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AG ECON 510 AGRICULTURAL ECONOMETRICS -I                                                                            (2L+1P) II

Objective
  The purpose of the course is to provide an elementary knowledge of application of econometric techniques for analysis of economic phenomena.

Theory

UNIT I
  Introduction – representation of economic phenomenon, relationship among economic variables, linear and non-linear economic models, methodology of econometrics.

UNIT II
  The two variable linear regression model – assumptions, estimation and inference in the least squares model.

UNIT III
  Ordinary least squares methods of estimation of multiple regression models. The BLUE properties of least squares estimators, tests of significance and confidence intervals. Summary statistics- correlation matrix, residual variance, coefficient of multiple correlation, standard errors o f estimated coefficients and their uses, partial correlation and its uses.

UNIT IV
  Identification, consequences and remedies for multicollinearity and autocorrelation – data problems and remedial approaches. Specification error. Use of Dummy variables.

UNIT V
  Sources of nonspherical disturbances, heteroscedasticity and the generalized leastsquares estimators. Maximum likelihood estimators and their properties.

Practicals
  Two variable model - specification and estimation – hypothesis testing- transformations of functional forms and OLS application-estimation of multiple regression model - hypothesis testing - testing and managing multicollinearity - testing and managing autocorrelation - estimation of regressions with dummy variables - testing and managing heteroscedasticity - GLS estimation methods

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