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Book chapter
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Reference no. MHE0009BC
Authors: Samuel Cameron
Chapter from: "Econometrics"
Published by: McGraw Hill Education
Published in: 2005

Abstract

Chapter 9. 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) to know why diagnostic tests are needed; (2) understand how to use the main (most common) tests for outliers, normality, heteroscedasticity, functional form, stability and autocorrelation; and (3) to be aware that any specific test may have rejected the null due to a range of possible specification errors.

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Abstract

Chapter 9. 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) to know why diagnostic tests are needed; (2) understand how to use the main (most common) tests for outliers, normality, heteroscedasticity, functional form, stability and autocorrelation; and (3) to be aware that any specific test may have rejected the null due to a range of possible specification errors.

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