ECONOMETRIC MODELING OF THE INTERNATIONAL HAPPINESS INDEX
Purpose – offer different variants of building multiple regression models to describe real economic processes. Method or methodology of the work: the article uses the econometric method of data analysis. Results: it was shown that econometric methods are effective in describing the hidden depe...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Science and Innovation Center Publishing House
2022-12-01
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| Series: | Наука Красноярья |
| Subjects: | |
| Online Access: | http://kras-science.ru/jour/index.php/nk/article/view/135 |
| Summary: | Purpose – offer different variants of building multiple regression models to describe real economic processes.
Method or methodology of the work: the article uses the econometric method of data analysis.
Results: it was shown that econometric methods are effective in describing the hidden dependencies of the economic system. The study proposes several ways to build regression models: the classical version using the matrix of pairwise correlation coefficients (correlation pleiades method), the method of inflation factors, denying the presence of “moderately strong” dependence, after which the removal of “unnecessary” factors was performed using Gretl tool “Test for excess variables”, as well as using the principal components method to consider the influence of all factors on the dependent variable. In order to facilitate the interpretation of the results obtained, the article shows the transition from the principal components to the original data. The model is built on a publicly available dataset available to the research community.
The sphere of application of the results: in practice, the results are useful for planning effective strategies for the development of individual states, as well as a manual for beginner econometricians wishing to learn different approaches to econometric modeling with the use of effective tools. |
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| ISSN: | 2070-7568 2782-3261 |