The Probability Approach in Econometrics

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The Probability Approach in Econometrics is Trygve Haavelmo’s landmark work that founded modern econometrics by rigorously formulating economic relationships within a probabilistic, statistical framework.

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Statements (46)

Predicate Object
instanceOf econometrics monograph ⓘ
scholarly work ⓘ
approachType probabilistic ⓘ
statistical ⓘ
author Trygve Haavelmo ⓘ
centralTheme estimation in simultaneous equations models ⓘ
identification in econometric models ⓘ
probabilistic foundation of econometrics ⓘ
statistical formulation of economic theories ⓘ
statistical inference in economic models ⓘ
stochastic specification of economic relationships ⓘ
contributedTo Nobel Prize recognition of Trygve Haavelmo ⓘ
countryOfPublication United States ⓘ
emphasizes distinction between theoretical models and observed data ⓘ
explicit stochastic specification of economic models ⓘ
use of probability theory for inference ⓘ
field econometrics ⓘ
economics ⓘ
hasPart analysis of estimation procedures ⓘ
discussion of identification conditions ⓘ
treatment of statistical testing in economic models ⓘ
historicalSignificance founded modern econometrics ⓘ
shifted econometrics to a rigorous probabilistic framework ⓘ
influenced econometric methodology ⓘ
econometric theory of identification ⓘ
modern econometrics ⓘ
structural econometric modeling ⓘ
use of probability in economic modeling ⓘ
keyConcept identifiability of structural parameters ⓘ
joint probability distribution of economic variables ⓘ
maximum likelihood estimation in econometrics ⓘ
probability approach to economic data ⓘ
statistical testing of economic hypotheses ⓘ
stochastic disturbance term ⓘ
structural versus reduced-form equations ⓘ
language English ⓘ
publicationYear 1944 ⓘ
publishedAs Econometrica supplement ⓘ
linked to: Econometrica
publishedIn Econometrica ⓘ
publisher Econometric Society ⓘ
recognizedAs foundational work in econometrics ⓘ
landmark in economic methodology ⓘ
relatedTo econometric identification problem ⓘ
simultaneous equations models ⓘ
statistical inference ⓘ
structural econometric models ⓘ

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Trygve Haavelmo → notableWork → The Probability Approach in Econometrics ⓘ
Trygve Haavelmo → notableWork → The Probability Approach in Econometrics (1944) ⓘ
linked to: The Probability Approach in Econometrics