Earnings-education relationship, 91 Econometric modeling advice to practitioners, 546-547
Chow's prediction failure test, 543 consequences of model specification errors, 510-514 errors of measurement, 524-528 example, 544-546 for forecasting, 536 incorrect specification of stochastic error term, 529 model selection criteria, 507-508 nested or non-nested, 529-530 outliers, leverage, and influence,
540-542 recursive least squares, 542-543 selection criteria adjusted R2, 537 Akaike information criterion, 537 caution about criteria, 538-539 forecast chi-square, 539-540 Mallow's Cp criterion, 538 multiple coefficient of determination, 536 Schwarz information criterion, 537-538 selection tests, 536 specification errors, 508-510 tests of non-nested hypotheses Davidson-MacKinnon J test,
533-535 discerning approach, 530,
531-536 discrimination approach, 530-531 tests of specification errors, 514-524 Econometric models choosing among, 10-12 Klein's model 1, 723-724 uses of, 9-10 Econometrics as academic discipline, 2-3 definition, 1-2 mathematical prerequisites,
12-13 methodology of, 3-21 forecasting, 8-9 hypothesis, 4 hypothesis testing, 8 model estimation, 7-8 obtaining data, 6-7 specification of mathematical model, 4-5 traditional, 3 use of model, 9-10 statistical prerequisites, 12-13 time series, 26, 367, 792-830 types of, 12
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