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Quantitative Economics Nonparametric identification of dynamic decision processes with discrete and continuous choices Nov Jason R. The f It is used mainly, however, by economists to study relationships between economic variables.
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Early econometric studies attempted to quantify the relationship between the price of a commodity and the amount sold. In theory, the demand individual consumers have for particular goods and services will depend on their incomes and on the prices of items they intend to buy.
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Changes in price and income are expected to affect the total quantity sold. Early econometricians used market statistics compiled over time to study the relationship between changes in price and demand.
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Others used family-budget statistics broken down by income level to estimate relationships between income and expenditure. Such studies show which commodities are elastic in demand i.
Consumption patterns, however, are not the only phenomena studied in econometrics. On the producer side, econometric analysis examines production , cost , and supply functions. The earliest statistical analyses of the production function tested the theory that labour and capital are compensated according to their marginal productivity —i.
Later analyses, however, suggest that the wage rate, when adjusted for price changes, is related to labour productivity.
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Econometric analysis has refuted some assumptions in cost theory. Work in the field of cost functions, for example, originally tested the theory that marginal cost —the addition to total cost resulting from an increase in output —first declines as production expands but ultimately begins to rise. Econometric studies, however, indicate that marginal cost tends to remain more or less constant.
Work in estimating supply functions has been confined mostly to agriculture.
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Here the problem is to distinguish the effects of external factors, such as temperature, rainfall, and pestilence, from those of endogenous factors, such as changes in prices and inputs. After the mids the development of national income accounting and of macroeconomic theory opened the way for macroeconomic model building, which involved attempts to describe an entire economy in mathematical and statistical terms.
The model developed by L. Klein and A. A model jointly constructed by the U.