Topic 1-Class Notes

Topic 1-Class Notes - Topic 1: Introduction and Review Eric...

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Unformatted text preview: Topic 1: Introduction and Review Eric Gaus Econometrics University of Oregon July 18, 2008 1 Econometrics, What are we doing? What is a simple way to sum up econometrics? What does that look like on a graph? Why is the error term so important? What is the main goal of econometrics? 1 2 Statistics Definitions 2.1 Data What is the data generating process ? Why is it important in econometrics? What makes econometric methods different from scientific experiments? What makes econometric methods similar to scientific experiments? What is a random variable ? 2 How are errors associated with random variables? Why do econometricians worry about the error term? Why is the distribution of the error term important? What types of correlations across errors exist? Why are correlations important? Why is the type of data we are using important? 3 2.2 Values What is an expected value ? For example, suppose we are looking at the numbers between one and ten....
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This note was uploaded on 07/26/2008 for the course EC 42 taught by Professor Gaus during the Summer '08 term at University of Oregon.

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Topic 1-Class Notes - Topic 1: Introduction and Review Eric...

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