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Authors: Samuel Cameron
Chapter from: "Econometrics"
Published by: McGraw Hill Education
Published in: 2005

Abstract

Chapter 6. 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 estimate non-linear equations using OLS (ordinary least squares) by the use of variable transformations; (2) correctly interpret coefficients in non-linear equations including the construction of elasticities; (3) know what a spline function is and why it might be used in preference to a polynomial function; and (4) able to estimate an equation with lagged dependent variables and interpret the coefficients.

About

Abstract

Chapter 6. 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 estimate non-linear equations using OLS (ordinary least squares) by the use of variable transformations; (2) correctly interpret coefficients in non-linear equations including the construction of elasticities; (3) know what a spline function is and why it might be used in preference to a polynomial function; and (4) able to estimate an equation with lagged dependent variables and interpret the coefficients.

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