econometrics

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Related to econometric: Econometric analysis

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.

econometrics

the application of statistical techniques in the analysis of economic data. Econometrics is used extensively in establishing statistical relationships between, for example, levels of national income and consumption in the economy, as a basis for formulating government ECONOMIC POLICY, and is used by firms to forecast demand for their products. See SALES FORECASTING, REGRESSION ANALYSIS.

econometrics

the discipline within economics that attempts to measure and estimate statistically the relationship between two or more economic variables. For example, economic theory suggests that consumption expenditure is a function of disposable income (C = f (Y)) or, more precisely, that consumption expenditure is linked to disposable income through the equation C = a + b.Y. For each level of disposable income, consumption can be measured and a statistical relationship established between the two variables by making numerical estimates of the parameters, a and b in the equation. Because consumption is dependent upon income, it is termed the DEPENDENT VARIABLE, whilst disposable income is termed the INDEPENDENT VARIABLE. Econometric models can have many hundreds of measured variables, linked by several hundred estimated equations, not just one, as is the case when models are constructed for macroeconomic FORECASTING purposes. See REGRESSION ANALYSIS.
References in periodicals archive ?
Highly acclaimed and endorsed by leading econometricians, the book "New Directions in Econometric Practice" is not new among the econometrics and statisticians.
AIQ) a leading provider of predictive solutions for the marketing industry, today launched its "Consumer Financial Intelligence" (CFI) suite of predictive econometric marketing tools, the most accurate indicator of financial status by household.
The econometric model construction process involves 3 stages (Blaszczuk, 2006):
Section three discusses the types of revenue forecasting methods used, the perceived difficulty of forecasting alternative revenue sources, and the influence of population size and government structure on the use of econometric methods in municipalities.
Bergstrom rose through the ranks at Auckland to Associate Professor of Economics until he left New Zealand to take up a Readership at the London School of Economics (1962-1964) joining Bill Phillips, Jim Durbin and later Denis Sargan to make the LSE the leading centre for econometric research in the UK.
The book is not a textbook for an econometric course but a nonmathematical complement to a standard econometrics textbook at any level.
Yet, a recent econometric study by Mary Jean Brown, then of the Harvard School of Public Health, showed that strict enforcement of lead abatement statutes reaps enormous dividends.
And his econometric skills allow him to test systematically the observable implications of his formal models.
Waltham, MA), has acquired WEFA (Wharton Econometric Forecasting Associates) from Thomson Financial (New York) and DRI, an economic information company, from McGraw-Hill Cos.
It isn't econometric models, interest rates, stock prices -- or even earnings reports & consumer confidence studies -- that cause recessions or downturns.
Able to scale beyond the capabilities of any other debugger and run on all major platforms, Total View is used to debug applications that range from modeling nuclear interactions to simulating oil reservoirs, executing sophisticated econometric analysis, and creating leading edge internet applications.
This includes information gathered from extensive interviews with market participants, new econometric work, and the experience of bank supervisors.