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Book chapter
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Reference no. MHE0013BC
Authors: Samuel Cameron
Chapter from: "Econometrics"
Published by: McGraw Hill Education
Published in: 2005

Abstract

Chapter 13. 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) understand why OLS (ordinary least squares) might not usually be the preferred choice of estimation technique in a multiple equation model; (2) be able to estimate and interpret equations using IV (instrumental variables)/2SLS (two-stage least squares regression); (3) know the difference between IV and 2SLS; (4) be aware of the possible dangers of using systems methods of equations; and (5) be able to understand and use seemingly unrelated regression.

About

Abstract

Chapter 13. 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) understand why OLS (ordinary least squares) might not usually be the preferred choice of estimation technique in a multiple equation model; (2) be able to estimate and interpret equations using IV (instrumental variables)/2SLS (two-stage least squares regression); (3) know the difference between IV and 2SLS; (4) be aware of the possible dangers of using systems methods of equations; and (5) be able to understand and use seemingly unrelated regression.

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