STATISTICAL THEORY AND ECONOMETRICS

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STATISTICAL THEORY AND ECONOMETRICS

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Econometricians, as well as other scientists, are engaged in learning from their experience and data - a fundamental objective of science. Knowledge so obtained may be desired for its own sake, for example to satisfy our curiosity about aspects of economic behavior and/or for use in solving practical problems, for example to improve economic policymaking. In the process of learning from experience and data, description and generalization both play important roles. Description helps us to understand “what is” and what is to be explained by new or old economic generalizations or theories....

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