Introduction to Econometrics, 2nd Edition (Addison-Wesley Series in Economics)
September 7, 2010 by TheRainMaker
Filed under Stocks & Options Trading Supplements
Introduction to Econometrics, 2nd Edition (Addison-Wesley Series in Economics)
Designed for a first course in introductory econometrics, Introduction to Econometrics, reflects modern theory and practice, with interesting applications that motivate and match up with the theory to ensure students grasp the relevance of econometrics. Authors James H. Stock and Mark W. Watson integrate real-world questions and data into the development of the theory, with serious treatment of the substantive findings of the resulting empirical analysis.
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(out of 18 reviews)
List Price: $ 180.00
Price: $ 131.00
Review by Sabad One for Introduction to Econometrics, 2nd Edition (Addison-Wesley Series in Economics)
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This is a great textbook for undergraduate econometrics (some graduate students would also benefit from some chapters, like the one on Instrumental Variables, or Program Evaluation, or the chapters on Time Series & Forecasting). No wonder Mark Watson is one of the authors, since he is one of the best teachers I ever had. The book is clear, and it skips a lot of useless, obsolete stuff that most undergraduates have typically to go over just because everyone else has gone over it before. No time wasted with homoskedasticity, “fixed” regressors, Durbin-Watson. Everything is based on large-sample theory, the regressors are never assumed to be “nonstochastic”, and homoskedasticity is treated as an exception (which is what happens in practice), not as a rule. There are nice, long empirical applications in each chapter, and some examples are dealt with in more chapters, so that you can see how new concepts are applied to the same problem, and how our understanding of the problem changes and improves with more refined tools. For more advanced students, mathematical appendixes (and a few chapters at the end) also provide reasonably accessible but relatively complex proofs. A great book.
Review by TC for Introduction to Econometrics, 2nd Edition (Addison-Wesley Series in Economics)
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If you already know the subject, then the book’s probably great. If you’re like most people and need the book to learn material for an econometrics class, then you’re in for a world of hurt if this is the book you’re required to use.
There are no examples, and the end of chapter questions don’t obviously correlate to a specific place in the chapter that you can refer to in order to facilitate learning the material quickly. Instead, you end up looking through the preceding chapters over and over for sections that kind of tell you what you need to know, but not directly.
When your treasure hunt for simple information fails, you have to refer to stats texts from previous classes, the internet, and everywhere else for help. Even then, there is no way to check yourself while doing the work, so you might have just spent your entire day teaching yourself to do everything the wrong way.
This is a horrible book that only succeeds at forcing you to waste a ton of time looking to outside sources to acquire information that would be readily available if the book was truly written for an introductory econometrics course.
Review by B. Chalaban for Introduction to Econometrics, 2nd Edition (Addison-Wesley Series in Economics)
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I found the book to be adequate in terms of how well-written it is, but lacking in many areas that keep it from getting anything higher than 3 stars.
My biggest gripe is that there are few examples. I really took this for granted, and didn’t notice how important it was until they were taken out. In classes like math, you can easily get lost in all the notation in each formula. Examples are important because they show you how to use that formula in a real application. The book lacks examples, and this really makes it harder to understand what Stock and Watson are talkin about.
Another thing I’d like are answers to their problems. This is just useful so that you can check whether you are doing the problems at the end of the chapter right. Otherwise, you’re completely clueless on how well you are doing.
Review by for Introduction to Econometrics, 2nd Edition (Addison-Wesley Series in Economics)
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An uneven book. Some of the explanations are clear and the long applications can be quite interesting and useful. However, several times the authors do not give an explanation that would be intuitively easier to understand. It would also have been helpful to provide some simpler, even if artificial, examples in addition to the longer applications.These can no doubt be fixed in a second edition. At present, the revised edition of Wooldridge or even the older Jack Johnston is more intuitively appealing, while Greene is more complete.
Review by applied econometrician for Introduction to Econometrics, 2nd Edition (Addison-Wesley Series in Economics)
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It is clearly written and has a good level of detail. The very experienced authors were able to get the level right for beginners, while keeping precision and adding examples and current topics of interest even to more experienced users. Definitely a great buy!