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The Status of Bridge Principles in Applied Econometrics
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The paper begins with a figurative representation of the contrast between present-day and formal applied econometrics. An explication of the status of bridge principles in applied econometrics follows. To illustrate the concepts used in the explication, the paper presents a simultaneous-equation model of the equilibrium configurations of a perfectly competitive commodity market. With artificially generated data I carry out two empirical analyses of such a market that contrast the prescriptions of formal econometrics in the tradition of Ragnar Frisch with the commands of present-day econometrics in the tradition of Trygve Haavelmo. At the end I demonstrate that the bridge principles I use in the formal-econometric analysis are valid in the Real World—that is in the world in which my data reside.
Title: The Status of Bridge Principles in Applied Econometrics
Description:
The paper begins with a figurative representation of the contrast between present-day and formal applied econometrics.
An explication of the status of bridge principles in applied econometrics follows.
To illustrate the concepts used in the explication, the paper presents a simultaneous-equation model of the equilibrium configurations of a perfectly competitive commodity market.
With artificially generated data I carry out two empirical analyses of such a market that contrast the prescriptions of formal econometrics in the tradition of Ragnar Frisch with the commands of present-day econometrics in the tradition of Trygve Haavelmo.
At the end I demonstrate that the bridge principles I use in the formal-econometric analysis are valid in the Real World—that is in the world in which my data reside.
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