By Philip Hans Franses
This booklet is a perfect advent for starting scholars of econometrics that assumes in basic terms easy familiarity with matrix algebra and calculus. It positive aspects sensible questions that are replied utilizing econometric tools and versions. targeting a restricted variety of the main simple and normal equipment, the booklet studies the fundamentals of econometrics earlier than concluding with a few contemporary empirical case stories. the quantity is an intuitive representation of what econometricians do while confronted with useful questions.
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Extra info for A Concise Introduction to Econometrics: An Intuitive Guide
In my experience, not all textbooks are equally informative about these issues, and thereby they can create a gap between theory and practice. In chapter 4, I will show what applied econometrics can look like. ” Indeed, many economics departments have one or more academics who specialize in econometrics. Besides teaching and administration, these academics most likely spend their time in trying to develop new econometric models (when they face new practical problems that require such new models), developing new estimation methods (either for existing models, or of course for the new ones), and developing new or better diagnostic tests.
The first is to estimate key parameters of the (conditional) distribution of the observations, thereby again assuming that the DGP and the sample have the same properties. The second is that one wants to assign some confidence to these estimates. ” One may now wonder why one reads about percentages such as 90 per cent or 95 per cent. The key reason is that it implies that one might make a small mistake, with probability 10 per cent or 5 per cent. Indeed, the probability that the mean in the above example does not lie in between 3 and 5 is 10 per cent.
This is not always true, and to me it seems therefore important to discuss data collection in more detail. This should be done prior to choosing the model, especially as the type of data often already partially suggests the shape of the subsequent model. Therefore, I would like to pay specific attention to these topics, in reverse order. First, I would like to focus on a few questions, and in particular on their degree of precision. Next, I treat data collection, and after that I discuss how these two can come together into an econometric model.