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Econometrics research is basically research that employs statistical techniques and economic theory to quantify, analyze and test relationships between two or more variables.
Much of the time regression analysis is used to perform the research.
Say you have a data set consisting of 100 observations with two variables... Income and "Weekly Family Food Expenditure"...
Economic theory would tell you that as income increases the weekly food expenditure should increases as well, but often times that's not enough... you want to confirm that and then tell by how much and perhaps you want to know if the increase is constant at all levels. You may even want to predict what someone's food expenditure will be given their weekly income.
Through statistical and econometric techniques you'll be able to construct a model and determine how accurate it is with a certain level of confidence. You can use that model to predict food expenditures at different levels of income, measure if the increase in food expenditure that you suppose to occur with increased income is constant at all levels, determine how much of the food expenditure is described by income or if there are other variables that if added to the model might help to explain it better and much more.
Kevin
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What is economatics?
econometric is the mixer of statistics, mathematics and economics.
What are disadvantages of time series analysis?
The main disadvantage is the relative lack in the statistical and econometric communities of information, knowledge and software regarding certain models.
Is there an answer book for the questions in textbook Econometric Methods with Applications in Business and Economics by Christiaan Heij?
I wish! I haven't found one yet. Are you suffering through this class as much as I am?
How do you focus efforts on certain activities to make the best use of resources?
You apply econometric analysis to the range of possible activities. Economics is the study of allocation of [limited] resources so as to maximise benefit.
What is difference between Operations Research and Operational Research?
operations research means research on topics related to operations while operational research means research in on operating mode. The former is a term representing a subject of research, the later is showing the status of research.
Why are econometric models used?
Econometric models are used to quantify and estimate the relationships between different economic variables. They help researchers and policymakers understand how changes in one variable can impact others, allowing them to make informed decisions and predictions based on data and statistical analysis. Econometric models are valuable tools in economic research, policy analysis, and forecasting.
What is another term for econometric models?
Econometric models are also called regression models.
What are the major types of criminological research?
1 Comparative and Historical Research, 2 Biographies , 3 Pattern of Crime Research, 4 Cohort of Study 5 Surveys 6 Observations 7 Analysis of Official and Unofficial Records 8 Experiment 9 Mathematical Model and Econometric Technique 10 Combining Research Strategies
What has the author Johannes Roseboom written?
Johannes Roseboom has written: 'Optimizing investment in agricultural research, or the quest for prosperity' -- subject(s): Agriculture, Econometric models, Economic aspects, Rate of return, Research 'Agricultural R&D in the Caribbean' -- subject(s): Agriculture, Directories, Research, Statistics
What has the author Timotheos Angelidis written?
Timotheos Angelidis has written: 'Econometric modeling of value at risk' -- subject(s): Econometric models, Risk management, Value
What has the author J Eric Fredland written?
J. Eric Fredland has written: 'Econometric models of the housing sector' -- subject(s): Econometric models, Housing
What has the author Antti Ripatti written?
Antti Ripatti has written: 'Econometric modelling of the demand for money in Finland' -- subject(s): Demand for money, Econometric models
What is methodology of econometric?
1-State the theory or hypothesis.2-Specify the mathematical model of the theory.3-Specify the econometric model.4-Obtain the data.5-Estimate the parameters of the econometric model.6-Test the hypothesis.7-Forecasting or predicting.8-Conclusions.
What are the advantages and disadvantages of Econometric models?
disadvantade of economertics
What is economatics?
econometric is the mixer of statistics, mathematics and economics.
What has the author Jaime Terceiro Lomba written?
Jaime Terceiro Lomba has written: 'Estimation of dynamic econometric models with errors in variables' -- subject(s): Econometric models
What has the author C W Johnson written?
C. W. Johnson has written: 'Econometric model of the PNW beef industry' -- subject(s): Beef industry, Econometric models
