ökonometrie at Humboldt-Universität zu Berlin

Flashcards and summaries for ökonometrie at the Humboldt-Universität zu Berlin

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What is the Goal of Econometrics?

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What are the pros and cons of field experiments?

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Cross Sectional Data

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Exemplary flashcards for ökonometrie at the Humboldt-Universität zu Berlin on StudySmarter:

Time Series Data

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Pooled cross sections

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Panel/Longitudinal Data

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Ceteris Paribus

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What do the Beta-Parameters in the SLR-Model describe?

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Definition Causality

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OLS Residuals Definition

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OLS Regression Line

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What is the Relationship between SST,SSE and SSR?

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Exemplary flashcards for ökonometrie at the Humboldt-Universität zu Berlin on StudySmarter:

ökonometrie

What is the Goal of Econometrics?

Development of statistical methods for estimating economic relationships.

ökonometrie

What are the pros and cons of field experiments?

Advantage:

- internal validity

Disadvantage: 

-external validity

-costly

-ethical concerns

-simply not feasible


ökonometrie

Cross Sectional Data

  • consists of random sample taken at a given time
  • order of data irrelevant

ökonometrie

Time Series Data

  • observation of a variable (or a set) over time 
  • order is relevant

ökonometrie

Pooled cross sections

  • combining cross sectional observations from different times to obtain larger sample size
  • examines how a key relationship changed over time (e.g. new policy)

ökonometrie

Panel/Longitudinal Data

  • consists of time series for each cross sectional data in the set

ökonometrie

Ceteris Paribus

All other factors fixed

ökonometrie

What do the Beta-Parameters in the SLR-Model describe?

  • direction and strength of relationship between dependent variable and explanatory variables 

ökonometrie

Definition Causality


  • How does variable y change if variable x is changed but all other relevant factors are held constant (ceteris paribus)


ökonometrie

OLS Residuals Definition

  • difference between yi and the fitted value

ökonometrie

OLS Regression Line

  • once we have OLS Estimators we form OLS regression line
  • estimated version of population regression function
  • we now have a predicted value for y for each value of x (fitted value)


ökonometrie

What is the Relationship between SST,SSE and SSR?

SST = SSE + SSR


  • total Variation is the sum of the explained and unexplained variation

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