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 ?
Econometricians designed ever more esoteric procedures to test these hypotheses.
A Bayesian econometrician then finds it often convenient to report moments of the posterior as estimation results.
I was not fond of the dry tools of linear algebra used by Fisher and other econometricians to study identification of simultaneous linear systems.
Note that our definition of real time does not take into account data revisions because we assume that the econometrician has the already revised data at the end of her sample.
The development of new econometrician techniques as well as better data information encourage economists to improve their economic growth analysis, testing and presenting in a more formal models, the ideas and the conclusions presented in the former growth literature.
Frisch, Ragnar (1971): "Samarbeid mellom politikere og okonometrikere om formuleringen av politiske preferanser" (Cooperation between politicians and econometricians on the formulation of policy preferences).
As a result, "mortality bias" leads the econometrician to overstate the average lifetime income of members of a cohort.
Since econometrician Fogel's statistics convince him that nearly everyone in America has adequate food, clothing, shelter, household appliances, autos, etc.
The first paper is by Clive Granger, an eminent econometrician.
Griliches, an econometrician par excellence, cared deeply about, investigated critically, and devoted much time to assembling large data sets for his econometric models.
To wit, the firm may select a compensation system based on elements which are unobservable to the econometrician, but which affect worker productivity.
An econometrician is a trained professional paid to use computers to guess wrong about the economy.