outcomes

August 10-11, 2017

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