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Econometrician

Definition

Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships". The first known use of the term "econometrics" was by Polish economist Paweł Ciompa in 1910. Jan Tinbergen is considered by many to be one of the founding fathers of econometrics. Ragnar Frisch is credited with coining the term in the sense in which it is used today.

What is 'Econometrician '

A person who uses statistics and mathematics to study, model and predict economic principles and outcomes. Econometricians use statistical measures and mathematical formulas to produce objective results in the study of economics.

Explaining 'Econometrician '

An econometrician is a type of economist who integrates statistics and mathematics into economic analysis. Econometricians use highly specialized math and statistics to generate quantifiable results. Individuals employed as econometricians typically have advanced degrees in statistics and/or economics, although some universities do offer specific degrees in econometrics.


Further Reading


An applied econometricians' view of empirical corporate governance studies
onlinelibrary.wiley.com [PDF]
… An Applied Econometricians' … KoÈke Mannheim Research Institute Mannheim Research Institute for the Economics of Aging (MEA), for the Economics of Aging … While the second condition is likely to hold, for example because economic variables typically show some degree of …

Two New Zealand pioneer econometriciansTwo New Zealand pioneer econometricians
www.tandfonline.com [PDF]
… An Applied Econometricians' … KoÈke Mannheim Research Institute Mannheim Research Institute for the Economics of Aging (MEA), for the Economics of Aging … While the second condition is likely to hold, for example because economic variables typically show some degree of …

Econophysics: A challenge to econometriciansEconophysics: A challenge to econometricians
www.sciencedirect.com [PDF]
… An Applied Econometricians' … KoÈke Mannheim Research Institute Mannheim Research Institute for the Economics of Aging (MEA), for the Economics of Aging … While the second condition is likely to hold, for example because economic variables typically show some degree of …

Tobin as an EconometricianTobin as an Econometrician
read.dukeupress.edu [PDF]
… An Applied Econometricians' … KoÈke Mannheim Research Institute Mannheim Research Institute for the Economics of Aging (MEA), for the Economics of Aging … While the second condition is likely to hold, for example because economic variables typically show some degree of …

Variable trends in economic time seriesVariable trends in economic time series
www.aeaweb.org [PDF]
… An Applied Econometricians' … KoÈke Mannheim Research Institute Mannheim Research Institute for the Economics of Aging (MEA), for the Economics of Aging … While the second condition is likely to hold, for example because economic variables typically show some degree of …



Q&A About Econometrician


What are some examples of stochastic elements in an econometric model?

Errors and residuals in statistics; random variables; stochastic processes (such as Brownian motion); and time-series data containing trends, seasonality, etc.

What does an econometric model specify?

An econometric model specifies the relationship that is believed to hold between various economic quantities pertaining to a particular economic phenomenon.

What is an econometrician?

An econometrician uses statistics and mathematics to study, model and predict economic principles and outcomes.

Can you give some examples of these different types of models?

Examples include linear regression models, nonlinear regression models (including generalized additive models), time series analysis (including vector autoregression), spatial analysis (including Bayesian geostatistics), multivariate analysis (including factor analysis and principal component analysis) and panel data methods such as fixed effects estimation or instrumental variables estimation.

Who typically employs individuals as econometrics?

Individuals employed as econsitricians typically have advanced degrees in statistics or economics. Some universities do offer specific degrees in ecometrics.

What are some of the statistical measures used by econometricians?

Econometricians use statistical measures such as regression analysis, time series analysis, stochastic processes and mathematical formulas to produce objective results in the study of economics.

What is an econometric model?

An econometric model is a statistical model used in economics.

Are there different types of models that can be used as the basis for creating an econometric model?

Yes, there are many different types of models that can be used as the basis for creating an econometric model.

What are some of the mathematical formulas used by econometricians?

Econometricians use mathematical formulas such as linear algebra, calculus, differential equations and probability theory to generate quantifiable results.

How can an econometric model be derived from a deterministic system?

By allowing for uncertainty, or by using stochastic elements.