Econometrics

Download Basic Econometrics by Damodar Gujarati, Dawn Porter PDF

By Damodar Gujarati, Dawn Porter

This can be a thorough revision of the best-selling undergraduate Econometrics text.Accessible, whole, and student-oriented, uncomplicated Econometrics is suitable for first classes in Econometrics in any respect four-year schools and universities.In addition to a major textual content, scholars have entry to the SHAZY pupil model of SHAZAM, a cheap model of a well-known econometrics package deal, in addition to info units (free on adoption to teachers) for challenge and instance fabric within the textual content.

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Single−Equation Regression Models 1. The Nature of Regression Analysis © The McGraw−Hill Companies, 2004 1 THE NATURE OF REGRESSION ANALYSIS As mentioned in the Introduction, regression is a main tool of econometrics, and in this chapter we consider very briefly the nature of this tool. 1 HISTORICAL ORIGIN OF THE TERM REGRESSION The term regression was introduced by Francis Galton. 1 In other words, the height of the children of unusually tall or unusually short parents tends to move toward the average height of the population.

However, a broad but nontechnical overview of the basic statistical concepts used in this book is provided in Appendix A for Gujarati: Basic Econometrics, Fourth Edition Front Matter Introduction © The McGraw−Hill Companies, 2004 INTRODUCTION 13 the benefit of those who want to refresh their knowledge. Insofar as mathematics is concerned, a nodding acquaintance with the notions of differential calculus is desirable, although not essential. Although most graduate level books in econometrics make heavy use of matrix algebra, I want to make it clear that it is not needed to study this book.

13 As noted earlier, Keynes expected the MPC to be positive but less than 1. 70. But before we accept this finding as confirmation of Keynesian consumption theory, we must enquire whether this estimate is sufficiently below unity to convince us that this is not a chance occurrence or peculiarity of the particular data we have used. 70 statistically less than 1? If it is, it may support Keynes’ theory. Such confirmation or refutation of economic theories on the basis of sample evidence is based on a branch of statistical theory known as statistical inference (hypothesis testing).

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