Lecture 10 2010

Lecture 10 2010 - 1 I. Introduction II. Statistical and...

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Unformatted text preview: 1 I. Introduction II. Statistical and Notational Preliminaries III. Simple Regression A. Introduction: Economic theory; from correlation to causation; evaluation. B. Population Regression Equation. C. Sample Regression Equation. D. Estimation - OLS III. Simple Regression ( Gujarati: Chs. 1 and 5 ) A. Introduction: Moving on to Regression. s Correlation: c Tells us if two variables are linearly associated. c Says nothing about whether X causes Y. s Regression : we say X causes Y, and we estimate how X causes Y to change. Estimate? How? What’s our objective? 2. Methodology – estimation and evaluation. s How do we estimate econometric models? c Point estimators – c Interval estimators – combine point estimators and standard errors (estimators are rv s). s Evaluate estimators. What properties? c “ B est L inear U nbiased E stimator.” c Evaluate using expected values. c Evaluate what? What distributions? 2 B. Population Regression Equation ( PRE ) 1. Population relationship specified by theory:1....
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This note was uploaded on 12/08/2011 for the course ECON 312 taught by Professor Daniellass during the Winter '10 term at UMass (Amherst).

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Lecture 10 2010 - 1 I. Introduction II. Statistical and...

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