The Practice of Econometric Theory An Examination of the Characteristics of Econometric Computation pdf

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The Practice of Econometric Theory An Examination of the Characteristics of Econometric Computation by Charles G. Renfro pdf download

The Practice of Econometric Theory An Examination of the Characteristics of Econometric Computation by Charles G. Renfro pdf download. Econometric theory, as presented in textbooks and the econometric literature generally, is a somewhat disparate collection of findings, rather than the well integrated organized whole it might seem at first sight. Its essential nature is to be a set of demonstrated results that increase over time, each logically based upon a specific set of axioms or assumptions, but rather than becoming collectively complete, these inevitably remain a fragmentary body of knowledge.

The Practice of Econometric Theory An Examination of the Characteristics of Econometric Computation by Charles G. Renfro pdf download

The practice of econometric theory consists of selecting from and applying this literature, as well as simultaneously evaluating it, so as to test its applicability and range, and support its further advance. Today this practice is closely associated with the creation, development, and use of computer software and “econometric software” is the operational expression for this theory. Originally, the development of this software focused on the implementation of a progressively enlarging set of estimators, but now its best expression involves the attempt to provide not only the means to estimate parameters in different ways but also to test each of the underlying assumptions in the most meaningful way.

The Practice of Econometric Theory An Examination of the Characteristics of Econometric Computation by Charles G. Renfro pdf download

The argument that might be made to buttress these assertions begins from the observation that the range of estimators that have been discovered by econometricians is reasonably extensive and that some of these are particular to a specific context. However, the most generally applied estimator is Ordinary Least Squares and, except in those situations where there is a priori knowledge of its unsuitability, its role is to be the starting point. To the extent that, either in practice or in principle, OLS plays this role, the consequence is then to give a particular importance to the set of supplementary evaluative tests that are applied in conjunction with it.

The Practice of Econometric Theory An Examination of the Characteristics of Econometric Computation by Charles G. Renfro pdf download

The Practice of Econometric Theory An Examination of the Characteristics of Econometric Computation by Charles G. Renfro pdf download

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