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Econometrics is revolutionizing micromarketing by combining attitudinal and financial information in a new way. Robert R. McGuire, the company's CEO, and a team of experts have developed unique methods of analyzing data in the firm's 150-million-name database. Econometrics has identified demographic, lifestyle and financial indicators that point to individuals' buying behaviors.
Applied econometrics hardly ever begins with a theory and in the few instances that it does, it begins with utility theory. Studies where a particular utility function is employed to develop a researcher's econometric model are even rarer. However, econometric models are only as reliable as their underlying statistical assumptions. A methodological solution may be a possible solution for the epistemological restriction which is at the core of econometrics.
...Lo and A.C. MacKinlay, 1997. The Econometrics of Financial Markets. Princeton University Press, ...
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...Eckstein (ed.) The Econometrics of Price Determination. Washington: Federal Reserv...
...Journal of Applied Econometrics 20:563-69. . Calle, Eugenia E., Michael J. Than, J...
... Model Specification", Journal of Econometrics, 16: 121-30, 1981. . Hafer, R.W., and D.W. Jansen,...
...What's New in Econometrics, Lecture 10, Difference in Difference Estimation. ...
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Economic science is generally considered less viable than the physical sciences. Sophisticated mathematical models of the economy have been developed but their accuracy is questionable to the point that the present economic crisis is often blamed on an unwarranted faith in faulty mathematical models. In this paper, we claim that the mathematical handling of economics has actually been reasonably successful and that models are not the cause behind the present crisis. The science of economics does not study immutable laws of nature but the complex human artefacts that are our economies and our financial markets, artefacts that are designed to be largely uncertain. We could make our economies and our markets less subject to uncertainty, and mathematical models more faithful to empirical da...
...3. the development of econometrics as we know it today. In the next section, we will ...
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