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types of data (econometric) gujraati Book
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Types of dataAll empirical analysis requires data. We will now discuss a few
different structures of data that you may come across if you do
empirical analysis in economics:
1. Cross-sectional data
2. Time series data
3. Pooled cross sections
4. Panel (or longitudinal) data
, Cross-sectional data
Type of data collected by observing many subjects (such as
individuals, firms, countries, or regions) at the one point or
period of time.
Cross sectional is a data which is collected from all the
participants at the same time.
Time series data
Data set consists of observations on one or several variables over time.
A key feature of time series data that makes them more difficult to analyze
than cross-sectional data is that observations are unlikely to be
independent over time.
Special methodological problems arise when we analyze time series data.
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