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TheNatureofEconometricsandEconomicData
Chapter1
●Whatiseconometrics?
·Econometrics=useofstatisticalmethodstoanalyzeeconomicdata
·Econometricianstypicallyanalyzenonexperimentaldata
●Typicalgoalsofeconometricanalysis
·Estimatingrelationshipsbetweeneconomicvariables
·Testingeconomictheoriesandhypotheses
·Forecastingeconomicvariables
·Evaluatingandimplementinggovernmentandbusinesspolicy
TheNatureofEconometrics
andEconomicData
andEconomicData
●Stepsineconometricanalysis
·1)Economicmodel(thisstepisoftenskipped)
·2)Econometricmodel
●Economicmodels
·Maybemicro-ormacromodels
·Oftenuseoptimizingbehaviour,equilibriummodeling,…
·Establishrelationshipsbetweeneconomicvariables
·Examples:demandequations,pricingequations,…
·Functionalformofrelationshipnotspecified
·Equationcouldhavebeenpostulatedwithouteconomicmodeling
●Economicmodelofcrime(Becker(1968))
·Derivesequationforcriminalactivitybasedonutilitymaximization
TheNatureofEconometric
Hoursspentin→y=f(T1,q2,T3,T4,Zs,To,T7)
criminalactivities
ProbabilityofProbabilityofconvictionifgettingcaughtcaught
Age
Expected
sentence
“Wage”ofcriminalactivities
Wageforlegalemployment
Other
income
andEconomicData
●Modelofjobtrainingandworkerproductivity
·Whatiseffectofadditionaltrainingonworkerproductivity?
·Formaleconomictheorynotreallyneededtoderiveequation:
·Otherfactorsmayberelevant,butthesearethemostimportant(?)
→wage=f(educ,erper,training)
Yearsofwork-forceexperience
Yearsofformaleducation
Weeksspent
injobtraining
Hourlywage-
TheNatureofEconometrics
andEconomicData
●Econometricmodelofcriminalactivity
·Thefunctionalformhastobespecified
·Variablesmay
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