Introduction Big data in economics: Traditional structured data New structured data:(e.g.)interval-valued data,symbolic data,functional data Unstructured data,e.g.,text data,photo data,video data,audio data ADVANCED ECONOMETRICS Introduction to Econometrics May18,2021 6
ADVANCED ECONOMETRICS Introduction to Econometrics May 18, 2021 6 Introduction • Big data in economics: Traditional structured data New structured data: (e.g.) interval-valued data, symbolic data, functional data Unstructured data, e.g., text data, photo data, video data, audio data
Introduction New forms of data call for innovation and development of theory,methods and tools in modern econometrics. Heatmap for each joint Height Growth tor 10 Giris e 60 a 30 ADVANCED ECONOMETRICS Introduction to Econometrics May18,2021 7
ADVANCED ECONOMETRICS Introduction to Econometrics May 18, 2021 7 Introduction • New forms of data call for innovation and development of theory, methods and tools in modern econometrics
CONTENTS 1.1 Introduction 1.2 Quantitative Features of Modern Economics 1.3 Mathematical Modeling 1.4 Empirical Validation 1.5 lllustrative Examples 1.6 Limitations of Econometric Analysis ADVANCED ECONOMETRICS Introduction to Econometrics May18,2021 8
ADVANCED ECONOMETRICS Introduction to Econometrics May 18, 2021 8 1.1 Introduction 1.2 Quantitative Features of Modern Economics 1.3 Mathematical Modeling 1.4 Empirical Validation 1.5 Illustrative Examples 1.6 Limitations of Econometric Analysis CONTENTS
Quantitative Features of Modern Economics Step 1:Data collections and summary of empirical stylized facts Step 1:Data collections and summary of empirical stylized facts Economic Empirical Data theories validation Applications collections /models /inference Data collections: Surveys Field Studies 20% 80% Experimental economics √Big Data ADVANCED ECONOMETRICS Introduction to Econometrics May18,2021 9
ADVANCED ECONOMETRICS Introduction to Econometrics May 18, 2021 9 Step 1: Data collections and summary of empirical stylized facts Data collections: Surveys Field Studies Experimental economics Big Data Quantitative Features of Modern Economics Step 1: Data collections and summary of empirical stylized facts Data collections Economic theories /models Empirical validation /inference Applications
Quantitative Features of Modern Economics Step 1:Data collections and summary of empirical stylized facts Step 1:Data collections and summary of empirical stylized facts The so-called stylized facts are often summarized from observed economic data. Example 1:Engel curve in microeconomics Engel Curves The share of a Income (per month) 30 consumer's Inferior expenditure on a Engel curves slope 20 backward bending for inferior goods. commodity out of her Normal or his total income 10 will vary as his/her income changes; Food(units 8 12 16 per month) ADVANCED ECONOMETRICS Introduction to Econometrics May18,2021 10
ADVANCED ECONOMETRICS Introduction to Econometrics May 18, 2021 10 Step 1: Data collections and summary of empirical stylized facts The so-called stylized facts are often summarized from observed economic data. Quantitative Features of Modern Economics Step 1: Data collections and summary of empirical stylized facts Example 1：Engel curve in microeconomics The share of a consumer’s expenditure on a commodity out of her or his total income will vary as his/her income changes;