By Damodar Gujarati, Dawn Porter
Gujarati and Porter's easy Econometrics presents an undemanding yet entire creation to econometrics with out resorting to matrix algebra, calculus, or facts past the straight forward point. With the addition of over a hundred new information units, in addition to considerably up-to-date learn and examples, the 5th variation responds to special advancements within the conception and perform of econometrics. uncomplicated Econometrics is commonplace through scholars of all fields because the elevated themes and urban purposes in the course of the textual content follow to a wide variety of reviews.
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Additional resources for Basic Econometrics
Single−Equation Regression Models 2. 4) we have taken the conditional expectation, conditional upon the given X’s. Since E(Yi | Xi ) is the same thing as E(Y | Xi ), Eq. 2) implies that the conditional mean values of ui (conditional upon the given X’s) are zero. 2) has the advantage that it clearly shows that there are other variables besides income that affect consumption expenditure and that an individual family’s consumption expenditure cannot be fully explained only by the variable(s) included in the regression model.
2 The expected value, or expectation, or population mean of a random variable Y is denoted by the symbol E(Y). On the other hand, the mean value computed from a sample of values from ¯ read as Y bar. the Y population is denoted as Y, 37 Gujarati: Basic Econometrics, Fourth Edition PART ONE: © The McGraw−Hill Companies, 2004 2. 1 WEEKLY FAMILY INCOME X, $ X→ Y ↓ Weekly family consumption expenditure Y, $ Total Conditional means of Y, E(Y |X ) 80 100 120 140 160 180 200 220 240 260 55 60 65 70 75 – – 65 70 74 80 85 88 – 79 84 90 94 98 – – 80 93 95 103 108 113 115 102 107 110 116 118 125 – 110 115 120 130 135 140 – 120 136 140 144 145 – – 135 137 140 152 157 160 162 137 145 155 165 175 189 – 150 152 175 178 180 185 191 325 462 445 707 678 750 685 1043 966 1211 65 77 89 101 113 125 137 149 161 173 in the table refer to a total population of 60 families in a hypothetical community and their weekly income (X) and weekly consumption expenditure (Y ), both in dollars.
Xk) will denote the explanatory variables, Xk being the kth explanatory variable. The subscript i or t will denote the ith or the tth observation or value. Xki (or Xkt ) will denote the ith (or tth) observation on variable Xk . N (or T) will denote the total number of observations or values in the population, and n (or t) the total number of observations in a sample. , data collected over a period of time). The nature of cross-sectional and time series data, as well as the important topic of the nature and sources of data for empirical analysis, is discussed in the following section.