By Philip Hans Franses
This ebook is a perfect creation for starting scholars of econometrics that assumes in basic terms simple familiarity with matrix algebra and calculus. It gains functional questions that are replied utilizing econometric tools and versions. targeting a constrained variety of the main simple and ordinary equipment, the publication stories the fundamentals of econometrics sooner than concluding with a few contemporary empirical case experiences. the quantity is an intuitive representation of what econometricians do whilst confronted with sensible questions.
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Additional info for A concise introduction to econometrics: an intuitive guide
Suppose the average size of a store is, say, 500 square meters, and denote a variable xi as the difference between the size of store i and this average size. Suppose further that store sales for an average sized store (say, in a week) are on average equal to 2,000 dollars, and label this as β 1 . Additionally, stores which are larger than the average store sell more than those which are smaller, thereby not considering possible differences in prices, quality of personnel, and general atmosphere for the moment.
It should also be stressed that actual measurements are usually what are called revealed preference data (RP), and hence these data concern what actually happened. In some cases, one cannot get such RP data – as, for example, the sales of a new product that are not yet available. In that case one can resort to collecting stated preference data (SP). One should then hope that these SP data have predictive value for the eventually revealed preferences, although in some situations one may use these two data sources in 47 A Concise Introduction to Econometrics combination (see Louviere, Hensher and Swait, 2000 and Verhoef, Franses and Hoekstra, 2001 for recent accounts).
Usually this concerns observations on n individuals, where one should read “individuals” in a broad sense, as it can also concern other entities like firms and countries. Sample sizes can be like 100 or 1,000, but larger than 10,000 is quite rare. Sometimes one can collect information by actual measurement using annual reports of firms or actual tax statements of individuals. In other cases, one has to collect the data using a survey or by conducting an experiment. It should also be stressed that actual measurements are usually what are called revealed preference data (RP), and hence these data concern what actually happened.