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ECS 4863 ASSIGNMENT 01 DUE DATE: 12 May 2024 UNIQUE NUMBER: 721908 R56,17   Add to cart
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ECS 4863 ASSIGNMENT 01 DUE DATE: 12 May 2024 UNIQUE NUMBER: 721908
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ECS 4863 ASSIGNMENT 01 DUE DATE: 12 May 2024 UNIQUE NUMBER: . ECONOMETRICS ASSIGNMENT 01 Question 1 1.1The subject deserves to be studied in its own right for the following reasons: Economic theory makes statements or hypotheses that are mostly qualitative in nature (the law of demand), the...

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  • May 12, 2023
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ECS 4863
ASSIGNMENT 01
DUE DATE: 12 May 2023
UNIQUE NUMBER: 721908

, ECONOMETRICS ASSIGNMENT 01



Question 1


1.1The subject deserves to be studied in its own right for the following reasons:

Economic theory makes statements or hypotheses that are mostly qualitative in
nature (the law of demand), the law does not provide any numerical measures of
the relationship. This is the job of the econometrician.

The main concern of mathematical Economics is to express economics theory in
mathematical form without regard to measurability or empirical verification of
the theory.

Economic statistics is mainly concerned with collecting, processing and presenting
economic data in the form of charts and tables. It does not go any further.



1.2 The Gauss-Markov Theorem states that, given the assumptions of the
classical linear regression model, the OLS estimators have minimum
variance in the class of linear estimators, that is, they are BLUE (best linear
unbiased estimators). Students who forget that “best” stands for minimum
variance can remember OLS is MvLUE (i.e. Minimum variance linear
unbiased estimators).

Best: Minimum variance - no other unbiased estimator has a lower variance
than OLS.Unbiased: E ( ̂) = 
Consistent: As N approaches infinity, estimates converge to true parameters

Normally distributed: ̂sare N[ , var ( ̂)]

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