Sigbert Prais

Sigbert Jon Prais, FBA (19 December 1928 – 22 February 2014) was an economist and had been the senior research fellow at the National Institute of Economic and Social Research (NIESR) since 1970. On 19 December 1928, Sigbert Jon Prais was born in Frankfurt-am-Main, Germany; he was the oldest of four children to orthodox Jewish parents. His family arrived in Britain in 1934 as Jewish refugees fleeing Nazi oppression in Germany. Prais' father established a manufacturing company that made metal frames and ornaments for women's handbags, in Birmingham. Prais was sent to school in London and later continued his studies at the King Edward's School, Birmingham. From King Edward's School, he matriculated to the University of Birmingham for his undergraduate studies and then moved on to the PhD program at the Department of Applied Economics at Fitzwilliam College, Cambridge. While at Cambridge, Prais collaborated with Hendrik Houtthaker on a study that focused on pre-war household expenditures. In 1955, Prais and Houtthaker's study was published as "Analysis of Family Budgets"; the study would prove to be a foundation for studies in subsequent research. Prais had found great success in the field of economics after having his study published and was quickly asked to be a lecturer at the Fitzwilliam College, Cambridge Department of Applied Economics. In 1953, when Prais was 24 years old, he took up a fellowship at the Cowles Commission for Research in Economics in Chicago. There he made important connections for his career, most notably C. B. Winsten. Together, Prais and Winsten conceived their "Prais–Winsten estimation". They formulated the econometric equation as a modification to the "Cochrane–Orcutt estimation" equation; it is believed to a more efficient formula for estimating the linear model. In 1954, Prais maintained his lecturer position at the Department of Applied Economics at the Fitzwilliam College, Cambridge University while pursuing his career at the National Institute of Economic and Social Research (NIESR) in London.