Mention The Steps That Econometricians Take To Carry Out An Empirical Study - phdassistance
                     MENTION THE STEPS 
THAT  ECONOMETRICIANS 
TAKE  TO CARRY OUT AN  
EMPIRICAL STUDY
An Academic presentation by
Dr. Nancy Agens, Head, Technical Operations, 
Phdassistance  Group www.phdassistance.com
Email: [email protected]
TODAY'S 
DISCUSSION
Outline In 
Brief
Project Management Skill
Handling Budgets
Simple steps to create a budget for 
research  Conclusion
In-Brief
PhD Econometrics & Statistics help understand the situation by observing from the  
ground level then predict the value of economic variables. PhD thesis on  
econometrics provides you with an insight phenomenon that carried to obtain the  
optimal state of the trend. An empirical study starts with writing a hypothesis at the  
beginning of the process. If there is no hypothesis, will not be able to proceed further 
 to test any cause and effect of the relationship. Therefore, it's essential to write a  
hypothesis that can be tested and can offer some great insights into a situation.
Int roduct ion
Econometrics is about running the collected data or a 
 given phenomenon with the help of the various  
mathematical and statistical tool.
To perform quantitative analysis in a PhD in
Econometrics and Statistics, it is necessary to test the 
 hypothesis or observe the trend to determine if the  
data is economically viable or not.
How to  The entire study or experience revolves around the
Write a  hypothesis.
Hypothesi So a slight mistake in hypothesis could result in
s wastage of time, money and effort.
Testing a hypothesis is a complicated procedure.
It is wholly thinking about the right question, for  
example, a question that tested and results  
obtained from it that enhance your understanding or 
 meet your objectives.
Types of  There are two types of hypothesis,
Hypothesi
 NULL 
s HYPOTHESIS:
A null hypothesis is one which sample observation
results based on the chances.
This type of hypothesis is not influenced by some 
 non-random effect.
 ALTERNATIVE HYPOTHESIS:
An alternative hypothesis is the one where some  
non-random effect influences sample observations.
Hypothesi
s  Testing
Hypothesis testing refers to a formal  
process to investigate to decide whether to 
 accept or reject.
The hypothesis should have consistents
then it is accepted, or otherwise, rejected.
Selection of  
a Hypothesis It begins with the hypothesis selection.
 PhD by Research in Economics consultation helps with the
selection of hypothesis with two simple steps they are
By defining the theory that needs testing
By determining the variables for which the cause and 
 effect relationship conducted
The selection process does not rely on quantifications, 
 experiments, skills that affect the research result.
Contd..
The factors can be anything but depend upon the hypothesis want to 
test.
The hypothesis at this stage only establishes a qualitative relationship
and does not offer any economic indicator, which is essential for the study.
Establishing 
This step is critical because it directs the study.
 the  
Objectives  Decide what is your objective of the study plays a
of the Study crucial role.
This step is essential because effort money and time 
 spending to the research work should not get 
wasted.
PhD Research Topics in Econometrics Help to carry  
out empirical research without any object may mislead 
 and waste time consumed to carry out the process.
So set an achievable research objective.
The purpose of establishing the objective,
To determine the scope of the hypothesis
To determine the limitation of the research
To identify how compensations affect individual data 
productivity.
Contd..

Developing  Once you set the goal, you can now develop a
an Economic classic economic model.
 Model
This step carried out to drive economic relations or 
 for quantitative analysis, which means it is much 
 needed to have an economic model for your  
hypothesis to review and overcome the issues  
related to the research.
This step doesn't require detailed information, so 
 develop a simple model which is less formal  
economical to sort out the problem.
Developing
an Econometric 
 Model
The purpose of the step is to test the
Economic model; it is essential to  
convert it into an Econometric Model to 
 carry out the study.
Estimating  
The next step is to estimate the obtained value of the
the Values  econometric model that we derived.
of  
However, there is several consideration that you need to take 
Coefficient  into account at this stage.
s
For this step, it preferred to use non-experimental data to 
 determine the non- correct result.
Choose an appropriate statistical method, knowing all the 
 pros and cons.
The doctoral programme in Econometrics and Statistics
h elps in the selection of the data type according to the 
time  series, panel data for the study.
1. Types 
of  data
Non-experimental data observed through 
 already data collected by observing the  
real world.
Experimental data is collected in a 
 controlled environment
2. Selection 
 of Data  The data type is selected based on the data that are 
Type  driving economic relations.
The data were chosen depending upon the,
size of your sample
type of study you want to carry out 
 time constraint
Data  Once the Data Collection process is over put the data in the
Analysis  econometric model, for the estimation of the study.
and  The hypothesis is validated if,
Validat ion
If the coefficients have expected magnitudes
The estimates of data have anticipated value
The results satisfy the established assumptions
In this step, we also check the goodness-of-fit, which is about 
 determining if the selected econometric model is the right fit 
for  the type of data used in conducting the study.
Conclusio
n
The empirical study aims to evaluate statistical analysis 
 between the variables or to establish the phenomena to  
utilize Quantitative Methods.
This kind of survey describes who, what phenomenon and 
 thus descriptive but cannot answer the why question.
PhD program Econometrics statistics answer the  
question of why an analytical or experimental study needed 
 for your research work.
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