1. Met 2651 Serial Correlation and Asymptotic theory Ulf H. Olsson Professor of Statistics

2. Ulf H. Olsson Elastisitet E > -1 Uelastisk E = -1 Nøytralelastisk E < -1 Elastisk

3. Ulf H. Olsson Elastisitet

4. Ulf H. Olsson Serial korrelasjon og GLS (Side 467- 470)

5. Ulf H. Olsson Serial korrelasjon og GLS Cochrane-Orcutt method

6. Ulf H. Olsson Estimator (12.1; 12.2; 12.3 – side 492- 507) An estimator is a rule or strategy for using the data to estimate the parameter. It is defined before the data are drawn. The search for good estimators constitutes much of econometrics (psychometrics) Finite/Small sample properties Large sample or asymptotic properties An estimator is a function of the observations, an estimator is thus a sample statistic- since the x’s are random so is the estimator

7. Ulf H. Olsson Small sample properties

8. Ulf H. Olsson Large-sample properties

9. Ulf H. Olsson ML-estimator In sampling from a normal (univariate) distribution with mean  and variance  2 it is easy to verify that: MLs are consistent but not necessarily unbiased in small samples

10. Ulf H. Olsson Biased estimator but consistent