Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/171891
Authors: 
Stigum, Bernt P.
Year of Publication: 
2016
Citation: 
[Journal:] Econometrics [ISSN:] 2225-1146 [Volume:] 4 [Year:] 2016 [Issue:] 4 [Pages:] 1-22
Abstract: 
The paper begins with a figurative representation of the contrast between present-day and formal applied econometrics. An explication of the status of bridge principles in applied econometrics follows. To illustrate the concepts used in the explication, the paper presents a simultaneous-equation model of the equilibrium configurations of a perfectly competitive commodity market. With artificially generated data I carry out two empirical analyses of such a market that contrast the prescriptions of formal econometrics in the tradition of Ragnar Frisch with the commands of present-day econometrics in the tradition of Trygve Haavelmo. At the end I demonstrate that the bridge principles I use in the formal-econometric analysis are valid in the Real World-that is in the world in which my data reside.
Subjects: 
present-day econometrics
formal econometrics
theory-data confrontation
bridge principles
applied econometrics
JEL: 
A12
A19
B23
B41
C01
C18
C30
C49
C52
D41
D59
Persistent Identifier of the first edition: 
Creative Commons License: 
http://creativecommons.org/licenses/by/4.0/
Document Type: 
Article
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