The 12th Advanced Summer School in Economics and Econometrics will be held from July 30th to August 6th 2017, at the University Campus in Rethymno, Crete. The topic of the School "Econometrics of Duration Data with Macroeconomic Applications".

Nicholas M. Kiefer

Nicholas Kiefer, Professor in the Dept of Statistical Sciences, Cornell University, USA, will be the Distinguished Guest Professor.

Up to 30 students will be accepted to the program.

Since 2006 the Department of Economics of the University of Crete is successfully running its Advanced Summer School in Economics and Econometrics. The broader objective of this series of events is to provide advanced training for young researchers from all over Europe and beyond on important disciplines of economics and econometrics. The Summer School follow a traditional structure: lectures in the morning and computer practical sessions in the afternoon. The specialized topic varies from year to year and reflects issues that are currently lively areas of new research and policy interest. The faculty is comprised of leaders in the field, and offers an overall coverage of the specialist area.

Magdalena Erdem, ASSEE 2014

The course justified my expectations completely! 

The organization of the course was excellent and I do not hesitate to recommend ASSEE to anyone who wants to learn some theory of interest as well as practical aspects of econometrics.


Through systematic interaction participants will be encouraged to compare their approaches and examine their research work. A unique opportunity will be given to advanced doctoral students to present their own work and to discuss it with the Distinguished Guest Professor. The Advanced Summer School Series on Economics and Econometrics facilitates the establishment of contacts between young researchers coming from various universities and research institutions throughout Europe.


Nicholas M. Kiefer works primarily in econometrics and statistics with applications in financial economics, credit scoring and risk management in banking, consumer trend forecasting, and development of quantitative management techniques. his work on the value of information, using a dynamic programming framework, led to results on the possibility and potential optimality of learning. Subsequent theoretical and empirical work on market microstructure led to the invention of the PiN, a widely used statistic for measuring the information content of trades.

Recently, Kiefer has developed a new approach to asymptotic approximations for use in testing problems in dynamic models. most recently, Kiefer is developing methods for inference about small probabilities, with special interest in banking applications  and the formal incorporation of expert information
using Bayesian techniques. the unifying theme of the work is the complementary use of statistics and economic theory. Both statistical modeling and theoretical modeling are seen as tools to  summarize and focus information. theory and econometrics are treated as similar, complementary activities, not separate fields.

Professor Kiefer is in the Departments of Economics and Statistical Sciences and is a member of the graduate field Faculty in economics, statistics and hospitality administration at Cornell University.