1Introduction
1.1 Introduction
Today econometrics has been widely applied in the empirical study of economic problems. During the last few decades, a striking transformation has occurred in the way that applied econometrics texts for undergraduate students are written. In the past, virtually all such texts presented ‘hands-on’ courses in this field but excluded most of the major methodological skills and ideas needed. However, understanding methodologies of econometrics, particularly in the fields of statistical methodologies, such as probability theory, error term estimate, and the stochastic process, is more crucial than ever because econometrics is broadly utilising statistics as a methodological foundation. ...
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