Fachbereich Wirtschaftswissenschaft

Econometrics aims to give empirical content to economic relations for testing economic theories, forecasting, decision making, and for ex post policy evaluation. It is the unification of statistics, economic theory and mathematics that constitutes econometrics. Each view point, by itself is necessary but not sufficient for a real understanding of quantitative relations in modern economic life.

 (Source: Badi H. Baltagi, Econometrics, Springer, 4th Ed)