Book Description
Succeed in econometrics with INTRODUCTORY ECONOMETRICS and its accompanying resources! Easy-to-read and student-friendly, this economics text places an emphasis on examples that give a concrete reality to economic relationships. With study tools found throughout the text, exam preparation and class projects have never been easier. Coverage of important knowledge used for empirical work and carrying out research projects in a variety of applied social science fields gives you a solid foundation for social science research.
Customer Reviews:
Great Exposition, but Poor Notation.......2007-09-27
Great introduction to the subject, but the notation is poor. By presenting the material without matrix algebra, the multiple regression analysis becomes a convoluted mess of summation notation. Additionally, matrix notation is adopted in more advanced texts, making in beneficial to learn from the start.
A very good book.......2007-02-26
Wooldridge's explanations are clear and useful. After a semester hacking my way through the dense brush of matrices in Greene's book, I realized I needed some help. Now I go to Wooldridge's treatment first, to make sure I understand the main concepts. Then I go to Greene for the detail, if I need to.
Great for Self-studying.......2006-12-04
This books is excellent read. It builds good intuition, and is well suited for self-studying. It is also not too mathematical, no matrix notation, good for undergraduate students or as a review for graduate students. I can truly recommmend it.
Excellent for cross-sectional but needs complements for time series.......2006-12-01
As the author says, the book is "aimed at undergraduates but it is adaptable to master's students". It will provide you with excellent and extensive real life explanations. What is better about this book is that you can redo every example in the book by using the online data that it provides with. This was it is easier what happens by experimenting. In that sense this book is superior to many others where you cannot see how the results of estimations came about.
There is only one thing to take into account. Although there are three parts to this book, the shortest one is time series. Its coverage will is therefore not very comprehensive if you want basic explanations like the VAR, GARCH models etc...
In that case, I would recommend the book New Directions in Econometric Practice by Wojciech W. Charemza.
Wooldridge is best.......2005-10-03
Wooldridge is best (review refers to 2nd edition).
You don't need any other book to start intermediate econometrics or indeed econometrics at all once you know a little first-year statistics; the Amazon reviewers who prefer Gujarati or others are living in the dead past: W is better and easier and leaves very little out that G covers.
Ignore the tempting "dumbing down" implications of the publishers' advertising material whether filtered by Amazon or not; they don't need to sell the book because it's used all over the world in the best places and just walks out of the store. He dumbs down not at all or else, occasionally, very successfully.
The only possible alternative at this level (in fact well below) is Stock and Watson but they don't make you do exercises on data, which I assure you is essential fun.
Of course if you don't like exercises you can also read Peter Kennedy's Guide and philosophise. I imagine that the next step up is Greene's semi-encyclopedia or Davidson and MacKinnon's newer or older books, unless you choose to jump into the literature as W helps you to do.
All of these books just introduce Time Series too slowly and too late: try Terence Mills' several books on various aspects: he has the rare talent of simplicity AND brevity. Perhaps W's next book will be on Time Series (on which he has published).
By the way, it is easy and great fun to find inappropriate analyses in almost any econometrics book if you use a good package: David Hendry's PcGive suite etc is especially quick for this purpose: a few clicks and the graphs show the nonsense. I sometimes think that the popularity of EViews with students is precisely because inappropriate analyses are easily hidden. More expert people than me use Stata, but I don't know ....
I loved Streakieblondie's review, but I must tell her and you all that the Schaum book (I spare the author's blushes) is a stinker, useful only for getting through bad exams set by lazy lecturers, though many Schaum books in well-established areas are excellent. Both W and S&W are high-class professionals who happen to know how to write text-books, and they have all three collaborated with Nobel Prizewinners: so go for quality. Why don't the publishers' reviews and materials say this rather than implying that they've made good new stuff trivially easy? In my view W has judged it better than S&W.
If you're VERY keen, Wooldridge's other book on panel data is just terrific (but some matrices Streakieblondie, though with lots of clever help).
Book Description
This graduate text provides an intuitive but rigorous treatment of contemporary methods used in microeconometric research. The book makes clear that applied microeconometrics is about the estimation of marginal and treatment effects, and that parametric estimation is simply a means to this end. It also clarifies the distinction between causality and statistical association.
The book focuses specifically on cross section and panel data methods. Population assumptions are stated separately from sampling assumptions, leading to simple statements as well as to important insights. The unified approach to linear and nonlinear models and to cross section and panel data enables straightforward coverage of more advanced methods. The numerous end-of-chapter problems are an important component of the book. Some problems contain important points not fully described in the text, and others cover new ideas that can be analyzed using tools presented in the current and previous chapters. Several problems require the use of the data sets located at the author's website.
Customer Reviews:
Everything people say is true, but..........2007-09-05
This book has no graphs - not one. As long there are no graphs or figures, this work will remain incomplete.
The missing link for cross section, panel data and program evaluation.......2007-06-02
This book fills a real gap for those who are interested in things like ATE, ATET and topics related to impact evaluation that are only talked about now in research papers. The explanations are very very clear and they walk you through the thinking process by which the different methods were developed. Of course, it has the traditional coverage of panel data and cross section but with the clarity that Wooldridge always delivers on his books. For all that, this is a perfect addition to your econometric libraries as it covers topics that are not discussed in traditional and introductory econometric books.
A comprehensive survey.......2007-05-12
This book provides an excellent overview about state-of-the-art methodologies in econometrics. Instead of other textbooks it stresses more on conditionals and explains potential problems with underlying assumptions in more detail. As I find it sometimes hard to orientate myself, I give 4 stars.
Very good coverage on cross-sectional, but not enough of panel data.......2006-08-18
This book does an excellent job in covering cross-sectional and microeconometric models (Stata codes for all examples in the book are available from UCLA's webside). However, the exposure to panel data is limited. For a theoretical overview of panel data econometrics, I'd recommend Hsiao and Baltagi. For applied work, Edward Frees wrote a good book, although his book is more from the social science perspective (SAS and Stata codes are provided).
The best? Not for me (and everyone I know)........2005-09-30
Clearly this product is overrated. In my opinion the book is a complete mess, with definitions, propositions and theorems mixed with the main text and not clearly evidenced from it.
It's funny, because the book uses a panoplia of bolds, italics, etc in the main text (well, there is only main text here) which I dislike and think is unnecessary, and then do not use it to evidence the important results. As a result I think this is probably the worst book that I can remember of for reference.
There are better books and it's almost impossible to get one worse than this one.
Customer Reviews:
All you need for basic regression and such.......2007-02-16
This is a well organized text that is great to have on the shelf for making sense of your statistical output and for thinking about how to approach your research question. It's well written and neither too simple or impenetrable. A little short on statistical tables and diagnostics as compared to some of its peers.
Book Description
Designed to promote students' understanding of econometrics and to build a more operational knowledge of economics through a meaningful combination of words, symbols and ideas. Each chapter commences in the way economists begin new empirical projects--with a question and an economic model--then proceeds to develop a statistical model, select an estimator and outline inference procedures. Contains a copious amount of problems, experimental exercises and case studies.
Customer Reviews:
Excellent on intuition and good preparation for Greene.......2004-02-03
This book is very good at giving brand new students of econometrics the intuition behind concepts. At the same time, it does not ignore the mathematics (calculus and linear algebra) and thus it is a good preparation for Greene.
One thing I don't like about this book is notation. For example, the book refers to the mean as beta instead of mu. I do prefer Gujarati?s notation much better.
It would also be very nice to have an update of this great textbook since it was written in 1993.
Thank you,
The best undergraduate econometrics book.......2002-04-14
Instills understanding by slowly going through derivations and principles, while at the same time motivating econometric analysis by referring to economic situations where it can be used. Much better than Gujarati (which tends to be a "cookery book" rather than giving an integrated treatment).
The only weakness of the book is that it focusses almost exclusively on estimation under the assumption that error terms are identicallly and independently distributed (iid). However, all other undergraduate econometric textbooks (and a lot of graduate ones too!) display this preoccupation, so Griffiths et al are no worse than their rivals.
An update to this book would also be good, as it's nearly 10 years old now.
However, its good points far outweigh these weaknesses.
Good applied econometrics for undergraduates.......2000-04-24
This book is excellent for beginners in econometrics. It is particuarly useful for people not wanting to know all the mathematics ( algebra and matrix approach) behind econometrics. Students doing term papers find it very practical as they want to know how to go from theoretical econometrics to empirical econometrics.
The Perfect Bridge to Greene.......1999-08-13
This is a great beginner's textbook. Whereas some, like Greene, are going to be too hard for some beginners, and others like Gujarati are far too basic, this book strikes an excellent balance. It's best feature is all the worked examples is gives you, including the raw data used, allowing you to enter the data into a statistical package and make sure you get the same result. This is a great confidence builder!
Good book but maybe too ..........1999-04-16
This is a good book for beginners. I found the idea of explaining the whole process by examples really interesting but if you're gonna go deep in econometrics maybe this is not your book. It takes you by the hand and that's a great thing for the ones who don't know this great science and after all I did appreciate this book!
Customer Reviews:
What a wonderful book!.......2007-01-06
I am a PhD student on finance with only basic knowledge in econometrics and this book really helped me a lot. It aims to bridge theory and practice and Vogelvang does really great on this daunting task. There are plenty of books out there on econometrics with plenty of material, but when it comes down to write a paper, it is difficult to select from all the procedures available. This book not only refreshes (eloquently!) the most important concepts of econometrics, shows you which buttons to press in eviews, but also guides you on how to connect all these steps in a systematic way towards publishing an econometric paper. In this regard, a lot of hints and advice is given throughout the text on what you should add (verbally or quantitatively) here and there to make your analysis sound, and how to present conclusive tables, figures, etc. After all, this book is a great starting point for becoming econometricians using eviews. Unfortunately, it is a little expensive, especially for us starving scientists.
Average customer rating:
- I agree. He did it again.
- Very Good Introduction
- Learn the stuff before writing a textbook
- Better than any of the courses I had attented.
- Elements of Dynamic Optimization
|
Elements of Dynamic Optimization
Alpha C. Chiang
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ASIN: 157766096X |
Book Description
In this volume Dr. Chiang introduces readers to the most important methods of dynamic optimization used in economics. The classical calculus of variations, optimal control theory, and dynamic programming in its discrete form are explained in the usual Chiang fashion--with patience and thoroughness. The economic examples, selected from both classical and recent literature, serve not only to illustrate applications of the mathematical methods, but also to provide a useful glimpse of the development of thinking in several areas of economics. Outstanding features include: (1) written with clarity and a comparable level of expository patience; (2) reinforces discussions of mathematical techniques with numerical illustrations, economic examples, and exercise problems; (3) presents a simple problem with a well- known solution in several different alternative formulations in the numerical illustrations; and (4) explains economic models in a step-by-step manner (from the initial construction through the intricacies of mathematical analysis to its final solution).
Customer Reviews:
I agree. He did it again........2007-09-02
Yes, he did it again. He simply explains it clearly.
Not a serious book for graduate students, but for undergraduates: this book is just in the middle of two levels.
Very Good Introduction.......2005-03-23
This book provides an introduction to the advanced subject of dynamic optimization in an easy to comprehend manner. For students with no previous background in the subject, it is the best book in the market.If you are familiar with Chiang's Fundamental Methods of Mathematical Economics, you can expect the same level of comfort. There are plenty of examples in the text and all the aspects of the subject are covered. A valuable book to own and deserves the 5 stars.
Learn the stuff before writing a textbook.......2002-08-30
This book may be great for students. I has many good examples, is well written and generally looks good. HOWEVER, for anyone who actually knows optimal control theory it is clear that the book has several flaws. The worst example is the section on transversality conditions in infinite horizon problems. Chiang simply has no idea what he is talking about.
Better than any of the courses I had attented........2001-02-22
The book of professor Chiang is not simply a good introductory text to dynamic optimization in the continuous-time form, but also provides a tight explanation of the related original economic models. It is better than any of the courses most people had attented before. I wish a similar book will appear soon, developing dynamic optimization tools, and especially optimal control in the discret-time form.
Elements of Dynamic Optimization.......2000-07-17
Very few people have the quality of expressing ideas and concepts with such clarity and simplicity as Professor Chinag has done. If you are new to dynamic optimization, particularly calculus and variation and optimal control theory you had better start with this treatise.
Book Description
This book introduces one of the most powerful tools of modern economics to a wide audience: those who will later construct or consume game-theoretic models. Robert Gibbons addresses scholars in applied fields within economics who want a serious and thorough discussion of game theory but who may have found other works overly abstract. Gibbons emphasizes the economic applications of the theory at least as much as the pure theory itself; formal arguments about abstract games play a minor role. The applications illustrate the process of model building--of translating an informal description of a multi-person decision situation into a formal game-theoretic problem to be analyzed. Also, the variety of applications shows that similar issues arise in different areas of economics, and that the same game-theoretic tools can be applied in each setting. In order to emphasize the broad potential scope of the theory, conventional applications from industrial organization have been largely replaced by applications from labor, macro, and other applied fields in economics. The book covers four classes of games, and four corresponding notions of equilibrium: static games of complete information and Nash equilibrium, dynamic games of complete information and subgame-perfect Nash equilibrium, static games of incomplete information and Bayesian Nash equilibrium, and dynamic games of incomplete information and perfect Bayesian equilibrium.
Customer Reviews:
Excellent!.......2007-03-13
I had heard of game theory but had never been exposed to what it actually was or how games were viewed, setup or resolved. This book was part of a PhD Micro course and I found it very readable. We actually used two books, this one and the game theory section of MasColeel. The Mas book is very encyclopedic to me and dense reading. Gibbons' book gives the concepts and applictions in a straight-forward readable manner. Highly recommended, especially if you are new or somewhat new to game theory.
Great book for serious students!.......2006-11-07
Many readers have commented on how technical this book is. I agree, but keep in mind, this book was written for students who aim to become economists, and a certain degree of technical difficulty is imperative. I confess that I struggled through the book, and I often came upon huge obstacles. But none of the difficulties that I faced were due to the book itself, all of the struggles were due to my own limited ability. But I guarantee, once you get through this book, you will be able to "use" game theory, and probably even incorporate it in your next research project!
This book was written for those who wish to use game theory in their next research paper, and it does an excellent job of it. If you are only searching for a book to understand game theory, then this book is not for you. But if you want to "use" game theory, then look no further!
good text book, but takes time and lots of thinking.......2006-07-10
This is the kind of book that cannot be scanned through, but needs to be read word by word. Some steps are not fully described and thus readers need to put in some thoughts in the game process. It presents some very interesting ideas and teaches a good range of game-solving methods.
Very good.......2006-06-25
This is a very good textbook for scholars who are instereted in applying game theory into the modelling of practical problems. It is quite application oriented.
excellent introduction (it's worth the money!).......2006-04-25
I've used this book both as a textbook and as a reference in three game theory courses, both at the undergraduate and graduate levels. It doesn't cover some critical applications to contract theory, but other than that it's absolutely thorough and clear.
I don't know if it would be all that fun for someone just looking to dabble in game theory without any academic interests. I can recommend Strategy by Joel Watson for those folks - much more intuitive and has lots of examples. But if you're academically interested in game theory at all, you have to get this book. It's a great reference, and absolutely worth the money (I can't usually say that about my textbooks!).
Book Description
Until now, students and researchers in nonparametric and semiparametric statistics and econometrics have had to turn to the latest journal articles to keep pace with these emerging methods of economic analysis. Nonparametric Econometrics fills a major gap by gathering together the most up-to-date theory and techniques and presenting them in a remarkably straightforward and accessible format. The empirical tests, data, and exercises included in this textbook help make it the ideal introduction for graduate students and an indispensable resource for researchers.
Nonparametric and semiparametric methods have attracted a great deal of attention from statisticians in recent decades. While the majority of existing books on the subject operate from the presumption that the underlying data is strictly continuous in nature, more often than not social scientists deal with categorical data--nominal and ordinal--in applied settings. The conventional nonparametric approach to dealing with the presence of discrete variables is acknowledged to be unsatisfactory.
This book is tailored to the needs of applied econometricians and social scientists. Qi Li and Jeffrey Racine emphasize nonparametric techniques suited to the rich array of data types--continuous, nominal, and ordinal--within one coherent framework. They also emphasize the properties of nonparametric estimators in the presence of potentially irrelevant variables.
Nonparametric Econometrics covers all the material necessary to understand and apply nonparametric methods for real-world problems.
Book Description
To harness the full power of computer technology, economists need to use a broad range of mathematical techniques. In this book, Kenneth Judd presents techniques from the numerical analysis and applied mathematics literatures and shows how to use them in economic analyses.
The book is divided into five parts. Part I provides a general introduction. Part II presents basics from numerical analysis on R^n,including linear equations, iterative methods, optimization, nonlinear equations, approximation methods, numerical integration and differentiation, and Monte Carlo methods. Part III covers methods for dynamic problems, including finite difference methods, projection methods, and numerical dynamic programming. Part IV covers perturbation and asymptotic solution methods. Finally, Part V covers applications to dynamic equilibrium analysis, including solution methods for perfect foresight models and rational expectation models. A web site contains supplementary material including programs and answers to exercises.
Customer Reviews:
Great job!.......2007-05-19
The book was in a great condition, and it arrived just as promised.
An excellent and useful text.......2006-09-10
This is the type of book I've been looking for for a long time: It tells you directly what problems are solved by numerical approximation, what methods have been developed for such applications, how to use them, what to watch out for and most importantly, what "tricks" are available to make things easier - this is something you will never pick up in an academic paper and in very few courses.
The structure is very illuminating: simple examples of common problems are followed by generalized versions which are usefull for anyone to apply to their own work. Care is taken to point out the strenghts and weaknesses of various procedures so that the best one can be selected.
As to the critisisms that it does not go deep enough: its not supposed to. It covers in enough detail most (all) of the important methods used by the top economic researchers today, and if the problem you are working on requires more detail than is in the text, precise and extensive references are provided to further understand that particular area.
a very practical and forthright book.
too hard for uninitiated.......2006-07-28
this book may be good for those who already know smth about numerical methods.
An essential resource for all applied economists........1999-05-04
Judd ties together a vast amount of material--from the most basic to the most advanced--that is essential to anyone doing computational work in economics, econometrics or finance. The book is sufficiently self-contained to serve as the single reference book on computational methods for the average economist. In addition, Judd highlights the origins of most methods and points to strengths, weaknesses, and future theoretical research directions. Economic/finance examples are used throughout the book to make the concepts easy to understand and apply. The only thing keeping this book from being perfect is a complete set of software tools, but given the breadth of the book, this might be too much to ask.
Book Description
Researchers in many fields are increasingly finding the Bayesian approach to statistics to be an attractive one. This book introduces the reader to the use of Bayesian methods in the field of econometrics at the advanced undergraduate or graduate level. The book is self-contained and does not require that readers have previous training in econometrics. The focus is on models used by applied economists and the computational techniques necessary to implement Bayesian methods when doing empirical work. Topics covered in the book include the regression model (and variants applicable for use with panel data), time series models, models for qualitative or censored data, nonparametric methods and Bayesian model averaging. The book includes numerous empirical examples and the website associated with it contains data sets and computer programs to help the student develop the computational skills of modern Bayesian econometrics.
Customer Reviews:
Interesting.......2006-12-29
I was a Econ major who went through four years of the program without hearing about Bayes. I first learned about Bayesian statistics through the artificial intelligence community, where Baysian Networks has really revitalized the field in the past ten years or so.
What I am finding after reading the first parts of the book is that the methods used in AI are also used in Bayesian Econometrics. I was also surprised to see that MATLAB, which is popular among engineers and computer scientists, is also used in for Bayesian Econometrics. It seems that the economists may have found the value of Bayesian inference before the computer scientists did.
I wonder if the conclusions made in Steven Levitt's Freakonomics using classical econometrics would have been different if Bayesian econometrics was used instead.
Lost in the wilderness of his formulations.......2006-07-25
This could have been a great book. But, it is lost in the wilderness of its own formulations. It lacks focus.
Great book.......2004-02-20
This is GREAT book which explains complicated concept in a very plain manner. The computer program (MATLAB) they posted on the web is also crearily written and very organized. I highly recommend this book for anyone who are interested in Bayesian Econometrics.
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