MENTION THE STEPS THAT ECONOMETRICIANS TAKE TO CARRY OUT AN EMPIRICAL STUDY

An Academic presentation byDr. Nancy Agens, Head, Technical Operations, Phdassistance Group www.phdassistance.comEmail: info@phdassistance.com

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Outline

TODAY'S DISCUSSION

In-Brief

PhD Econometrics & Statistics help understand the situation by observing from the ground level then predict the value of economic variables. PhD thesis on

econometrics provides you with an insight phenomenon that carried to obtain the optimal state of the trend. An empirical study starts with writing a hypothesis at the

beginning of the process. If there is no hypothesis, will not be able to proceed further to test any cause and effect of the relationship. Therefore, it's essential to write a hypothesis that can be tested and can offer some great insights into a situation.

Econometrics is about running the collected data or a given phenomenon with the help of the various mathematical and statistical tool.

To perform quantitative analysis in a PhD inEconometrics and Statistics, it is necessary to test the hypothesis or observe the trend to determine if the data is economically viable or not.

Int roduct ion

The entire study or experience revolves around thehypothesis.

So a slight mistake in hypothesis could result inwastage of time, money and effort.

Testing a hypothesis is a complicated procedure.

It is wholly thinking about the right question, for example, a question that tested and results obtained from it that enhance your understanding or meet your objectives.

How to Write a Hypothesis

There are two types of hypothesis,

NULL HYPOTHESIS:

A null hypothesis is one which sample observationresults based on the chances.

This type of hypothesis is not influenced by some non-random effect.

ALTERNATIVE HYPOTHESIS:

An alternative hypothesis is the one where some non-random effect influences sample observations.

Types of Hypothesis

Hypothesis testing refers to a formal process to investigate to decide whether to accept or reject.

The hypothesis should have consistentsthen it is accepted, or otherwise, rejected.

Hypothesis Testing

It begins with the hypothesis selection.Selection of a Hypothesis

PhD by Research in Economics consultation helps with theselection of hypothesis with two simple steps they are

By defining the theory that needs testing

By determining the variables for which the cause and effect relationship conducted

The selection process does not rely on quantifications, experiments, skills that affect the research result.

Contd..

The factors can be anything but depend upon the hypothesis want to test.

The hypothesis at this stage only establishes a qualitative relationshipand does not offer any economic indicator, which is essential for the study.

This step is critical because it directs the study.

Decide what is your objective of the study plays acrucial role.

This step is essential because effort money and time spending to the research work should not get wasted.

PhD Research Topics in Econometrics Help to carry out empirical research without any object may mislead and waste time consumed to carry out the process.

Establishing the Objectives of the Study

So set an achievable research objective.

The purpose of establishing the objective,

To determine the scope of the hypothesis

To determine the limitation of the research

To identify how compensations affect individual data productivity.

Contd..

Once you set the goal, you can now develop aclassic economic model.

This step carried out to drive economic relations or for quantitative analysis, which means it is much needed to have an economic model for your hypothesis to review and overcome the issues related to the research.

This step doesn't require detailed information, so develop a simple model which is less formal economical to sort out the problem.

Developing an Economic Model

The purpose of the step is to test theEconomic model; it is essential to convert it into an Econometric Model to carry out the study.

Developingan Econometric Model

For this step, it preferred to use non-experimental data to determine the non- correct result.

Choose an appropriate statistical method, knowing all the pros and cons.

The doctoral programme in Econometrics and Statisticsh elps in the selection of the data type according to the time series, panel data for the study.

The next step is to estimate the obtained value of theeconometric model that we derived.

However, there is several consideration that you need to take into account at this stage.

Estimating the Values of Coefficients

Non-experimental data observed through already data collected by observing the real world.

Experimental data is collected in a controlled environment

1. Types of data

The data type is selected based on the data that are driving economic relations.

The data were chosen depending upon the,

size of your sample

type of study you want to carry out

time constraint

2. Selection of Data Type

If the coefficients have expected magnitudes

Once the Data Collection process is over put the data in theeconometric model, for the estimation of the study.

The hypothesis is validated if,

The estimates of data have anticipated value

The results satisfy the established assumptions

In this step, we also check the goodness-of-fit, which is about determining if the selected econometric model is the right fit for the type of data used in conducting the study.

Data Analysis and Validat ion

The empirical study aims to evaluate statistical analysis between the variables or to establish the phenomena to utilize Quantitative Methods.

This kind of survey describes who, what phenomenon and thus descriptive but cannot answer the why question.

PhD program Econometrics statistics answer the question of why an analytical or experimental study needed for your research work.

Conclusion

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