Introduction to Basic Econometrics
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Introduction to Basic Econometrics
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Introduction to Basic Econometrics. What is Econometrics?
1.1 Definition
Econometrics is a mixture of economics, mathematics and statistics as illustrated in Figure 1.1.1.
Figure 1.1.1
Economics, or economic theory, makes statements or hypotheses that are mostly qualitative in
nature. Only econometrics gives empirical or numerical content to most economic theory.
The main concern of mathematical economics is to express economic theory in mathematical form
(equations) without regard to mea...
Exam (elaborations)
Introduction to Basic Econometrics
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ago
Introduction to Basic Econometrics. What is Econometrics? 1.1 Definition Econometrics is a mixture of economics, mathematics and statistics as illustrated in Figure 1.1.1. Figure 1.1.1 Economics, or economic theory, makes statements or hypotheses that are mostly qualitative in nature. Only econometrics gives empirical or numerical content to most economic theory. The main concern of mathematical economics is to express economic theory in mathematical form (equations) without regard to mea...
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