Theory Econometrics

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econometric theory uses statistical theory , mathematical statistics evaluate , develop econometric methods. econometricians try find estimators have desirable statistical properties including unbiasedness, efficiency, , consistency. estimator unbiased if expected value true value of parameter; consistent if converges true value sample size gets larger, , efficient if estimator has lower standard error other unbiased estimators given sample size. ordinary least squares (ols) used estimation since provides blue or best linear unbiased estimator (where best means efficient, unbiased estimator) given gauss-markov assumptions. when these assumptions violated or other statistical properties desired, other estimation techniques such maximum likelihood estimation, generalised method of moments, or generalised least squares used. estimators incorporate prior beliefs advocated favour bayesian statistics on traditional, classical or frequentist approaches.








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