By William H. Greene
This article serves as a bridge among an advent to the sector of econometrics and the pro literature for graduate scholars within the social sciences, targeting utilized econometrics and theoretical ideas.
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Additional info for Econometric Analysis (6th Edition)
The disturbance arises for several reasons, primarily because we cannot hope to capture every influence on an economic variable in a model, no matter how elaborate. The net effect, which can be positive or negative, of these omitted factors is captured in the disturbance. There are many other contributors to the disturbance in an empirical model. Probably the most significant is errors of measurement. It is easy to theorize about the relationships among precisely defined variables; it is quite another to obtain accurate measures of these variables.
The product is an econometric model. 3 METHODOLOGY The connection between underlying behavioral models and the modern practice of econometrics is increasingly strong. Practitioners rely heavily on the theoretical tools of microeconomics including utility maximization, profit maximization, and market equilibrium. Macroeconomic model builders rely on the interactions between economic agents and policy makers. The analyses are directed at subtle, difficult questions that often require intricate, complicated formulations.
But, at the end of the day, my purpose in writing this work, and in my continuing efforts to update it, is to show readers how to do econometric analysis. ” Greene-50558 A01˙0135132452˙FM xxxvi June 26, 2007 12:54 Preface SOFTWARE AND DATA There are many computer programs that are widely used for the computations described in this book. All were written by econometricians or statisticians, and in general, all are regularly updated to incorporate new developments in applied econometrics. com (QMS, Irvine, CA) (Aptech Systems, Kent, WA) (Econometric Software, Plainview, NY) (Mathworks, Natick, MA) (Econometric Software, Plainview, NY) (Estima, Evanston, IL) (SAS, Cary, NC) (Shazam, UBC, Vancouver, BC) (Stata, College Station, TX) (TSP International, Stanford, CA) Programs vary in size, complexity, cost, the amount of programming required of the user, and so on.