Which way econometric model superior to mathematical model?
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Using the data to determine or estimate all the parameter values in the model is the critical step that turns the mathematical economic modelinto an econometric model. Aneconometric model is said to be complete if it contains just enough equations to predict values for all of the variables in the model.
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Econometrics is the quantitative application of statistical and mathematical models using data to develop theories or test existing hypotheses in economics. Econometrics relies on techniques such as regression models and null hypothesis testing
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