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 ?
In the perfect information case, unlike in the derivation above, the other players know these [MATHEMATICAL EXPRESSION NOT REPRODUCIBLE IN ASCII]'s and hence such information must be taken into account by the econometrician when assigning probabilities to the other players' decisions at earlier points of the game.
be the information set that is going to be used by the econometrician to form an inference, where it is assumed that [[OMEGA].
t]]} is the error arising from the fact the econometrician is using a smaller data set than the market to forecast future short-rate changes.
Developing the tools to answer this question is the key challenge facing econometricians.
But the exchange rate reflects information only about the true fundamental, not the component of the fundamental observed by the econometrician.
8) Health plan managers and the econometrician cannot observe two random variables that may affect the contraction of illness, the individual choice of preventive effort [E.
I-O treatment and also the treatment in the national income and product accounts (NIPA) have changed, but a sequence of consistently tabulated I-O tables from 1972 to the end of the 20th century has enabled econometricians to model--explicitly in production functions--the contribution of software and other business services to other businesses ("B-to-B") in such a way as to trace some major effects of IT in the U.
01) and the sample size is moderate (say less than 200 observations), econometricians have found that "local-to-unity" approximations provide close approximations to the sampling distribution of OLS statistics.
Buchanan, an applied econometrician and sports economist, has significant experience in dispute matters and in dealing with large data sets, statistical modeling and forecasting.
experience is that they have had many policy changes--changes that induce a reaction that help the econometrician identity the effects of policy.
If the second model wins the comparison, it merely means to the econometrician that the theory was not correct, but to the theorist the result is classified as a puzzle, suggesting a very different priority
The data on futures contracts are optimally weighted in an effort to uncover information possessed by the public but not by the econometrician.