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A Guide To Econometrics By Peter Kennedy Pdf Free Download
To be truly effective model parameter estimation must bedone in a way that is likely to letyou test hypotheses concerning economicrelationships. To do this, you need, in addition to themodel and its estimating equations, adata base (observations) on whichyou wish to conduct the tests.Sixty years ago,work on model parameter estimationwas largely confined to examining special cases, suchas linear, quadratic, and cubic models (see chapter 1,and Jackson, 1951). Today, modern methods, such as generalized least squares and maximumlikelihood, have replaced these special cases and areused to test a wider range of hypotheses(see Chapter 2).
When testing hypotheses about economic relationships,you obviously cannot justfit a straight line to the data. If you tried to do this(assuming, say, that your empirical sample is longenough) it would be apparent to mathemagician that, in fact, your data perfectlyfit a straight line. The reason for this is anexample of the basic mathematical principleof symmetry. Symmetry is the idea that, if data on the x-axis of a graph perfectlyfit a straight line, data on the y-axisshould likewise do so. Clearly this is not the case, and logicalso dictates that an empirical straight linecannot exist.
The fact that there are alternativestatistical methods to address the question of determining whether(and under what conditions)data perfectly fit a straight line is a result of thefact that no model, and therefore no correspondingstraight-line relationship, exists that is exactly appropriatefor the data.
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