Statistical Foundations for Econometric Techniques (Economic Theory, Econometrics, and Mathematical Economics) (Economic Theory, Econometrics, and Mathematical Economics)

"Statistical Foundations for Econometric Techniques" features previously unavailable material in a textbook format for econometrics students, researchers, and practitioners. Taking strong positions for and against standard econometric techniques, the book endorses a single best technique whenever possible. In many cases, the recommended optimal technique differs substantially from current practice. Detailed discussions present many new estimation strategies superior to conventional OLS and ways to use them. It evaluates econometric techniques and the procedures commonly used to analyze those techniques. It challenges established concepts. It introduces many techniques that are not available in other texts. It recommends against using the Durbin-Watson and Lagrange Multiplier tests in favor of tests with superior power. It provides many new types of estimation strategies superior to conventional OLS. It forms a judicious mixture of various methodological approaches. It illustrates Empirical Bayes estimators and robust regression techniques possessing a 50 per cent breakdown value. Key features of this text include: evaluation of econometric techniques and the procedures commonly used to analyze those techniques; recommendations against using the Durbin-Watson and Lagrange Multiplier texts in favour of tests with superior power; new types of estimation strategies superior to conventional OLS; and an illustration of Empirical Bayes estimators and Robust Regression techniques possessing a 50 per cet breakdown value. Aimed at econometrics students, researchers, and practitioners. Taking positions for and against standard econometric techniques, this book endorses a single technique whenever possible. It evaluates econometric techniques and the procedures used to analyze techniques and forms a mixture of various methodological approaches. Asad Zaman. Includes Bibliographical References (p. 541-562) And Index.