Here are some Econometrics Haiku from noted econometrician Keisuke Hirano.
Supply and demand:
without a good instrument,
not identified.
I relate to these especially:
T-stat looks too good.
Use robust standard errors–
significance gone.
and
From negation comes
growth, progress; not unlike a
referee report.
My favorite one is this …
Testing restrictions:
Wald, Lagrange Multiplier,
Likelihood Ratio.
Here is mine. I hope it is truly original.
Look, binary Y.
Use Logistic Regression.
Goodbye helpful graphs!
Craig
Ode to Utility
there is no way to tell, precisely
why thy curves slope down so nicely;
but we can judge, through observation
the marginal rate of substitution.
Utility,
Marginally diminishing
The stillness of equilibrium
Time,
Irreversibly moving forward
The music of learning
Knowledge,
Marginally piling up
The explosion of growth
Prove the fallacy of econometrics.
1. Econometrics is mathematical history.
2. Mathematics is a priori knowledge.
Therefore,
3. Econometrics is a priori history.
4. A priori history is a fallacy.
Therefore,
5. Econometrics is a fallacy.
QED.
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There is no way to tell, precisely why thy curves slope down so nicely; but we can judge, through observation the marginal rate of substitution.
way to tell, precisely why thy curves slope down so nicely;
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