INTRODUCTION TO ECONOMETRICS II
ECO 306
NOUN
55 how the OLS, using sample data, can estimate unknown parameters of a regression equation. Furthermore, it makes available opportunity to ask whether statements about the true unknown parameters of the model, based on our estimated values can be made. In doing this, there is need to make a number of assumptions. These assumptions, if satisfied, ensure that the estimators being used are accurate and efficient. Precise predictions about the unknown model parameters can also be make through satisfactory assumptions. Here is a summary of the 10 assumptions in CLRM:
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