New PDF release: A concise introduction to econometrics: an intuitive guide

By Philip Hans Franses

ISBN-10: 0511042728

ISBN-13: 9780511042720

ISBN-10: 0521520908

ISBN-13: 9780521520904

ISBN-10: 0521817692

ISBN-13: 9780521817691

This e-book is a perfect advent for starting scholars of econometrics that assumes in basic terms easy familiarity with matrix algebra and calculus. It gains sensible questions that are spoke back utilizing econometric equipment and types. concentrating on a constrained variety of the main easy and commonly used equipment, the publication experiences the fundamentals of econometrics earlier than concluding with a few fresh empirical case experiences. the amount 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

Example text

In essence, this is the method of ordinary least squares (OLS). At first sight one may think that finding the appropriate estimates amounts to trying out many guesses for βˆ 1 and βˆ 2 and pick those two with the smallest σˆ 2 . However, it turns out that there is what is called the OLS formula, and this yields unique and (in some respects) optimal estimators, which are very easy to compute. These estimators are the most reliable among a range of possible estimators. Some further considerations In the previous section, it was mentioned that one computes estimators and their standard errors, and other things.

The first section of this chapter outlines why I focus on practical problems and not so much on economic theories. The next five sections deal with the five main issues that econometricians have to think about in practice. First one needs to identify and formulate the practical question. Then one has to collect the relevant data that one can consider for answering the question. Next, one combines these two first steps and in many cases a potentially useful econometric model can be chosen. When these matters are all dealt with, the empirical analysis of the model can start.

Decades ago, one used to do these computations by hand, but nowadays one uses computers. With these, it takes a fraction of a second to get the OLS estimates for a standard linear regression model. The actual computations are not only fast, in many cases it is also not necessary to write one’s own computer programs any more. There are many prefabricated software packages around, like EViews, SPSS, 30 A few basic tools SAS, Statistica, LimDep, PCGIVE, and others, which only require loading the data and a push on the right button.

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A concise introduction to econometrics: an intuitive guide by Philip Hans Franses


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