Author: Morong Yang
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
Book Description
Econometrics is considered scientific under two notions: it applies statistical method for analyzing economic data; and it is empirical. This paper refutes these two notions. As regression just calculates mathematically, instead of statistically, coefficients which are unique to a specific model and dataset, there is nonexistence of t-statistic and therefore noninvolvement of statistical method in econometrics. Econometrics is not empirical because it neither investigates particular situations nor determines kinds. On the other hand, econometrics, by letting an uncontrollable error term in regression models, allows researchers to try any models for finding the results they want. This in turn easily makes econometrics a kind of con job. For all multi regression models, econometrics is essentially working on abstract numbers of no existential reference. These defects determine that econometrics cannot be saved. Preliminary evidences show that econometrics is just alchemy. Application of econometrics to verifying asset pricing models is one of the typical illustrations of the assertion.
Yes, Econometrics is Alchemy
Econometrics: Alchemy Or Science?
Author: David F. Hendry
Publisher: Oxford University Press, USA
ISBN: 0198293542
Category : Business & Economics
Languages : en
Pages : 561
Book Description
"Econometrics: Alchemy or Science?" analyses the effectiveness and validity of applying econometric methods to economic time series. The methodological dispute is long-standing, and no claim can be made for a single valid method, but recent results on the theory and practice of model selection bid fair to resolve many of the contentious issues.The book presents criticisms and evaluations of competing approaches, based on theoretical economic and econometric analyses, empirical applications, and Monte Carlo simulations, which interact to determine best practice. It explains the evolution of an approach to econometric modelling founded in careful statistical analyses of the available data, using economic theory to guide the general model specification. From a strong foundation in the theory of reduction, via a range of applied andsimulation studies, it demonstrates that general-to-specific procedures have excellent properties.The book is divided into four Parts: Routes and Route Maps; Empirical Modelling Strategies; Formalization; and Retrospect and Prospect. A short preamble to each chapter sketches the salient themes, links to earlier and later developments, and the lessons learnt or missed at the time. A sequence of detailed empirical studies of consumers' expenditure and money demand illustrate most facets of the approach. Material new to this revised edition describes recent major advances in computer-automatedmodel selection, embodied in the powerful new software program PcGets, which establish the operational success of the modelling strategy.
Publisher: Oxford University Press, USA
ISBN: 0198293542
Category : Business & Economics
Languages : en
Pages : 561
Book Description
"Econometrics: Alchemy or Science?" analyses the effectiveness and validity of applying econometric methods to economic time series. The methodological dispute is long-standing, and no claim can be made for a single valid method, but recent results on the theory and practice of model selection bid fair to resolve many of the contentious issues.The book presents criticisms and evaluations of competing approaches, based on theoretical economic and econometric analyses, empirical applications, and Monte Carlo simulations, which interact to determine best practice. It explains the evolution of an approach to econometric modelling founded in careful statistical analyses of the available data, using economic theory to guide the general model specification. From a strong foundation in the theory of reduction, via a range of applied andsimulation studies, it demonstrates that general-to-specific procedures have excellent properties.The book is divided into four Parts: Routes and Route Maps; Empirical Modelling Strategies; Formalization; and Retrospect and Prospect. A short preamble to each chapter sketches the salient themes, links to earlier and later developments, and the lessons learnt or missed at the time. A sequence of detailed empirical studies of consumers' expenditure and money demand illustrate most facets of the approach. Material new to this revised edition describes recent major advances in computer-automatedmodel selection, embodied in the powerful new software program PcGets, which establish the operational success of the modelling strategy.
Econometrics: Alchemy Or Science?
Author: David F. Hendry
Publisher:
ISBN:
Category :
Languages : en
Pages : 560
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 560
Book Description
Putting Econometrics in Its Place
Author: G. M. P. Swann
Publisher: Edward Elgar Publishing
ISBN: 9781781958636
Category : Social Science
Languages : en
Pages : 274
Book Description
'I consider the book as well suited to provide a broader perspective on methods used in applied economic research. For the applied researcher the book will provide a nice overview on existing methods and some arguments as to which method might be particularly suitable for specific purposes.' - Peter Winker, Jahrbücher f. Nationalökonomie u. Statistik
Publisher: Edward Elgar Publishing
ISBN: 9781781958636
Category : Social Science
Languages : en
Pages : 274
Book Description
'I consider the book as well suited to provide a broader perspective on methods used in applied economic research. For the applied researcher the book will provide a nice overview on existing methods and some arguments as to which method might be particularly suitable for specific purposes.' - Peter Winker, Jahrbücher f. Nationalökonomie u. Statistik
Probability, Econometrics and Truth
Author: Hugo A. Keuzenkamp
Publisher: Cambridge University Press
ISBN: 1139431048
Category : Business & Economics
Languages : en
Pages : 324
Book Description
When John Maynard Keynes likened Jan Tinbergen's early work in econometrics to black magic and alchemy, he was expressing a widely held view of a new discipline. However, even after half a century of practical work and theorizing by some of the most accomplished social scientists, Keynes' comments are still repeated today. This book assesses the foundations and development of econometrics and sets out a basis for the reconstruction of the foundations of econometric inference by examining the various interpretations of probability theory which underlie econometrics. Keuzenkamp claims that the probabilistic foundations of econometrics are weak, and although econometric inferences may yield interesting knowledge, claims to be able to falsify or verify economic theories are unwarranted. Methodological falsificationism in econometrics is an illusion. Instead, it is argued, econometrics should locate itself in the tradition of positivism.
Publisher: Cambridge University Press
ISBN: 1139431048
Category : Business & Economics
Languages : en
Pages : 324
Book Description
When John Maynard Keynes likened Jan Tinbergen's early work in econometrics to black magic and alchemy, he was expressing a widely held view of a new discipline. However, even after half a century of practical work and theorizing by some of the most accomplished social scientists, Keynes' comments are still repeated today. This book assesses the foundations and development of econometrics and sets out a basis for the reconstruction of the foundations of econometric inference by examining the various interpretations of probability theory which underlie econometrics. Keuzenkamp claims that the probabilistic foundations of econometrics are weak, and although econometric inferences may yield interesting knowledge, claims to be able to falsify or verify economic theories are unwarranted. Methodological falsificationism in econometrics is an illusion. Instead, it is argued, econometrics should locate itself in the tradition of positivism.
Econometrics
Author: Dilip M. Nachane
Publisher: Oxford University Press, USA
ISBN:
Category : Business & Economics
Languages : en
Pages : 888
Book Description
This textbook covers both the theory and the applications aspects of econometrics for identifying and formulating answers to practical questions. Aimed at Indian students at the post-graduate level , this is a comprehensive volume in its coverage of topics, assumes knowledge of advanced undergraduate algebra, contains exercises and solved examples, and uses applications from the Indian economy and data from both India and the West.
Publisher: Oxford University Press, USA
ISBN:
Category : Business & Economics
Languages : en
Pages : 888
Book Description
This textbook covers both the theory and the applications aspects of econometrics for identifying and formulating answers to practical questions. Aimed at Indian students at the post-graduate level , this is a comprehensive volume in its coverage of topics, assumes knowledge of advanced undergraduate algebra, contains exercises and solved examples, and uses applications from the Indian economy and data from both India and the West.
Theory, Measurement, and Policy
Author: V. Pandit
Publisher: Academic Foundation
ISBN: 9788171886821
Category : Business & Economics
Languages : en
Pages : 426
Book Description
Presidential addresses delivered at the annual conferences of TIES.
Publisher: Academic Foundation
ISBN: 9788171886821
Category : Business & Economics
Languages : en
Pages : 426
Book Description
Presidential addresses delivered at the annual conferences of TIES.
The Lucas Critique in Practice
Author: Neil R. Ericsson
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 108
Book Description
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 108
Book Description
International Finance Discussion Papers
Author:
Publisher:
ISBN:
Category : International finance
Languages : en
Pages : 106
Book Description
Publisher:
ISBN:
Category : International finance
Languages : en
Pages : 106
Book Description
Econometrics as a Con Art
Author: Imad A. Moosa
Publisher: Edward Elgar Publishing
ISBN: 1785369954
Category : Business & Economics
Languages : en
Pages : 253
Book Description
Imad Moosa challenges convention with this comprehensive and compelling critique of econometrics, condemning the common practices of misapplied statistical methods in both economics and finance.
Publisher: Edward Elgar Publishing
ISBN: 1785369954
Category : Business & Economics
Languages : en
Pages : 253
Book Description
Imad Moosa challenges convention with this comprehensive and compelling critique of econometrics, condemning the common practices of misapplied statistical methods in both economics and finance.