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Introductory Econometrics: A Modern Approach (with Economic Applications, Data Sets, Student Solutions Manual Printed Access Card) 4th Edition

4.7 out of 5 stars 38 customer reviews
ISBN-13: 978-0324581621
ISBN-10: 0324581629
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Editorial Reviews


"The most important strength of this text is its close connection (in terms of both style/structure and content) to the way empirical research is actually conducted. In particular, the emphasis on whether or not an estimated relationship can be considered causal is central to econometric practice today, and this book, unlike many others, makes that clear. The book is very comprehensive, with a wide range of topics that other introductory econometrics books do not always include but that are very common in research (e.g. panel data)."

"I use Wooldridge because it provides a nice balance of equations, examples, and well-written intuitive descriptions of econometrics. The text provides clarity, discussion, and analytic rigor, with chapter problems that are both paper and computer-based. The review of chapters in the Instructor's Guide is useful, especially as a guide in deciding how to pare down the topics to a reasonable size for one semester."

"One of the biggest strengths of this Wooldridge text is the way in which it brings together the majority of mainstream econometric models in an easy to understand and coherent manner that is suitable to a wide audience from undergraduates, graduates, and a reference text for applied economists."

About the Author

Jeffrey M. Wooldridge is a University Distinguished Professor of Economics at Michigan State University, where he has taught since 1991. From 1986 to 1991, he served as Assistant Professor of Economics at the Massachusetts Institute of Technology (MIT). Dr. Wooldridge has published more than three dozen articles in internationally recognized journals, as well as several chapters in well-respected books. He is also the author of ECONOMETRIC ANALYSIS OF CROSS SECTION AND PANEL DATA. His work has earned numerous awards, including the Alfred P. Sloan Research Fellowship, the Plura Scripsit award from Econometric Theory, the Sir Richard Stone prize from the Journal of Applied Econometrics, and three graduate teacher-of-the-year awards from MIT. A fellow of the Econometric Society and of the Journal of Econometrics, Dr. Wooldridge has been editor of the Journal of Business and Economic Statistics and econometrics co-editor of Economics Letters. He has also served on the editorial boards of the Journal of Econometrics and the Review of Economics and Statistics. Dr. Wooldridge received his B.A. with majors in computer science and economics from the University of California, Berkeley, and received his Ph.D. in economics from the University of California, San Diego.
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Product Details

  • Hardcover: 896 pages
  • Publisher: South-Western College Pub; 4 edition (March 27, 2008)
  • Language: English
  • ISBN-10: 0324581629
  • ISBN-13: 978-0324581621
  • Product Dimensions: 9.5 x 7.5 x 1.5 inches
  • Shipping Weight: 3.4 pounds
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (38 customer reviews)
  • Amazon Best Sellers Rank: #470,666 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
I teach a first course in regression analysis to graduate students from a variety of disciplines. With rare exceptions, they take this course under duress, and their background in basic statistics is usually weak. This means that I use a lot of relatively simple examples, gradually becoming more complex as we move through the material. Functional redundancy -- saying the same thing in a variety of ways -- is also indispensable. Furthermore, I spend very little time on derivations, and try to begin doing simple problems with SPSS software by the second or third meeting.

Given this approach to fairly complex material, it is difficult to find a suitable textbook. For several years I used Gujarati's basic econometrics text and found it useful. Gujarati, however, takes a very long time to get to multiple regression, first covering the assumptions which apply to all applications of OLS regression and offering only simple regression equations for illustrative purposes.

A primary virtue of Wooldridge's basic text is that he introduces substantively interesting problems -- those using more than one independent variable -- early on. The OLS assumptions and remedies for their violation are still given excellent coverage, but this is integrated effectively throughout the book.

Wooldridge's text is a bit more difficult than Gujarati's, but it's not densely mathematical, focusing instead on practical problems. With a little guidance students acquire a very thorough grounding in regression analysis with Wooldridge's basic text. It covers a sufficiently broad range of topics, moreover, that I have found it valuable for self-instructional purposes. (If only it weren't so expensive!
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Format: Hardcover
This book requires little more knowledge than secondary school statistics to start enjoying it. This book, better than any other book I know, enables people to study introductory econometrics by themselves. Even so, it covers a lot of ground (SEM, paneldata and times series analysis). Throughout the author focuses on intuition rather than providing mathematical proofs. The author knows his readership, and never falls into the trap of using technical econometric language or matrix notation. This quality makes this book the best econometrics book for economists.
This quality also, however, makes the book less suitable for people who want to master econometrics at a much higher level, as it bridges the gap with economics, but not with the more technical and more advanced books. If this is only your introduction, and you're not going to be able to stay away from the proofs in matrix algebra in the future, then consider A Guide to Modern Econometrics of Marno Verbeek. It is a bit more technical and uses both normal and matrix notation, but shares the attraction of clear examples and intuitive explanation.
These two books together should be able to remove texts like Greene and Judge from the study list for economics students new to econometrics.
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Format: Hardcover
I bought this text so that I could understand/interpret results and methodology in empirical business research papers. Unlike most statistic-related books I've seen over the years, this text is actually clear and focuses on providing great explanations and examples rather than proofs and derivations. Thus, this book is a great choice for self study, and it's been a huge help thus far in my PhD program.
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Format: Hardcover
Wooldridge has managed to write a great and intuitive introduction into econometrics. The book doesn't require any prerequisites despite basic high school math and statistics. Matrix algebra is only used in some of the appendices, which is a bit sad, as the introduction of it in the text, and the usage during the text, would have been a major advantage when reading more advanced books on econometrics. Despite that, the book is really fascinating. Written in a simple yet rather rigorous style, accessible and self-explanatory. The examples aren't always economic, which is a small lack, but in a way Wooldridge does what he is promising to do: He introduces the reader into the methods of modern econometrics, from a very solid and thorough coverage of OLS to more advanced methods such as panel data analysis, time series (basics, unit roots, co-integration) or ILS and 2SLS (simultaneous equation models). In my opinion, the book can be used for two one-semester courses. The availability of data sets for the computer exercises is useful for both students as well as instructors. Apart from its lack of matrix algebra, this book presents a consistent, solid, but easily understandable introduction into econometric methods so that even survey articles from e.g. the Handbook of International Economics using econometrics are rather easily readable. Kennedy's 'A Guide to Econometrics' makes a good companion, for further studies, Greene's econometric bible ('Econometric Analysis') is probably the most recommendable book.
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By A Customer on January 25, 2000
Format: Hardcover
I own quite a lot of books on econometrics. But this one is I think one of the best. Not in technical detail, but in the clear intuitive explanations. If you want to study a subject by yourself, first read up the subject in this book. Only then move on to the mathematical details in others. Besides the clear presentation of subjects, the excellent real world examples are a great help to gain an understanding. Last but not least, the text put more emphasis on cross-section and panel-data than is usual. Unless youre only interested in macro-econometric modelling this is an approach I warmly endorse. Is there no point of critique? A minor one: the appendices might be shortened, but I imagine others will find them helpfull.
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