Spatial econometrics is a branch ... compare the goodness of fit of different statistical models, with lower values indicating a better fit. M-estimator: A type of estimator that generalizes ...

Econometrics uses economic theory, mathematics, and statistical inference to quantify economic phenomena. In other words, it turns theoretical economic models into useful tools for economic ...

Under Klein’s leadership, the project was able to produce the world’s first global econometric model by coordinating research from different countries across the globe. Scientists hoped that ...