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Introductory Econometrics: A Modern Approach (Upper Level Economics Titles) 5th Edition

4.1 out of 5 stars 19 customer reviews
ISBN-13: 978-1111531041
ISBN-10: 1111531048
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Editorial Reviews

Review

"It is the best book on applied econometrics on the market. Well written and "modern" in the sense that he devotes coverage to topics and techniques relevant to the current state of practice in econometrics."

"Hands down, the data analysis examples in the text and the practice problems are what I like most about the text. They are fantastic, and many of our Economics students list Econometrics as their favorite course because these problems allow them to apply economic reasoning to actual data."

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

  • Series: Upper Level Economics Titles
  • Hardcover: 912 pages
  • Publisher: Cengage Learning; 5 edition (September 26, 2012)
  • Language: English
  • ISBN-10: 1111531048
  • ISBN-13: 978-1111531041
  • Product Dimensions: 1.5 x 7.5 x 9.2 inches
  • Shipping Weight: 3.3 pounds (View shipping rates and policies)
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (19 customer reviews)
  • Amazon Best Sellers Rank: #19,777 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By tara on February 19, 2014
Format: Hardcover Verified Purchase
this is a great book for those who just steps into econometrics world. previous statistics, calculus and matrix knowledge would be a great help. but relevant contents appears in the appendix anyway. fast shipping
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Format: Hardcover Verified Purchase
If you are looking to utilize regression to analyze data, then this book should get a deep look.

Don't let the word "econometrics" fool you, this book is really almost all about regression.

It doesn't have anything to do with economics other than analyzing some economic data.

You will not learn, for example, supply/demand curve or MR/MC analysis.

The book is very comprehensive and has wonderful examples and practice problems. I really liked the practice problems EXCEPT that the book provides no answers to them. Bummer, because I would given this book 4 stars just for that.

So why only 3 stars? Minus one star for lack of answers to the great practice problems. Minus another star for fairly mediocre and often ambiguous explanations. The author seems to avoid making any concrete statements. For example, what does it mean for the X variables to have logs while the Y doesn't such as Y=b0+log(X)? It means for every PERCENTAGE change in X, it effects the Y (but not in percentage) in proportion to the b1. I couldn't find that explanation anywhere in the book. Instead, the author meanders and makes the reader make his/her own conclusions.

Overall, this is a very solid book that still has a lot of room for improvement.

Pros:
1)Focuses on regression, which is rightfully the most useful statistical method in econometrics and data analytics.
2)Awesome practice problems.
3)Downloadable data in SAS, R, and CSV formats.

Cons:
1)No answers to the awesome practice problems. How is the reader suppose to know his/her analysis of the regression is correct?
2)Mediocre and often vague explanations of the regression equation and output.
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Format: Hardcover Verified Purchase
This textbook is very dry and not helpful for retaining concepts. I had to go off of my teacher's notes and the custom text. The book is rife with notation, with no consideration that students may not be versed in it or that there may be intuitive ways to explain the same thing. Rarely is the logic behind certain steps or procedures explained, which leaves the reader memorizing by rote. I feel that it's only useful as an occasional reference, at least for most students.
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Format: Hardcover
Wooldridge does a good job introducing the topics and keeping the subject focused. The practical applications and explanations are concise and clear. And the data sets are lots of fun! I can't stress how much fun it was running real regressions on interesting topics.

For the first six weeks of the semester, I treated my Econometrics class like it was a math class; and that may have been a mistake. In math classes I try to teach myself the intuition behind the various equations and theories because I know I'm bound to forget most equations, proofs, and derivations I don't regularly use two weeks after the final. Wooldridge glosses over much of the intuition behind the material or relegates it to the appendices---meaning I have one more week of knowing econometrics. Even more annoying, some of the derivations in the appendices yield little intuition and rely on fancy algebra that made this student on a few occasions wonder in frustration, "How did you come up with that?!? " Why bother learning (or printing) a derivation if the key is remembering a super fancy and obscure way to add zero? Sadly, I ended up treating econometrics more like a chemistry course. This strict applied approach forced me to adopt suboptimal study habits such as memorizing various models and relying on note cards during exams. Please note my clear bias: my favorite course thus far in college was real analysis and I love economic theory.

For those of us taking Econometrics at university, this book's intended audience, the cost of the book is almost negligible compared to the expense of university. If an extra $50 makes one class more intuitive or better cements the material, so be it.
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I read three undergraduate textbooks on Econometrics, but in my opinion, this book is the best. Especially, the appendices is very helpful for understanding the concept properly. Those who intend to read the book, I recommend first reading the appendices very carefully, such as by solving all the questions. After that, you will be able to understand the content properly.
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Format: Hardcover Verified Purchase
This was the first book of Econometrics I referred and I really liked it. A very good option for anybody just beginning to venture into Econometrics.
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Format: Hardcover
In order to do a proper econometric analysis you must be at least a little versed on linear algebra (matrices), among multivariable calculus and a little statistics/probability. This book, at least in the version I own, leads this discussion to the appendix, which is ceartanly not good. As an additional, the price is prohibitive. If you are a self-learner I would consider buying econometric methods, writen by Johnston and dinardo. Certainly a better introduction to the subject, with more detailed examples and not jumping for summation notation straight foward, which hides the true simple mathematics being done. Also a good help if you must buy this one for a class.
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