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Mention the Steps that Econometricians take to carry out an Empirical

Study

Dr. Nancy Agens, Head,

Technical Operations, Phdassistance

info@phdassistance.com

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.

Keywords:

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thesis on econometrics, PhD in

Econometrics and Statistics, PhD by

Research in Economics, PhD research

topics in econometrics, Doctoral

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Statistics, PhD program Econometrics

statistics.

I. INTRODUCTION

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 in Econometrics and

Statistics, it is necessary to test the

hypothesis or observe the trend to

determine if the data is economically

viable or not.

II. HOW TO WRITE A HYPOTHESIS

The entire study or experience revolves

around the hypothesis. So a slight mistake

in hypothesis could result in wastage 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.

III. TYPES OF HYPOTHESIS

There are two types of hypothesis,

Null Hypothesis: A null hypothesis is one which sample

observation results 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.

IV. HYPOTHESIS TESTING

Hypothesis testing refers to a formal

process to investigate to decide whether to

accept or reject. The hypothesis should

have consistents then it is accepted, or

otherwise, rejected.

V. SELECTION OF A HYPOTHESIS

It begins with the hypothesis selection.

PhD by Research in Economics

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consultation helps with the selection 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. The factors can

be anything but depend upon the

hypothesis want to test. The hypothesis at

this stage only establishes a qualitative

relationship and does not offer any

economic indicator, which is essential for

the study.

VI. ESTABLISHING THE OBJECTIVES

OF THE STUDY

This step is critical because it directs the

study. Decide what is your objective of the

study plays a crucial 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. 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.

VII. DEVELOPING AN ECONOMIC

MODEL

Once you set the goal, you can now

develop a classic 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.

VIII. DEVELOPING AN

ECONOMETRIC MODEL

The purpose of the step is to test the

Economic model; it is essential to convert

it into an Econometric Model to carry out

the study.

IX. ESTIMATING THE VALUES OF

COEFFICIENTS

The next step is to estimate the obtained

value of the econometric model that we

derived. To evaluate the values, data are

required. However, there is several

consideration that you need to take into

account at this stage.

● 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 Statistics helps in the selection of the data type

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according to the time series, panel

data for the study.

Two types are,

● Non-experimental data observed through already data collected by

observing the real world.

● Experimental data is collected in a controlled environment.

Selection of Data Type,

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

X. DATA ANALYSIS AND

VALIDATION

Once the Data Collection process is over

put the data in the econometric model, for

the estimation of the study. The hypothesis

is validated if,

● If the coefficients have expected magnitudes

● 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.

XI. CONCLUSION

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.

REFERENCE

1. Fildes, R. (1985). Quantitative forecasting—state of

the art: econometric models. Journal of the

Operational Research Society, 36(7), 549-580.

2. Anselin, L., & Hudak, S. (1992). Spatial econometrics in practice: A review of Regional

science and urban economics, 22(3), 509-536.

3. Pagan, A. (1987). Three Econometric Methodologies: A Critical Appraisal 1. Journal of

Economic surveys, 1(1‐2), 3-23.

https://www.phdassistance.com/services/phd-research-methodology/primary-data-collection/https://www.phdassistance.com/services/phd-research-methodology/quantitative-methodology/