By Philip Hans Franses
This publication is a perfect advent for starting scholars of econometrics that assumes in simple terms simple familiarity with matrix algebra and calculus. It positive factors sensible questions which might be responded utilizing econometric tools and types. concentrating on a constrained variety of the main simple and established equipment, the ebook studies the fundamentals of econometrics sooner than concluding with a couple of fresh empirical case stories. the amount is an intuitive representation of what econometricians do while confronted with useful questions.
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Extra resources for A concise introduction to econometrics: an intuitive guide
This notion of a residual can also be interpreted as that part of yi which cannot be explained by a constant term and the explanatory variable xi . It is always good to be aware of the fact that econometricians sometimes use different words for the same entity. 23 A Concise Introduction to Econometrics Inference In order to assign some meaning to the properties of sample observations, one usually assumes that there is something like a data generating process (DGP), which generates the sample data.
An assignment to predict sales for the next ten years while only three years of annual data are available is possible only if one copies the results for other, say, countries. More data, however, usually also implies more model, in the sense that the econometric model becomes more complicated and the corresponding parameter estimators might become more involved. 4) is more involved than that for the β 2 in the standard regression model. Hence, other data and other models may lead to other estimators.
The variable with effect β 1 is usually called the “constant term,” as it does not involve xi . The parameter β 1 itself is called the intercept. Furthermore, the model is a linear model. 9) could for example involve the variable xiδ . To complete the nomenclature, at least for the moment, we need to mention that yi is called the dependent variable or the variable to be explained. Another name for xi is that it is an 22 A few basic tools independent variable, as it does not in turn depend on yi .
A concise introduction to econometrics: an intuitive guide by Philip Hans Franses