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Econometrics 2016, 4(4), 50; doi:10.3390/econometrics4040050

The Status of Bridge Principles in Applied Econometrics

Department of Economics, University of Oslo, Pb. 1095 Blindern, 0317 Oslo, Norway
Academic Editor: Marc S. Paolella
Received: 4 September 2016 / Revised: 30 November 2016 / Accepted: 2 December 2016 / Published: 17 December 2016
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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. View Full-Text
Keywords: present-day econometrics; formal econometrics; theory-data confrontation; bridge principles; applied econometrics present-day econometrics; formal econometrics; theory-data confrontation; bridge principles; applied econometrics
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Stigum, B.P. The Status of Bridge Principles in Applied Econometrics. Econometrics 2016, 4, 50.

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