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 ?
Suppose an econometrician could conduct a large number of repeated trials for each value of the true probability.
Economists beyond a certain age will likely recall an era that is sometimes called the "unit root wars." During the 1980s and 1990s there were heated debates among economists about whether macroeconomic time series were "trend stationary" or "difference stationary." Econometricians designed ever more esoteric procedures to test these hypotheses.
Worswick (1972) claimed that econometricians are not engaged in forging tools to arrange and measure actual facts but are making a marvelous array of pretend-tools.
A Bayesian econometrician then finds it often convenient to report moments of the posterior as estimation results.
In each market m = 1, ..., M, the econometrician observes a vector of covariates x which is the realization of some random vector X with support X.
(10) Some of them emphasize the detailed mechanism of econometric procedures and aim to train the next generation of econometricians. It is called specialist education.
I was not fond of the dry tools of linear algebra used by Fisher and other econometricians to study identification of simultaneous linear systems.
www.forrester.com for forward-thinking advice based on expert research.Super Cruncher is a new book by Ian Ayres, an econometrician and law professor at Yale.
Ayers, an econometrician and a lawyer, makes a case that may revolutionize that mind-set.
(4.) In general, before starting the analysis, the econometrician will combine prior information about the distribution of the unknown parameters, called the prior distribution and denoted by p([theta]), with the "likelihood" of observing the data, given values for the parameters and the unobserved factor.
Abstract The improvement of data statistics as well as the econometrician methods have facilitated the introduction the new variables and factors I the economic growth analysis.
The book is the culmination of 25 years of research by Victor Tremblay, who has studied demand analysis, the effects of advertising and corporate strategies of the brewing industry, and his wife, Carol Horton Tremblay, an applied econometrician. "The brewing industry has gone through what many other industries have experienced," said Victor Tremblay.