Preface - AEclipse

Study Association AEclipse
Erasmus University Rotterdam, room H08-06
P.O. box 1738
3000 DR Rotterdam
tel: +3110-4081178
e-mail: info@aeclipse.nl
Newsletter : Volume 12, June 2011
Preface
Dear AEclipse members,
The summer has officially started and for most of us that basically means two things: thesis and resits. With us,
the 15th board, almost leaving and forming the new board, it also means the closing of our board year. Busy
times, and time for some vacation will be rare. Luckily enough, I have had the pleasure of going on the two
AEclipse trips, with most recently the BCT to Madrid. And what a great experience that was too!
And then there was the football. Students vs. Staff, a matter of great pressure to every president. There is so
much at stake, honor, reputation, history. The results of a match will never be forgotten.
Well, what can I say; we won! Although it was a very close call, the victorious feeling that remains within all
players of our team is just the same. And now I can proudly say that for the first time in years the large football
cup is back in our office, majestically standing in the center of our main table. And yes, it is very pretty.
I wish you the best of luck on anything you still have to do, and I hope you will enjoy your summer.
Very best regards,
Maarten Lubbe
Nadere informatie en
sollicitatie: www.bofeb.nl
Doelgroep
Vormgeving
De opleiding bestaat uit twee delen
van elk zes maanden. Tijdens het
eerste deel verwerf je kennis die
van belang is voor financieeleconomische beleidsmedewerkers.
Je leert bovendien verworven kennis
toe te passen in de praktijk. Tijdens
het tweede deel loop je stage.
De opleiding is bedoeld voor
afgestudeerde algemeen economen
en econometristen. Mensen met een
andere academische opleiding kunnen
ook solliciteren, op voorwaarde dat
zij over voldoende kennis van de
algemene economie beschikken.
Financiële aspecten
Deelnemers ontvangen vanaf
het begin van de opleiding een
salaris dat gelijk is aan dat van
een beginnend academicus bij
de overheid. BoFEB maakt het
dus mogelijk om betaald door te
leren. Van deelnemers wordt wel
een bijdrage in de kosten van de
opleiding gevraagd ter grootte
van de helft van het normale
collegegeld.
Uiterste inzenddata voor
sollicitatiebrieven (inclusief
CV en cijferlijst):
Start maart: 15 oktober
Start september: 15 april
(voor details zie www.
bofeb.nl)
Het adres luidt:
Ministerie van
Economische Zaken
Directie BOFEB, ALP B/259
Postbus 20101
2500 EC Den Haag
BCT Madrid: a great once in a lifetime experience!
As early as it is, we are meeting at the front desk of KLM Airways. In a few hours, we will be arriving at our nice hostel in Madrid.
The trip went well and before we knew it was time to start the BCT adventure. After dropping of our luggage we were off to Plaza
del Sol, a place which we would pass a lot during our stay. Overwhelming was the amount of people waiting for the tribute to Real
Madrid. Enjoying the sun and the Spanish music, I realised that Madrid is an metropolis.
After managed getting the first tan, we continued with a nice sightseeing walk during which we saw the temple-crypt of an
impressive cathedral. Outside we enjoyed a beautiful panorama view. A moment for refreshing at the hostel gave me the
opportunity to have a good look at the view out of the room. We did have a great view, looking all over the centre. Time for tapas!
In a really cosy and small restaurant we enjoyed the taste of Spain.
The next day we visited the Palacio Real and together with some people of the group we decided to have a very friendly, but bit
too serious, granny as our guide. We did have great fun being a member of her few members counting headphone group;). The
Palacio was amazingly big and impressively decorated. Afterwards we visited Mercado de San Miguel, a paradise of food. The
afternoon gave us the opportunity to visit PwC in Madrid. We did have a grand tour and attended an interesting presentation
about working at PwC. The umbrella’s we were given as a present are still a nice souvenir, since we managed to get them on the
airplane!
On the third day we travelled by train from the beautiful tropical Estación de Atocha and visited University Carlos III, an amazing
campus with modern as well as historical buildings. We did have a nice relaxation moment at the lake of Retiro later that day.
Then it was time to go to the Plaza de toros with a few people. I decided to go, because I wanted to experience the Spanish
culture. Spanish visitors explained us the rules of the game and wanted us to understand it. The sight of a full arena was
impressive.
The next day I decided to go on a bus tour with Ivelies, Lysian and Robert. We visited museum Prado and Templo de Debod, both
were impressive. That evening we had a cosy group dinner at a tiny restaurant, having a friendly waiter.
On Sunday we visited Rastro, a market where some of us bought some souvenirs. The rest of the day we went to the festival of
San Isidro, which I certainly experienced as one of the nicest things of the BCT. It was an event full dancing and singing people in
folkloric costumes in an atmosphere of activities.
During the last day we visited the stock exchange of Madrid, which was impressive due to the grand tour around the historical
building by a great storytelling guide. Flight KL1706 was waiting… the end of the BCT 2011 was nearby.
Esther Ramackers
Street view from the hotel room
Eating tapas!
Dancing couple during the
San Isidro Festival wearing
folkloric costumes
Plaza de Toros
Bus tour around Madrid
BCT Madrid: part 2
Let me first start by introducing myself. My name is Robert Hieroms and I was also part of the Business Cycle Tour 2011
which was held in Madrid. Even though I must confess I was really excited about visiting Tokyo in the first place, Madrid was
everything but boring. The city of Madrid exceeded my expectations, with its vibrant and lively atmosphere as well as its
inhabitants.
During our stay in Madrid we visited a Spanish branch of PWC, the Madrid Stock Exchange as well as one of the leading
universities in Madrid- Carlos III-, where we were always greeted with a smile. Besides all the previously mentioned business
activities, we also got acquainted with the cultural part of Madrid, with its paellas, tapas and sangria. In addition, we visited
the Prado Museum- which is one of Europe’s largest museums-, some typical Spanish markets, some cathedrals as well as the
Royal Palace. Moreover, we were fortunate enough to be part of their ‘Fiesta de San Isidro’, which is one the most important
festivals held in Madrid each year. During this festival everyone comes together to celebrate and have a good time.
In addition to all the newly acquired knowledge I gained in Madrid, the remaining participants did also have a large share
in making this trip unforgettable. During these study trips it’s always pleasant to make new friendships which could last a
lifetime. The only regret I have is that we did not get a chance to see a traditional Flamenco show, but that’s just one more
excuse for visiting Madrid again…
Robert Hieroms
Students vs Staff yearly soccer match 2011
The occasional uselessness of academice knowledge
I write this piece with great reluctance. Weeks of preparation, a thoughtful strategy, and the best available players on the
pitch. It proved to be insufficiënt. And we could even use our secret weapon: a paper by Jose Apesteguia and Ignacio PalaciosHuerta, forthcoming in the American Economic Review.
But first the match. We played 10 against 10, and the two teams were well-matched. Which is a euphemistic way of saying
that both teams played equally miserable. After 15 minutes, the students got a bit of an edge. They got some good chances,
but failed. The main result was that most of us teachers were panting terribly and longing for halftime. Still, we kept the score
at 0 – 0.
During the break, we made some tactical changes. These proved excellent, as at the beginning of the second half, we
actually managed to set up several good attacks. After about 10 minutes, there was a moment of utter brilliance. We gained
possession at the student’s half, and Bauke received the ball on the right. He spotted Martin with a bit of space and provided
a perfect pass. Martin ran past his defender as if he did not exist, and from the edge of the box he kicked the ball behind the
student’s keeper in the far corner. What a sensation.
The students were in complete disarray. For a period, they could not set up a decent attack. However, we failed to press
through. Slowly, the student team recovered and the pressure on the teachers’ goal increased. With a few minutes left on
the clock, the students scored. This did not depress us in any way, because we had our secret weapon. The secret weapon
also guided our strategy in the extra time. We were happy to defend the draw and to aim for a penalty shout-out. We did
manage to keep the students from scoring again.
And so the match ended with a penalty shout-out. We were very confident, due to our knowledge of Apesteguia and
Palacios-Huerta (2009). These two Spanish economists have convincingly shown that a penalty shout-out is won about 60
percent of the time by the team that starts. Not 50% as you might think. The authors argue that psychological pressure from
being behind explains this finding. As the team that starts is often ahead after they have taken a penalty, the other team feels
more pressure. Pressure leads to failure.
After reading an early version of this paper, the teachers quickly agreed on a strategy that no one should ever inform any
student about the existence of this paper (Some went as far to suggest that we should not refer any student to a paper in The
American Economic Review out of fear that students might stumble upon this paper). We invited both speakers for a seminar,
to gain as much of an advantage as we could.
And so we heavily pressed the students that we should go first in the penalty shout-out. And they, being ignorant, agreed.
So the odds were now heavily in our favour, at least academically. But then our first penalty: straight on the post. And the
students did score their first penalty. So suddenly our academic knowledge turned against us. We felt the pressure. And we
crumbled. In the end, all students scored, while only 1 out of 4 teachers scored.
Next year, we’ll have our revenge. With a better secret weapon.
Josse Delfgaauw
The cup is in the AEclipse office again!
More Students vs Staff
A difficult task, as many students had heard before committing to participation in the annual battle for the honor of the
Department of Economics. This year, in the traditional event, a group of motivated students were very keen to recapture the
cup that has been in possession of the staff for several years now.
With a bunch of talent and former Sparta player Mike Siebert a serious attempt could be made to re-win this cup.
That the staff on their turn had not planned to go down without a serious contest was evident at the arrival at the Antibarbari
soccer fields. Lots of professors brought their PhD students to bring some extra speed in their team.
From the first whistle it was apparently fanatic, but above all everybody enjoyed playing soccer. A long time the two parties
balanced each other out. Both teams had good opportunities to take the lead, but there were no goals in the first half. This was
partly due to the good virtues of “ Flying keeps “ Thomas and Matthijs, who sometimes made miraculous saves in order to keep
the goal clean. Half-time was used to chat with the audience, which consisted of both students and teachers who had come to
cheer for their team. The last tactics were discussed and both sides started the second half with the motivation to score the
first goal.
Fairly early in the second half it was the staff that managed to make this first goal. The doom scenario of previous years began
to arise in the dark clouds over the fields, but the students kept their heads up and used the exhaustion of the battle in their
favor by forcing the tempo up. This quickly resulted in the equalizer that came at the name of Mike. In the remaining time there
were many opportunities on both sides, but none of them was promoted to goal. This led to fifteen minutes extra time, but
this also kept both teams balanced. Because the cup had to go home with either one of the teams, penalties had to bring the
decision. Hereby the students were very accurate, with the result that we won and the cup is back in our hands!
There was no question of any disappointment, since a large barbeque after the game was waiting for every participant.
Everybody was socializing with a snack and a drink. We all had a great time, so the conclusion is that this year’s soccer match
was very successful again!
Next year will be even better, since the staff wants to restore the honor, so in that matter the final whistle has not blown yet.
Jeffrey Kleywegt
Time to say goodbye
Dear members,
Since this is the last pApErclipse of this academic year, it is time for me to say goodbye. I hope you have
enjoyed reading the pApErclipse this year. I surely have enjoyed making it! This of course I couldn’t have
done without the people writing all the stories. Herefore I would like to thank them all very much.
Now some of you might still be working on their thesis or resits, while others can already enjoy their
vacation, but I wish you all a great summer time and hope to see you back at AEclipse next academic year!
Okay this is not really the final pApErclipse I will make....there will be one more. Be sure to read the
pApErclipse in the start of next year if you would like to know more about the new board candidates!
Best regards,
Mike Siebert
Secretary/Vice-President
If you’d like to have more info about any of the subjects in the pApErclipse, you
can send an e-mail to info@aeclipse.nl