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29_Project_handout - Emprical research project 73-261...

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Emprical research project 73-261 Econometrics October 27 Reading: Wooldridge 8, 19
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p. 2 © CMU / Y. Kryukov 73-261 2.9 Writing a project Overview Done with Heteroskedasticity, the last of Assumptions & Violations topics Today: writing an econometric study Using all those tools Senior project, honors thesis, etc. Specific Economic Question Data issues Regressor selection & assumption violations Robustness checks
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p. 3 © CMU / Y. Kryukov 73-261 2.9 Writing a project Chap. 19 Empirical project Empirical = Econometric analysis What we learned up to now is mostly mathematical statistics You must learn to use it to do economics Very few people understand or appreciate advanced estimation techniques You must use econometrics to produce an understandable and interesting insight into an economic issue
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p. 4 © CMU / Y. Kryukov 73-261 2.9 Writing a project Economic question What questions are interesting? Confirming a theory (sign positive/negative) Estimating a relationship: gender gap in wage elasticity <>1? Policy advice – estimate parameters of the model, solve model for optimal tax/subsidy/ban Predicting future – always out-of sample Ideally, question should come before data Realistically, it’s an iterative process Get data, see what questions you can answer Find a relationship and explain it
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p. 5 © CMU / Y. Kryukov
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