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Probability

In: An Introduction to Econometrics

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  • A. A. Walters

    (London School of Economics)

Abstract

The methods of statistics have direct relevance for econometric studies. The two main problems of econometrics — estimating the parameters of economic models and testing the predictions of theory — have counterparts in the theory of statistics. But the methods of statistics were developed primarily to deal with experimental situations in the biological and physical sciences. They are not ideally adapted to the problems of econometrics where the opportunity for experimentation is very limited.† Nevertheless the basic ideas of statistics are important for understanding much of applied econometrics. Consequently we shall discuss the basic ideas of probability in this chapter. It is, however, in no sense a substitute for a proper course in statistical theory. What we are attempting to do is to set a sufficient foundation to enable the reader to appreciate the main ideas of econometrics to be introduced later.

Suggested Citation

  • A. A. Walters, 1970. "Probability," Palgrave Macmillan Books, in: An Introduction to Econometrics, edition 0, chapter 2, pages 22-31, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-15277-3_2
    DOI: 10.1007/978-1-349-15277-3_2
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