By Philip Hans Franses
This publication is a perfect creation for starting scholars of econometrics that assumes in simple terms easy familiarity with matrix algebra and calculus. It gains sensible questions which might be responded utilizing econometric tools and versions. targeting a constrained variety of the main easy and prevalent tools, the publication stories the fundamentals of econometrics prior to concluding with a few contemporary empirical case reports. the amount is an intuitive representation of what econometricians do whilst confronted with sensible questions.
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Extra resources for A concise introduction to econometrics: an intuitive guide
And indeed, there are different models for different purposes. An additional assumption often made, which is also something one rarely encounters in practice, is that the relevant data are all available and properly measured. 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.
The second case of omitted variables can be worse as one has overlooked something – that is, the model is lacking components which would have added explanatory value to the model. It sounds like a doctor who misses out a sign of some disease or a plumber who diagnoses a leak at the wrong spot. The econometric model is misspecified and subsequent parameter estimates are often less reliable. This phenomenon is likely to happen in almost all econometric models, in particular in those for complicated economic phenomena.
I believe they would, and in my view, econometricians should aim to summarize relevant economic data in the best possible model for a particular question. The answer to such a question can then be useful to a theorist if s/he is open to it, but also to forecasters, politicians, and managers. Hence, there is no need to limit the scope. In fact, one could even say that econometricians can also discover new statistical regularities in economic data, which in turn might be of interest to theorists to seek for an explanation.
A concise introduction to econometrics: an intuitive guide by Philip Hans Franses