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Econometrics
(redirected from Econometry)

   Also found in: Dictionary/thesaurus, Encyclopedia, Wikipedia 0.01 sec.
Econometrics
The quantitative science of modelling the economy. Econometric models help explain and predict variables of interest.

Econometrics
The use of mathematics to assess economic data. There are two broad subdivisions in econometrics. Theoretical econometrics uses statistics to find strengths or weaknesses of an economic model considered on its own terms. Applied econometrics, on the other hand, considers how well a model conforms to real life data. For example, one may look at average wages for those with different levels of education to determine whether or not higher education is cost effective.


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About the Author/Editor Wendy Jansen is a Research Fellow in Information Management at the Universiteit van Amsterdam; Wilchard Steenbakkers is a Principal Consultant and Partner at Ordina, a Dutch consultancy firm; Hans Jagers is Emeritus Professor of Business Studies in the Faculty of Economics and Econometry at the Universiteit van Amsterdam.
 
 
 
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