Traditional Method and Structural Equation Modeling.
Research Methods in Economics encompass various approaches to understanding economic phenomena. Two prominent methods are Traditional Method and Structural Equation Modeling (SEM).
Traditional Method:
The Traditional Method in economics typically involves hypothesis testing and statistical analysis of data collected through surveys, experiments, or secondary sources. It relies heavily on regression analysis to establish relationships between variables and draw conclusions about cause and effect. This method often involves _______ ___ _______ _________ _________ ______ _____ ____.
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Suppose you want to study the behavior of sales of automobiles over a number of years and someone suggests you to try the following models:
Where yt = sales at time t and t = time. The first model postulates that sales is a linear function of time, whereas the second model states that it is a quadratic function of time.
(a) Discuss the properties of these two models.
(b) How would you decide which model is appropriate between these two models?
(c) In what situation the Quadric Model will be useful.
Paradigm
Distinguish between Cluster sampling and Multi-stage sampling. In order to find out the incidence of Malnutrition among rural households in a given distinct, how would you collect the data by multi-stage sampling? Illustrate.
Data generation
What is Canonical Correlation Analysis? State the similarity and difference between multiple regression and canonical correlation.
. Try to obtain data on automobile sales from any company in India over the past 20 years and examine which of the two models (Linear and Quadric) fits the data better?
Traditional Method and Structural Equation Modeling.