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As pre conceived notion econometrics is equated to economic statistics or general economic theory or mathematical application of economics, but in reality econometrics is an amalgamation of all the three branches of economics. It is the combined study of Economic data, statistics and economic models. The theory of Econometrics is the study of methods used in econometrics and also related to making of tools and methods. Applied Econometrics deals with the making of quantitative Economics models and using economic data for the study of econometric methods to these models.
There is an inconsistency in
deterministic model with the observed economic quantity and it is illogical to use deterministic model for non deterministic data. The economic model should be designed such that they are able to incorporate any aberration or randomness. We have to first understand than an economic model is similar to probably model and then it becomes clear to use quantification, estimation and inferences about the economy through the use mathematical statistics. There is also different approach from probabilistic approach which is used. It is known as Structural approach, this approach use likelihood based analysis incorporating maximum likelihood and Bayesian estimation. There is a concern regarding treating of economic model as correctly specified with this approach. One other approach is semi parametric approach which uses estimation methods such least squares and the Generalized Method of Moments. Calibration approach, which is similar to quasi structural approach that interprets structural models with approximations and thus it, is naturally false.
As we can see this is a complex subject and needs deep understanding of the related fundamentals. We have many Econometric experts who will help you in help with your assignments at each and every step. They will help you in preparing probabilistic models and analysing then. They will also support you in your dissertation research work and in depth analysis of complex research topics. If you do not understand the subject properly these experts will clear all your doubts through online tutoring sessions and also help you in gaining deep understanding of basics of Econometrics. This subject is widely used in corporate to test economic theories and forecasting economic variable of interest for both private and public use so having knowledge of this subject will accelerate you career growth. If you have an econometrics assignment you need help with upload it on our site and our econometrics expert will get back to you. Help in other economics topics are also available for economics students from around the world. Visit the main page or select topics at the bottom of this page.
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