ch01 - ECON 6002 Econometrics Memorial University of...

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ECON 6002 Econometrics Memorial University of Newfoundland Adapted from Vera Tabakova’s notes
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1.1 Why Study Econometrics 1.2 What is Econometrics About 1.3 The Econometric Model 1.4 How Do We Obtain Data 1.5 Statistical Inference 1.6 A Research Format
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Fills a gap between being “a student of economics” and being “a practicing economist” Lets you tell your employer: “I can predict the sales of your product.” “I can estimate the effect on your sales if your competition lowers its price by $1 per unit.” “I can test whether your new ad campaign is actually increasing your sales.” Helps you develop “intuition” about how things work and is invaluable if you go to graduate school
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Slide 1-4 Principles of Econometrics, 3rd Edition 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” type questions.
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CONSUMPTION = f ( INCOME ) ( , , , ) d s c Q f P P P INC = ( , , ) s c f Q f P P P =
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The government wants to know how much violent crime will be reduced if an additional million dollars is spent putting uniformed police on the street. Presidential candidate asks how many additional voters will support
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ch01 - ECON 6002 Econometrics Memorial University of...

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