Theoretical justification

ECONOMETRICS Theoretical justification
Problem -> asked to be solved Data -> checked what data are available, where, how reliable, usable, compareble etc.
Theory -> methods, tools, approaches

Theory comes from the previous knowledge, up-todata understanding of processes and things: 1) how others have tackled this problem; 2) what factors influence; 3) what type or linkage, causality exit (or are belived that it might be)... A.Auziņa-Emsiņa, Econometrics Theoretical justification or knowledge and theory behind

Good fundament - > stable house Bad beginning - > bad results A.Auziņa-Emsiņa, Econometrics Image sources: http://clipart-library.com/clipart/1838691.htm http://www.dgofoundationpiers.com/foundation-repair-for-real-estate.html Denominations of the Variables
Outcomes/ Effect Y
Resulting variable Dependent variable
Endogenous variable




Explained variable Predictand Regressand Target variable
Causes/ Causal variables X1, X2, ... Xn
Factors Independent variables
Exogenous variables




Explanatory variables Predictors Regressors Control variables V. Ozolina, Econometrics Types of Interrelations Among Factors
xY
x  Y


x  Y1  Y2 x1  x2  Y x3  x3  x2  x1  Y V. Ozolina, Econometrics Theoretical justification


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