Learn about the complexities of econometric with econometric assignment help
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What is econometrics?
Econometrics is an application of statistical methods to economic data to predict some economic behaviour. It is in use to predominantly test hypothesis and predicts future trends with the help of economic theory, mathematics and statistical data. It involves the testing of economic models through statistical trials and compares them to real life instances.
Econometrics is divided into two groups: theory and application. Multiple linear progression models are the tool that is basically in use for econometrics analysis. With econometrics homework help, you can understand and learn how.
What is the need for econometrics?
The study of econometric is important for multiple reasons. It supports economic theory as it can be proved quantitatively.
Like for example, theory explains the law of demand where there is an inverse relationship between the quantity demand and price of a commodity, provided other factors are constant. The demand curve thus, procured is a downward slope, but it lacks the numerical data to substantiate its claims.
However, econometrics helps to prove this mathematically. It determines the magnitude, instead of just coming up with algebraic equations like mathematical economics. It performs a test to support the theory and supports statistics. Thus, it is essential to understand this topic thoroughly with econometrics homework help to have a career in it.
Procedure to econometrics study
The methodology of econometrics to analyse economics is pretty simple. There are essentially four stages that you can fully understand with econometrics assignment help. Listed below is the method for econometric:
- First step is to analyse the set of data and develop a hypothesis on its basis. It relies upon economic theory heavily.
- Second step involves the choosing of a particular statistical model for testing the hypothesis.
- Third involves the input of data into the econometric programme. The programme uses this chosen model to state the result.
- Final stage is crucial as it involves the testing of these results produced by this programme. It helps economist to ascertain whether this model was helpful to predict well or not. If the result is as expected, then the hypothesis is true. Otherwise, it is not.
What are the limitations of econometrics?
There is a certain limitation that econometrics has which you can understand with econometrics homework help. These limitations are:
- Just like other statistical analysis, econometric models might display a fake correlation where two variables are correlated but are unrelated. This involves reporting of probability values by neglecting type II errors.
- The model selection especially when it concerns the inclusion of variables in regression.
- Many times, economic variables cannot be manipulated which forces the economist to sue observational skills using data sets with associated covariates which result in numerous models.
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