Econometics
Econometrics, a sub-discipline of economics, deals with development and analysis of economics concepts with the help of mathematics and statistics. It can also be defined as the application side of economics. Econometrics includes both a theoretical and practical part. Theoretical part involves study of statistical properties such as hypothesis testing and sampling methods, while practical part includes application of statistics and mathematics to analyze the economic theories and models. Econometrics provides a platform to dvelop models ad test the economics theories. For an illustration in order to study the relation between demand of a good and its price, we can develop an equation and run a regression analysis on the same to test it empirically. A mathematical equation will be give by:  Here in we will use regression analysis in order to determine β0, β1, and β2. These parameters will determine the relationship of price and income with the quantity of the good demanded. Further, we can run hypotheses testing to assess the applicability of the sample on the population.
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Sub Topics
- Linear Regression
- Multiple Regression
- Heteroskedasticity
- Multicollinearity
- Dummy Variables
- Simultaneous Equation Models
- Non-Linear Regression
- Time Series Analysis
- Panel Data Analysis
- Large Sample Theory
