New PDF release: The Practice of Econometric Theory: An Examination of the

By Charles G. Renfro

ISBN-10: 3540755705

ISBN-13: 9783540755708

Econometric thought, as offered in textbooks and the econometric literature usually, is a a little disparate selection of findings. Its crucial nature is to be a suite of confirmed effects that raise over the years, every one logically according to a particular set of axioms or assumptions, but at each second, instead of a accomplished paintings, those necessarily shape an incomplete physique of data. The perform of econometric conception comprises settling on from, employing, and comparing this literature, as a way to try out its applicability and diversity. The production, improvement, and use of software program has led utilized financial study right into a new age. This booklet describes the background of econometric computation from 1950 to the current day, dependent upon an interactive survey related to the collaboration of the numerous econometricians who've designed and constructed this software program. It identifies all the econometric software program applications which are made to be had to and utilized by economists and econometricians worldwide.

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Extra info for The Practice of Econometric Theory: An Examination of the Characteristics of Econometric Computation

Example text

This division is demonstrable, but it is not yet necessary to consider further exactly why it might persistently exist. Nor is it important per se that the work of a minority might be somewhat generally under appreciated, short of the possibility of market failure. However, what is immediately of concern is the potential for a significant effect on economics and econometrics of future econometric software development: for example, the consequence either might be that the practice of econometrics could be measurably affected or else that the existing or future software packages might provide results that differ in some significant way from those implied by the theoretical literature.

Of course, for the econometrician, several high level econometric programming environments exist (Renfro, 2004b, c), including both Gauss and Ox, the existence of which to a degree obviates the need for the serious student or the professional econometrician to start from scratch. Each of these, as well as other readily available high level statistical-mathematical programming environments such as Mathematica, Matlab, R, and S-plus (Amman & Kendrick, 1999; Belsley, 1999; Herbert, 2004; Zivot & Wang, 2002), offer the potential to self-program specific econometric calculations in a way that minimizes the need to cope with the human interface, the computer’s operating system, and other econometrically extraneous tasks.

In fact, this monograph stands in testimony to the degree to which such representation does not occur, particularly in the case of the existing widely used econometric software packages. Furthermore, given the existence of these packages, self creation of computational facilities by the typical economist is no more likely to happen than a modern traveler bound for San Francisco who finds himself in New York is likely to choose to walk rather than to fly, or at least take the train or drive. As a pedagogic exercise, the modern student might occasionally perform certain simple calculations by hand or possibly learn to program to some degree, but he or she cannot be expected, as a rule, to create a new econometric package to replace or improve upon the existing ones.

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The Practice of Econometric Theory: An Examination of the Characteristics of Econometric Computation by Charles G. Renfro


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