econometrics

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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 ?
Moreover, spatial distance between each pair of cities in Australia was used to construct the spatial weights, while estimating the spatial econometrical models.
Since social scientists have always concerned with the choice or decision between mutually exclusive options, various applications of qualitative response models are increasingly growing in econometrical analysis.
We decided to add this variable as complement to the exploratory analysis of the study, because we suspect that the companies with the CSR distinctive follow some criteria of innovation implementation and we test the reference of the correlation between the variables under panel data models (in Discussion appears the econometrical results).
This section employs impulse response function of VAR model to construct econometrical model which is used to analyze the two-way dynamic relationship between environmental regulation and FDI.
Another group of studies has applied econometrical methods to forecast the potential for migration.
The econometrical approaches and results are provided in the fourth part.
Therefore, further research could concentrate on testing the statistical or econometrical correlation between the two variables, death and brand, by using specialized software, like for example SPSS.
The use of models describing the linear-adaptive trend (Holt's model and Brown's model of adaptive smoothing out) side by side with the econometrical models is the perspective direction in the modeling of processes in the tourism;
The advantages of panel analysis over the cross-sectional approach also regard the econometrical aspects.
In Appendix we give an introduction of the econometrical methods used in the estimation of our model and present the code used for our DSGE model, and finally in section VIII we give the references of the paper.
1982), Strategic Information Transmission, Econometrical, p50.
It's a very fair question and there is no real econometrical mathematical answer," says "Banks have looked at this and one cannot say that if plot it on a graph and put more or less into the expenditure on the x axis that you will be more or less successful on the y axis.