Importance of econometrics
Econometrics is subject which includes statistical distributions, mathematics functions and economic theories. It provides numerical values to economic theories and proves that they hold true, econometrics explain the relationship between the variables with the data collected over a period of time, it explains how much change in the dependent variable is caused by the change in the dependent variable. For example- consumption is a function of income where consumption is dependent variable and income is an independent variable, econometrics shows that income and consumption has a positive relationship and gives a value to it.
Importance of econometrics can be seen that it's not about only a two variable model but it can explain relationship between multiple variables. Such as, consumption is not only affected by the income of the person but it also depends upon the wealth of person, number of hours worked, age etc. where consumption is a dependent variable and all others are independent variables. Another feature of econometrics which make to so popular among different fields like finance, mathematics, agricultural sciences and economics is that it provides a value to qualitative variables which can't be measured with the help of the dummy variables. Dummy variables are the variable which takes value 0 or 1, (1 when a given feature is present and 0 when not) for example- marital status of a person it can be measured with the help of the dummy variables, if the person is married dummy variable is take value 1 and 0 when unmarried.
Difficulties encountered in econometrics problem
Econometrics which is a complex subject with involvement of statistics and mathematics, therefore any student who wants to excel in econometrics must have a good knowledge of statistics and mathematics especially the statistical distributions such normal distribution, binomial distribution and most importantly hypothesis testing. Econometrics is about collecting a data, forming an econometric model and hypothesis testing which gives a value which decides whether the model holds true or not.
In econometrics the problem faced by the students is mainly related to the autocorrelation, multicollinearity and heterogeneity which are related to the error term of the model and can fail the model. Therefore having an understanding of these problems and how to solve them is required from a student who is studying econometrics. Econometrics is not all about the models it studies the economic relationships therefore a student who does not a conceptual knowledge of the economics sometimes fails in forming the econometric models. Another topic in econometrics which gives headaches to students is dummy variable like how to give values to dummy variables and the steps when the dummy are related to each other or to the quantitative variable.
Few important tips to solve problems of econometrics
One of the most important thing to keep in mind before start studying econometrics is to go thorough statistics and revise all the distributions and functions. Practicing is key to excel in econometrics, the more a student practice the more better he will become in econometrics. Another important tip is to keep a good knowledge and understanding of Classical Linear Regression Model assumptions (CLRM) on which most the econometric models are based and the importance of Best Linear Unbiased Estimator (BLUE) in econometrics because the main objective of the econometrics is to find best unbiased linear estimator of population from the sample.
The problem faced by students while facing dummy variables can be solved by understanding the concept of dummy variables just give value 1 to the feature that they want dummy to represent and 0 when the feature is not present. If the dummy variables are related to each other then the student should make an interactive dummy which shows the effect on dependent variable when both dummies interact.
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