All Assignment Experts is the reliable and best writing services provider for any help with Econometrics. Econometrics deals with the application of both mathematical and economical method in economics to test the hypotheses. These statistical methods are tried and results are tested against real-life examples. The Econometric Society is an international society that is aimed at the improvement of economic theory and how it relates to statistics and mathematics. The primary objective of econometric society is to improve studies that are intended to solving economic problems through a quantitative approach.
Econometricians have set of variables that have set repeated measurement. The term observation in economics is used to refer to the different repeated measurement on the variables. Qualifying the impact of a set of variables over another variable is a common econometric question. It is also used for analyzing data that can be experimented. Economics denote their variables by the use of the Roman characters x, y and z. If you are to follow mathematical convention, real numbers are written in lower case in an italic form such as x, y and z; while matrices are written in upper case. The uses of upper case ‘X’ to denote random variables and lower case ‘x’ to denote specific values are a proper mathematical practice.
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From the definition of econometrics, our econometrics experts understand that econometrics involves the use of mathematical and statistical economics. The hypothesis that economic theory makes is mostly qualitative. For instance, an economics theory states that, with all things being equal, when the price of a commodity is increased, then the demand for such commodity is decreased. This theory does not state any strength of the relationship between the two. That is, it does not categorically state the amount of quantity demanded that will increase or decrease as a result of the change in theprice of the commodity. But with the help of econometrics, such numerical estimate can be provided. What econometrics does is to give in-depth content and meaning to many economic theories.
The ability to be able to express any economic theory in a mathematical equation without measuring and verifying is the major concern mathematical economics. But, according to our online econometrics experts, it is mainly concerned with the verification of the economic theory.
Economic statistics is majorly involved with the processing of data in the form of diagrams. This data make up the raw data for econometric work. After this, the economic statistician does not need to go further because they don’t process data for the purpose of testing economic theories. Even though mathematics statistics provide most of the tools used in trades, econometrics rely on data that cannot be directly controlled, which makes data collected on income, saving, investment and prices naturally un-experimental.
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Economics make use of econometric tools to provide solutions to economic problems. The below are ways to show the relevance of econometrics
Time-series methods can be used for forecasting of macroeconomic indicators. Most macroeconomics is concerned with the results of monetary policy on the average performance of the economy.
A standard economic theory will predict the equilibrium wages of all workers to be decreased when there is an increase in the supply of workers.
Econometrics assists in determining factors that are more important to firm entry and exit. If it is in the interest of market power and firm concentration.
Econometrics helps in determining which policies can improve managerial efficiency and which can lead to possible profits.
Tax credits for the purpose of research and development are designed to generate revenue for firms to be able to improve their product. Econometrics methods can be used to determine how revenue can be influenced by the changes in tax credit.
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We have three types of economic data sets. They are differentiated by the dependence structure over observation. These data sets are:
Time-series: Time-series data sets are the type of economic data that are indexed by time. This includes interest rate, prices, and aggregates. This type of economic data set is characterized by serial dependence so that the random assumption from sampling is inappropriate. Aggregate economic data set is available at a low frequency (i.e. it can be annual, quarterly or even monthly). This makes the size of sampling smaller compared to cross-section studies.
Cross-section Data Sets: This is a type of data set that is collected by the observation of individuals, households or firms at a given period. These observations are independent.
Panel Datasets: Panel datasets combine the characteristics of both time-series and cross-section data set. These data sets are made up of a set of individuals that are surveyed over a given period. It is a more random sampling method because the individuals are independent of one another, but their observations are dependent.
Quantitative Economics is a broad field of studies that is taught in schools. It became very important to study quantitative economics as a subject, so that students can analytically approach economic problems and prefer solutions that are efficient.
Company’s growth and development is always dependent on some factors, such as revenue maximization, utilization of resources and other factors that are similar. Econometrics provides the model that is required for such analysis.
The competition that is experienced globally has led to an unending struggle, where every enterprise wants to top the market. This has made the quality of services rendered by these enterprises to be enhanced. The role econometrics model plays in such situation becomes all the more important.
Econometrics always leads to an efficient solution to economic problems, which is why it is a highly important subject.
Our Econometrics experts understand the role Econometrics plays in ensuring that economic problems are properly handled and efficiently solved. They leverage their deep expertise while providing the Econometrics assignment help to students. Our overall objective is to make students aware of multiple applications of Econometrics. Our online Econometrics helps will make you learn all the academic concepts and their applications in a step-by-step manner. Some of the popular econometrics topics are:
econometrics topics | |
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Ordinary Least Squares Method | Non Parametric Regression |
Linear Regression | p values |
Residual Regression | Time Series |
Bayesian Statistics | Matrix Algebra |
t statistic | Probability |
Numerical Optimization |
How can a student study econometrics? The following are different approaches for a step-by-step econometrics analysis.
The first step is to find out how the economic theory interprets the subject you want to study. This stage involves creating of the statement of the hypothesis.
The next stage is collecting data. We need to get quantitative information on the set of variables.
Highlighting the mathematical structure of the theory
Estimating the distinguishing features of the econometrics model
Econometrics is a tool for prediction. These predictions can be made before the economic theory, or it can be done after the statistical exercise.
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