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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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