LED 2021

15 february 2021

Thursday February 4th it was finally time for the National Econometricians Day (LED) of 2021! I have to admit that it felt very different from a normal LED, as the day would normally start with a very early train ride to Utrecht. This year however, we experienced the LED through the comfort of our own home. But everything was there: speakers, cases and speeddates - all ingredients for a successful event.

The day started with an opening speech by Olympic swimmer Maarten van der Weijden, who is most recently known for swimming the 200 kilometer route of the Elfstedentocht in 2019 and raising a lot of money for charity doing so. Maarten actually has a background in mathematics, which means he could immediately relate to econometrics students. Maarten started his study to follow in the footsteps of his dad, a maths teacher, but soon realised that that was not for him. At 19 years old, Maarten suffered from health problems and was soon diagnosed with leukemia. The doctors told him that they were unsure if they would be able to cure him, which led Maarten to pursue his swimming career instead of continuing mathematics.

In the case of swimming the route of the Elfstedentocht, this goal was quite ambitious to say the least

After the main speech there was also some time for a few questions. A lot of students had become invested in the story and were curious about what Maarten had to say to them. Maarten emphasised that he thrives when he sets goals for himself. In the case of swimming the route of the Elfstedentocht, this goal was quite ambitious to say the least. Even when it looked like he wouldn’t make the goal at some times, his wife reminded him that every little step counts. After all, more and more money was being raised for every mile he swam extra. This mindset of going as far as possible is what made Maarten push through in the end.

Next, it was time for the company cases. Sadly, there were some unforeseen technical problems. As a result, the cases started a little later and were sometimes held via alternative platforms. It was a bit disappointing that the online environment was not working as intended. The committee did intervene however, and aptly changed the schedule such that there would still be enough time for the cases.

I followed the ING case, which was led by a lot of ING employees from various departments. We started with a small quiz to test our knowledge about ING followed by a company presentation. ING is actually one of the largest employers of the Netherlands and belongs to the market leaders in the public banking sector in the Benelux. Yet, ING is also active in around 40 countries worldwide.

Crucial in this case was the game theoretic element of trying to predict the moves of the other players

As for the case, we were divided up into teams. Each team played the role of a bank which had the goal of outperforming the other banks in terms of profit. How do banks make profit? Interest of course! The teams could set their interest rate every round. Setting the rate too low would cause a great influx of new accounts, but not necessarily yield high profits. The model also took start-up costs of opening a new bank account into consideration, which meant that it will cost you a lot of money when you try to increase your market share. Setting the interest rate too high would cause customers to leave for the competitors. Crucial in this case was the game theoretic element of trying to predict the moves of the other players to be able to undercut them as efficiently as possible. This case was very interactive as you can imagine, and it fitted well in an online environment. A great job by ING!

...Points of improvements like this are always to be found after pioneering something completely new like an online LED

After the case, it was time to enjoy the company speeddates which was a first for the LED. I was mostly matched up with the companies of my preference, so I do feel that I could make the most use out of these sessions. The speeddates were held with a few colleagues and one or two fellow students. They did feel a bit short at some points, as the calls ended automatically at the ten minute mark, which could sometimes have been in the middle of a sentence. But points of improvements like this are always to be found after pioneering something completely new like an online LED.

During the speeddates, we could fully enjoy our LED-box! It’s always nice to get some goodies, and in this case also some drinks and snacks. The carefully sought out beers by brewery De Eeuwige Jeugd were delicious. I also heard compliments about the other choices like wine or soda, so that was a big plus.

To conclude the day, LED-chairman Sophie held a short closing speech. Both the opening and closing sessions were live streamed from Hotel Casa in Amsterdam, and I have to say, the general setting and lighting looked highly professional!

Overall, I really enjoyed this LED despite the technical hiccups. The committee has shown a great deal of flexibility over the past year, with the continued uncertainty about the shape and form the LED should be held in. Compliments to the notably creative committee members who made all this possible!