Week1-intro.pdf - Week 1 An Introduction to Econometrics...

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Lecture 1: An Introduction to Econometrics Page 1 Week 1 An Introduction to Econometrics
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Lecture 1: An Introduction to Econometrics Page 2 1.2 What is Econometrics About Econometrics is about how we can use theory and data from economics, business, and the social sciences, along with tools from statistics, to answer ‘‘how much’’ questions. What is Econometrics about?
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Page 3 Lecture 1: An Introduction to Econometrics In economics we express our ideas about relationships between economic variables using the mathematical concept of a function f C s C s d P P P f Q INC P P P f Q Income f n Consumptio , , , , , 1.2 What is Econometrics About
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Page 4 Lecture 1: An Introduction to Econometrics Every day, decision-makers face ‘‘how much’’: A city council ponders the question of how much violent crime will be reduced if an additional million dollars is spent putting uniformed police on the street The owner of a local Pizza Hut must decide how much advertising space to purchase in the local newspaper, and thus must estimate the relationship between advertising and sales
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