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Book chapter
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Reference no. MHE0003BC
Authors: Samuel Cameron
Chapter from: "Econometrics"
Published by: McGraw Hill Education
Published in: 2005

Abstract

Chapter 3. The book aims to introduce students with little or no previous experience in econometrics to this important discipline. This text focuses on explaining why econometrics exists and how it can be used in everyday life. This text adopts a strong student-focused approach to the discipline. In doing so, it aims to address fundamental issues in econometrics in an accessible manner for students, who are often put off by the difficult nature of the subject. The learning objectives of this chapter are: (1) be able to perform and interpret basic bivariate and multiple regression; (2) understand the role of the disturbance term and know the classical assumptions made about it; (3) be aware of what is meant by OLS (ordinary least squares) being BLUE; (4) know how to interpret the R squared statistic; (5) understand the derivation of the OLS estimators; and (6) begin to understand how to summarize an academic article which uses econometrics.

About

Abstract

Chapter 3. The book aims to introduce students with little or no previous experience in econometrics to this important discipline. This text focuses on explaining why econometrics exists and how it can be used in everyday life. This text adopts a strong student-focused approach to the discipline. In doing so, it aims to address fundamental issues in econometrics in an accessible manner for students, who are often put off by the difficult nature of the subject. The learning objectives of this chapter are: (1) be able to perform and interpret basic bivariate and multiple regression; (2) understand the role of the disturbance term and know the classical assumptions made about it; (3) be aware of what is meant by OLS (ordinary least squares) being BLUE; (4) know how to interpret the R squared statistic; (5) understand the derivation of the OLS estimators; and (6) begin to understand how to summarize an academic article which uses econometrics.

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