Back of the Envelope

Observations on the Theory and Empirics of Mathematical Finance

R through Excel

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Richard Hieberger and Erich Neuwirth have developed a wonderful little tool call RExcel, which brings the power of R to the ease of Excel. Seems perfect for building prototypes and for in-class illustrations.

Installing the RExcel Addin

The developers claim on their website that RExcel works with Excel 2003, 2007 and 2010

Installing the RExcel add-in is easy. If you don’t have R already installed on your machine, just download and run the “RAndFriends” executable from the statconn website and you are ready to go (it is claimed it installs both R and RExcel while taking care of all the dependencies – I haven’t tried it though).

If you already have R, but rather not tinker with its installation, there is quite a useful wiki to guide one through the steps. I recently installed it on my PC running Excel 2010 Professional and I had no trouble getting it to work. Here are the commands I used. Just run them in order in your R console and you should be up and running:


install.packages("Rcmdr", dependencies = TRUE)

(I know one can concatenate the above set of commands and use install.packages just once  – it’s just a lot easier this way to ‘see’ what’s going on.)

At this point you should see the R command prompt. Don’t forget to ‘activate’ the installed packages:


Now you should have a short-cut on your desktop called RExcel20** with RCommander.

Update: I hastily tried installing statconnDCOM in the latest version of R (2.13.1) and got an error saying statconnDCOM is not available for that version. For new users I would suggest directly installing from the RAndFriends executable.


Written by Vineet

July 15, 2011 at 2:42 pm

Posted in Programming: R

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