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 ?
The authors of the book articulate Hendry's framework, using unconventional treatments of econometrics in resolving the key problem of empirical econometrics, i.
Econometrics can draw on some of the powerful techniques of predictive analytics that have been developed by the machine learning community.
Econometrics - COMPUTER IMPLEMENTATION OF METHODS The stochastic econometric modeling simulation OR OR prognostic .
He wrote his first book Marxian Economic Theory in 1973 followed by Applied Econometrics in 1976 and Marxian Economics in 1979.
The authors provide a critical view of the methodologies of structural econometrics as first developed by Frisch and Tinbergen and extended by Haavelmo and the Cowles Project as ontological and epistemological failures and propose to abandon the "methodological individualism" of the neoclassical econometrics approach and substitute the "methodological institutionalism" articulated in previous writings by coauthor Nell.
According to notification issued by examination branch of the university, Saud Khan completed his PhD in Econometrics, his research was conducted on "HEDGING: An Islamic Approach" which was supervised by Professor Dr.
Many undergraduate economics programs have an introductory level econometrics course, although some programs require a statistics or business statistics course instead.
Davidson's published works include: Associate Editor, Computational Statistics & Data Analysis; Associate Editor, Economie Publique; Numerous publications including-"Reliable Inference for the Gini Index," Journal of Econometrics, in press: doi: 10.
Lodging Econometrics predicts that the city's growth rate will slow to 2.
Mostly Harmless Econometrics is shorter, chattier, and more humorous than most other econometrics texts, although the humor unfortunately tends to come only at the beginning of the chapter rather than throughout.
A peak is set to come in 2011 before the start of a decline in commercial mortgage defaults, Real Estate Econometrics data showed.