Age, Biography and Wiki
Herman Wold was born on 25 December, 1908 in Skien, Norway, is a Norwegian–Swedish statistician, economist (1908–1992). Discover Herman Wold's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Learn How rich is he in this year and how he spends money? Also learn how he earned most of networth at the age of 83 years old?
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Age |
83 years old |
Zodiac Sign |
Capricorn |
Born |
25 December 1908 |
Birthday |
25 December |
Birthplace |
Skien, Norway |
Date of death |
16 February, 1992 |
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Nationality |
Norway
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We recommend you to check the complete list of Famous People born on 25 December.
He is a member of famous economist with the age 83 years old group.
Herman Wold Height, Weight & Measurements
At 83 years old, Herman Wold height not available right now. We will update Herman Wold's Height, weight, Body Measurements, Eye Color, Hair Color, Shoe & Dress size soon as possible.
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Dating & Relationship status
He is currently single. He is not dating anyone. We don't have much information about He's past relationship and any previous engaged. According to our Database, He has no children.
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Not Available |
Herman Wold Net Worth
His net worth has been growing significantly in 2023-2024. So, how much is Herman Wold worth at the age of 83 years old? Herman Wold’s income source is mostly from being a successful economist. He is from Norway. We have estimated Herman Wold's net worth, money, salary, income, and assets.
Net Worth in 2024 |
$1 Million - $5 Million |
Salary in 2024 |
Under Review |
Net Worth in 2023 |
Pending |
Salary in 2023 |
Under Review |
House |
Not Available |
Cars |
Not Available |
Source of Income |
economist |
Herman Wold Social Network
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Timeline
Herman Ole Andreas Wold (25 December 1908 – 16 February 1992) was a Norwegian-born econometrician and statistician who had a long career in Sweden.
Wold was known for his work in mathematical economics, in time series analysis, and in econometric statistics.
In mathematical statistics, Wold contributed the Cramér–Wold theorem characterizing the normal distribution and developed the Wold decomposition in time series analysis.
In microeconomics, Wold advanced utility theory and the theory of consumer demand.
In multivariate statistics, Wold contributed the methods of partial least squares (PLS) and graphical models.
Wold's work on causal inference from observational studies was decades ahead of its time, according to Judea Pearl.
Herman Wold was born in Skien, Southern Norway.
He was the youngest in a family of six brothers and sisters.
In 1912 the family moved to Sweden and became Swedish citizens.
Herman's father had a small fur and hide business.
Herman Wold had a long and productive career, spanning six decades.
In 1927 Wold enrolled at the University of Stockholm to study mathematics.
It was an opportune time, for Harald Cramér had been appointed Professor of Actuarial Mathematics and Mathematical Statistics.
Wold would later write, "To belong to Cramér's first group of students was good luck, an advantage that simply cannot be exaggerated."
After graduating in 1930 Wold worked for an insurance company; he also did work on mortality data with Cramér and later designed a tariff for the insurance companies.
He started work on a PhD on stochastic processes with Cramér as supervisor.
Away from the thesis Wold and Cramér did some joint work, their best known result being the Cramér–Wold theorem (1936).
Wold's thesis, A Study in the analysis of stationary time series, was an important contribution.
The main result was the "Wold decomposition" by which a stationary series is expressed as a sum of a deterministic component and a stochastic component which can itself be expressed as an infinite moving average.
Beyond this, the work brought together for the first time the work on individual processes by English statisticians, principally Udny Yule, and the theory of stationary stochastic processes created by Russian mathematicians, principally A. Ya. Khinchin.
Wold's results on univariate time series were generalized to multivariate time series by his student Peter Whittle.
The Wold decomposition and the related Wold's theorem inspired Beurling's factorization theorem in harmonic analysis and related work on invariant subspaces of linear operators.
In 1938 a government committee appointed Wold to do an econometric study of consumer demand in Sweden.
The results were published in 1940.
In parallel, he worked on the theory of demand.
In 1942 he became professor of statistics at Uppsala University and he stayed there until 1970.
In 1943 and 1944, Trygve Haavelmo put forward his ideas on the simultaneous equations model, arguing that systems of simultaneous equations should be central in econometric research.
Wold noted some limitation of the maximum-likelihood approach favoured by Haavelmo and the Cowles Commission; Wold cautioned that the literature contained some exaggerated claims for the superiority of maximum-likelihood estimation.
In 1945 to 1965, Wold proposed and elaborated on his "recursive causal chain" model, which was more appropriate for many applications, according to Wold: For such "recursive causal chain" models, the least squares method was computationally efficient and enjoyed superior theoretical properties, which it lacked for general time-series models.
Wold's writings on causality and recursive-chain models have been recognized as scientific inventions by recent work on causality and graphical models in statistics, especially by Judea Pearl and Nanny Wermuth.
At the end of his career, Wold turned away from econometric modelling and developed multivariate techniques for what he called "soft" modelling.
Some of these methods were developed through interactions with his student K. G. Jöreskog, although the latter's focus was primarily on maximum likelihood methods.
The story of Wold's academic appointments is briefly told.
His book Demand Analysis (1952) brought together his work on the theory of demand, the theory of stochastic processes, the theory of regression and his work on Swedish data.
In 1960 Wold became a member of the Royal Swedish Academy of Sciences.
He was a member of the Prize Committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel from 1968 to 1980.
There is an extensive bibliography published with the ET interview (below).
He then moved to Gothenburg, retiring from there in 1975.