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Introduction to Econometrics and Statistical Software

In: Econometrics in Theory and Practice

Author

Listed:
  • Panchanan Das

    (University of Calcutta, Department of Economics)

Abstract

This chapter discusses some basics of econometrics and statistical software, Stata 18 and R. Econometric methods are useful in analysing stochastic relationship among variables. Applied econometrics is the application of econometric theories for the analysis of economic phenomenon and forecasting economic behaviour. While economic phenomena are described in economic model, econometric model describes the empirically testable form of such phenomena. The error or disturbance term in econometric model captures those factors which are considered to be passive in economic model Error term is perhaps the most important component of any econometric analysis. By utilising the distributional behaviour of the random error, econometric model is used for forecasting some features of unknown population on the basis of known sample. Sample consists of data which are the main inputs of econometric analysis. Sampling distribution is used for statistical inference, the statistical process of making inference on the basis of known sample about unknown population. For analysing large data in a sample and carrying out econometric work, use of computer and statistical software is essential. In this book, illustrations of application of econometric theories with data are provided by using Stata 18 and R. Economic theory or any theoretical frame in mathematical form helps to formulate appropriate econometric model. Statistics helps to understand different steps involved in econometrics. Proper knowledge about data is required to understand the meaning of the estimated results, and software makes econometric estimation easier. Application of software is complementary to econometric analysis with big data or even reasonably large data today.

Suggested Citation

  • Panchanan Das, 2026. "Introduction to Econometrics and Statistical Software," Springer Texts in Business and Economics, in: Econometrics in Theory and Practice, edition 0, chapter 1, pages 3-37, Springer.
    • Handle: RePEc:spr:sptchp:978-981-95-7226-7_1
    DOI: 10.1007/978-981-95-7226-7_1
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