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Econometrics is an application of statistical methods to economic data in order to give empirical content to economic relationships. [1] More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference."
Observer selection bias occurs when the evidence presented has been pre-filtered by observers, which is so-called anthropic principle. The data collected is not only filtered by the design of experiment, but also by the necessary precondition that there must be someone doing a study. [5] An example is the impact of the Earth in the past.
Statistics education is the practice of teaching and learning of statistics, along with the associated scholarly research.. Statistics is both a formal science and a practical theory of scientific inquiry, and both aspects are considered in statistics education.
A marginal likelihood is a likelihood function that has been integrated over the parameter space.In Bayesian statistics, it represents the probability of generating the observed sample for all possible values of the parameters; it can be understood as the probability of the model itself and is therefore often referred to as model evidence or simply evidence.
Algorithms of this nature use statistical inference to find the best class for a given instance. Unlike other algorithms, which simply output a "best" class, probabilistic algorithms output a probability of the instance being a member of each of the possible classes. The best class is normally then selected as the one with the highest probability.
The data of concern to economic statistics may include those of an economy within a region, country, or group of countries. Economic statistics may also refer to a subtopic of official statistics for data produced by official organizations (e.g. national statistical services, intergovernmental organizations such as United Nations, European Union or OECD, central banks, and ministries).
Economic data are data describing an actual economy, past or present.These are typically found in time-series form, that is, covering more than one time period (say the monthly unemployment rate for the last five years) or in cross-sectional data in one time period (say for consumption and income levels for sample households).
Class analysis is research in sociology, politics and economics from the point of view of the stratification of the society into dynamic classes. It implies that there is no universal or uniform social outlook, rather that there are fundamental conflicts that exist inherent to how society is currently organized.