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 ?
For the analysis based on spatial econometrics, we first consider the results that are made through empirical econometrics, which begins with the specification of a number of economic relationships (given in quantitative form).
China follows the US on the list, with its 2,761 projects and 580,640 rooms taking it to an "all-time high", according to Lodging Econometrics.
Basically, the econometric applications in the book are focused on time series analysis.
(1) Department of Economics, Econometrics & Finance, Faculty of Economics and Business, University of Groningen, The Netherlands.
The workshop is aimed at imparting knowledge on data issues, analysis, econometric modeling and its applications in the context of empirical research, which will be inaugurated by the university Rector Dr.
Bandi Kamaiah, Dean and Professor, School of Economics, University of Hyderabad and President, The Indian Econometric Society, said that with globalization, availability of high frequency data and availability of high speed computers, econometrics has progressed rapidly.
Hotel sales prices also fell year-over-year, Lodging Econometrics said.
Philip Summerton, director at Cambridge Econometrics and lead author of the report, said: "Without any further policy changes, oil prices are likely to recover in the long-term, driven by global economic growth and increasing demand for mobility.
The authors of the book articulate Hendry's framework, using unconventional treatments of econometrics in resolving the key problem of empirical econometrics, i.e.
What has big data analytics to learn from mainstream econometrics and what can big data analytics contribute to mainstream econometrics?
Econometrics is the field of economics that concerns itself with the application of mathematical statistics and the tools of statistical inference to the empirical measurement of relationships postulated by economic theory (Greene 2008)[1].The methodologies that combine mathematical statistics and economics theory produce an econometrics model.
At LSE, he taught econometrics, macroeconomics, Marxian economics and development economics over the years.