# 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 ?
An econometric analysis of harvest behavior: Integrating forest and ownership characteristics.
The results of our econometric analysis indicate that the proximity to Moscow city and population growth both have a significant negative effect on the amount of farmland, even in the strictlyzoned-for agriculture districts, suggesting strong urban pressure in the capital region of Moscow.
The possibility of drawing conclusions from analyzing large databases or from other types of econometric analysis does not imply that these conclusions will be consistent.
"Our econometric analysis used three industry metrics: output, productivity, and employment.
The following study attempted to ascertain the instructional cost-effectiveness of public high school teachers towards high school completion through a financially based econometric analysis. Essentially, public high school instruction expenditures and completer data were collected from 2000 to 2007 and bivariate interaction analyzed through a correlation and linear regression procedure.
The study stressed that its assessments were based on an econometric analysis of historical data and many imponderable factors like when the EAC will be able to produce sufficient amounts of power and by how much the cost of electricity going to rise.
Data Source: An actuarial and econometric analysis of data from the 2011 Medicare Trustees Report, done under a current-law framework.
The increases in spending will not be offset by Medicare cuts in the first year, according to the report, an actuarial and econometric analysis of data from the 2011 Medicare Trustees Report, done under a current-law framework.
2.1 Econometric analysis of the main factors of the average weighted cost of the capital of the enterprise (CMP)
An Equilibrium Econometric Analysis of The Market For Psychiatrists In The Regions of The United States, 1977-98 And Its Relevance To The United States' Competitiveness In The Global Business.
Econometric analysis of the tourism model shows how each parameter influences the tourism service dynamics.
While it can be argued in theory that house price changes have little effect on overall UK wealth, our econometric analysis suggests that an unanticipated future fall in house prices could have a significant impact in dampening the speed of the recovery in consumer spending in the medium term.

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