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econometrics |
Also found in: Financial, Encyclopedia, Wikipedia, Hutchinson | 0.01 sec. |
econometrics [ɪˌkɒnəˈmɛtrɪks] n (Economics) (functioning as singular) the application of mathematical and statistical techniques to economic problems and theories econometric , econometrical adj econometrician [ɪˌkɒnəməˈtrɪʃən], econometrist n econometrics mathematical methods used in the science of economics to prove and develop economic theories. See also: Economics
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| The exercise I have in mind is more like the "scenarios" pioneered by Royal-Dutch Shell economists than the "simulations" of the econometricians. Because of their training in graduate level economics, many modelers call themselves econometricians. Economics, as understood by most lawyers, is far removed from calculations and equations used by econometricians, but as a field, American law accepts the notion that neoclassical economics is a way to understand and assess human decisions, particularly choices of risks and benefits. |
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