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Econ definitions (Chapt 3)

Terms

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coefficient of determination
Goodness of fit measure for a regression model
coefficient of variation
Standard deviation divided by the mean
correlation coefficient
Comovement indicator for two variables
cross section
Data from a common point in time
degrees of freedom
Number of observations beyond the minimum required to calculate a statistic
dependent variable
Y value contingent upon other separately determined X values
deterministic relation
Relation known with certainty
F statistic
Offers evidence if explained variation in Y is significant
hypothesis test
Statistical experiment
independent variable
X value determined separately from the process used to create Y
linear model
Straight-line relation
mean
Average
median
“Middle” observation
mode
Most common value
multiple regression model
Relation with one dependent Y variable and more than one independent X variable
multiplicative model
Log-linear relation
population parameters
Summary and descriptive measures for the population
population standard deviation
Square root of the population variance
population variance
Average squared deviation from the overall mean
range
Scope from largest to smallest observations
sample standard deviation
Square root of the population variance
sample statistics
Summary and descriptive measures for a sample
sample variance
Average squared deviation from the sample mean
simple regression model
Relation with one dependent Y variable and one independent X variable
skewness
Lack of balance
standard error of the estimate
Standard deviation of the dependent Y variable after controlling for all X variables
statistical relation
Inexact relation
symmetrical
Balanced distribution
t statistic
Approximately normal test statistic
time series
Daily, weekly, monthly or annual sequence of data
Type I error
Incorrect rejection of a true hypothesis
Type II error
Failure to reject a false hypothesis
z statistic
Normally distributed test statistic with zero mean and standard deviation of one

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