What is an Econometrician
An econometrician is an individual who uses statistics and mathematics to study, model and predict economic principles and outcomes. Econometricians use statistical measures and mathematical formulas to produce objective results in the study of economics.
BREAKING DOWN Econometrician
An econometrician is a type of economist who integrates statistics and mathematics into economic analysis. Econometricians use highly specialized math and statistics to generate quantifiable results. Individuals employed as econometricians typically have advanced degrees in statistics and economics, although some universities do offer specific degrees in econometrics.
Demand for advanced data analysis capabilities is fueling a boom for workers with econometrician skills. Beyond core data manipulation capabilities, many econometricians are also well versed in designing and sharing data backed business and economic theories. Those capable of selling researched based ideas that meet business objectives are in short supply.
What Are Econometrics?
Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic principles. More precisely, it is the quantitative analysis of actual economic phenomena. Econometricians are those capable of leveraging this growing body of social and data sciences.
The basic tool for econometrics is the multiple linear regression model. Econometric theory stresses statistical theory and mathematical statistics when analyzing and manipulating econometric methods. Econometricians try to find estimators that have desirable statistical properties including unbiasedness, efficiency, and consistency — different data-sets will test an econometricians experience in recognizing these common data management biases.
The main journals that publish research on econometrics are Econometrica, the Journal of Econometrics, the Review of Economics and Statistics, Econometric Theory, the Journal of Applied Econometrics, among numerous other industry and academic publications.
Increasingly, universities and industry practitioners are expecting econometricians to take their analysis the extra mile by giving it context, which is more approachable for nontechnical disciplines. It's not uncommon for econometricians to study information design as well.