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Microeconometrics in Business Management

Book Description

This book introduces the application of microeconometric methods for modelling various aspects of economic activity for small to large size enterprises, using methods that are based on both time-series and cross-section approaches. The information obtained from using these estimated models can then be used to inform business decisions that improve the efficiency of operations and planning.

Basic models used in the modelling of the business (single-equation and multiple-equation systems) are introduced whilst a wide range of economic activity including major aspects of financial management, demand for labour, administrative staff and labour productivity are also explored.

Microeconometrics in Business Management:

  • Introduces econometric methods which can be used in the modelling of economic activity and forecasting, to help improve the efficiency of business operations and planning.
  • Describes econometric entities through multiple-equation and single-equation microeconometric models.
  • Explores the process of building and adapting basic microeconometric tools.
  • Presents numerous micromodels based on time-series data and statistical cross-sectional sequences, which can be used in any enterprise.
  • Features numerous real –world applications along with examples drawn from the authors own experience.
  • Is supported by a companion website featuring practice problems and statistical data to aid students to construct and estimate micro models.
  • Features end of chapter exercises with examples present in free software GRETL.

This book serves as a valuable resource for students, business management practitioners and researchers in econometric micro-model construction and various decision-making processes.

Table of Contents

  1. Cover
  2. Title Page
  3. About the Author
  4. Preface
  5. Acknowledgment
  6. 1 A single-equation econometric model
    1. 1.1 The essence of an econometric model
    2. 1.2 Specification of an econometric model
    3. 1.3 Estimation of an econometric model’s parameters
    4. 1.4 Verification of the model
    5. 1.5 Multiplicative econometric models
    6. 1.6 The limited endogenous variables
    7. 1.7 Econometric forecasting
  7. 2 Multiple-equation econometric models
    1. 2.1 Classification of multiple-equation models
    2. 2.2 A reduced form of the model
    3. 2.3 Identification of the model
    4. 2.4 Estimation of the parameters of a multiple-equation econometric model
    5. 2.5 Forecasts estimation based on multiple-equation models
  8. 3 Econometric modeling of a large- and medium-sized enterprise’s economic system
    1. 3.1 Specification of a large- and medium-sized enterprise’s econometric model
    2. 3.2 Structural form of an econometric model of a large- and medium-sized enterprise
    3. 3.3 Empirical econometric model of a medium-sized enterprise
    4. 3.4 Application of the company’s model during a decision-making process
  9. 4 An empirical econometric model of a small-sized enterprise
    1. 4.1 Specification of a small-sized enterprise’s econometric model
    2. 4.2 The structural form of a small-sized enterprise’s econometric model
    3. 4.3 Equation of the cash inflows
    4. 4.4 Equation of the sales income
    5. 4.5 Equations of ready-made production
    6. 4.6 Equation of labor efficiency
    7. 4.7 Equations of the average wage
    8. 4.8 Equations of the net payroll
    9. 4.9 The employment equation
    10. 4.10 Equations of the fixed assets
    11. 4.11 Equations of wage effectiveness
    12. 4.12 Equations of the efficiency of implementing the fixed assets
    13. 4.13 Practical applicability of a small-sized enterprise’s model
  10. 5 Econometric modeling in management of small-sized enterprise
    1. 5.1 The concept of financial liquidity and its measurement in a small-sized enterprise
    2. 5.2 econometric modeling of monthly financial liquidity
    3. 5.3 econometric modeling of quarterly financial liquidity
    4. 5.4 Econometric modeling of debt recovery efficacy
    5. 5.5 Econometric model describing interdependencies between the financial liquidity and the debt recovery efficacy in an enterprise
    6. 5.6 Econometric forecasting of financial liquidity
  11. 6 Econometric model in the analysis of an enterprise’s labor resources
    1. 6.1 A study of a mechanism of the demand for labor
    2. 6.2 Econometric modeling of labor intensity of production
    3. 6.3 Econometric model in selection of an efficient worker
    4. 6.4 Econometric model in the selection of an efficient white-collar worker
  12. Conclusion
  13. Bibliography
  14. Index
  15. End User License Agreement