Step‐wise Regression and Principal Components Analysis in Estimating a Relationship in an Econometric Model*1
In: The Manchester School, Band 41, Heft 2, S. 187-205
ISSN: 1467-9957
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In: The Manchester School, Band 41, Heft 2, S. 187-205
ISSN: 1467-9957
In: SSHO-D-20-00579
SSRN
Working paper
This study investigates the impact of various economic, social and environmental indicators on economic growth in South Asian countries. Using the data throughout 1990–2017, a panel data estimation method is adopted with sophisticated econometric approaches. The obtained results indicate a long-term positive effect of biological capacity, financial development, human development index, income inequality on economic growth while the effect of energy use is the opposite. The findings of the study suggest that governments and associated bodies must promote financial development, human development, and biocapacity to not only attain economic growth in the long-run and but dissuade ecological footprint, and income inequality at the same time while matching the energy consumption with the bio-capacity of each economy.
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In: Portuguese economic journal, Band 19, Heft 3, S. 285-299
ISSN: 1617-9838
In: Post-communist economies, Band 26, Heft 2, S. 277-295
ISSN: 1465-3958
In: Journal for studies in economics and econometrics: SEE, Band 21, Heft 1, S. 1-35
ISSN: 0379-6205
In: The Canadian Journal of Economics, Band 21, Heft 1, S. 41
In: The Manchester School, Band 47, Heft 1, S. 33-62
ISSN: 1467-9957
In: Kyklos: international review for social sciences, Band 21, Heft 4, S. 665-694
ISSN: 1467-6435
This paper uses a structural econometric model to analyze the investment timing game in offshore petroleum production that ensues on wildcat tracts in U.S. federal lands off the Gulf of Mexico. When individual petroleum-producing firms make their exploration and development investment timing decisions, there are two types of externalities that they do not internalize: an information externality and an extraction externality. The model I develop enables me to estimate the structural parameters governing each firm's investment timing decisions and therefore to assess the net effect of these externalities. According to my results, the extraction externality appears to dominate the information externality. Moreover, decreasing the lease term may increase ex ante tract value and hence government profits. The econometric methodology presented in this paper can be employed to analyze any problem of dynamic multi-stage strategic decision making in the presence of externalities.
BASE
The paper deals with the analysis of crisis overcoming in 2008 by Australia on the basis of statistical data. An econometric model is elaborated. The econometric model is based on Cobb-Douglas production function for the Australian economy for the period of 2006–2014. Calculations are performed at 2005 values. Gross domestic product (GDP) at constant prices is calculated using Australia yearly GDP deflator index for the period of 2005–2014. R2determination coefficient is high for the Cobb-Douglas model. The R2 value is close to 1 and α + β > 1 for the second model that considers oil barrel price, government expenditures and investments. Capital elasticity is negative, and gross regional product (GRP) elasticity is positive that means high dependency of GRP on labor costs than capital costs. The significance of all coefficients is above 0.96. Calculations demonstrate that timely anti-crisis measures of the Australian Government contributed to GDP growth and mitigated the effects of crisis.DOI 10.14258/izvasu(2016)1-24 ; Осуществлен анализ преодоления кризиса 2008 г. Австралией на основе статистических данных и построения эконометрической модели. Эконометрическая модель была построена посредством производственной функции Кобба-Дугласа для экономики Австралии за 2006–2014 гг. Вычисления произведены в ценах 2005 г. Валовый внутренний продукт (ВВП) в постоянных ценах вычислен с использованием погодового индекса-дефлятора ВВП Австралии за период 2005–2014 гг. Для модели Кобба-Дугласа коэффициент детерминации R2 высокий. Для второй модели с учетом цены за баррель нефти, государственных расходов и инвестиций коэффициент детерминации R2 близок к 1 и α + β > 1. Эластичность по капиталу отрицательна, а эластичность валового регионального продукта по труду положительна, что означает большую зависимость этого продукта от затрат труда, чем от затрат капитала. Значимость всех коэффициентов выше 0,96. Вычисления показывают, что своевременные антикризисные меры правительства Австралии способствовали росту ВВП и тем самым смягчили последствия кризиса.DOI 10.14258/izvasu(2016)1-24
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In: Pacific economic review, Band 2, Heft 3, S. 149-163
ISSN: 1468-0106
In applying the rational expectations hypothesis to generate expectations in an econometric model it is assumed that (1) the model itself is capable of generating reasonable forecasts of all required expectations variables included in the model, and that (2) the economic agents whose behavior is being modeled act as if they form their psychological expectations as conditional mathematical expectations generated by the model. Both assumptions can be invalid, as demonstrated by the historical data on Hong Kong stock prices and by the successful application of the adaptive expectations hypothesis to explain panel data of prices of individual stocks and aggregate time series data on stock price indices of the United States and of Hong Kong.
World Affairs Online
World Affairs Online
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 16, Heft 3, S. 335-344
ISSN: 0161-8938