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Unformatted text preview: ECON321 : Econometrics Lecture 1: Descriptive Statistics Sasan Bakhtiari University of Maryland, College Park Summer 2007 Session II, Statistics and Econometrics What is statistics? The science that deals with real world observations. Statistics is related to collecting, classifying, analyzing and interpreting data. ◮ Testing if something is true or false, ◮ Help in making decisions, ◮ Help in forecasting the future. What is econometrics? Statistical methods used in economics to deal with the real world data. First Concepts Population: The set of objects of interest - ◮ ECON321 Summer 2007 Session II: Population is all the students registered. ◮ Employment in state of Maryland: All the employed and unemployed population of Maryland actively participating in the labor force. Sample: A subset of population - ◮ ECON321 Summer 2007 Session II: Students sitting in the last 3 rows. ◮ Employment in state of Maryland: A random sample of 10000 working age persons from all counties of MD. More Concepts Census: When the full population is observed - ◮ Decennial Population Census. ◮ The Census of Manufactures. Survey: When a selected sample is observed - ◮ Decennial Population Census (Long form). ◮ Annual Survey of Manufactures. Why is Statistics Important Because observed data are noisy : 1. Mis-representation noise. ◮ Temporary Help Industries: Software engineers, fashion models. ◮ Income : does that include patent loyalties, hobby income , etc.? 2. Staff error: Error entering data into computer files. 3. Ignored factors : Measuring price of milk/ gallon - ◮ Milk from different vendors, ◮ Skim milk, low fat milk, chocolate milk , ... ?...
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