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Case Study
Which kind of econometric methods can we use if I have one excel file containing the survey data?
One of my friends called me as he wants to submit his Ph.D. proposal in the feild of resource economics.
I can not share the details of his study but I can share what I have explained to him.
Below post is the summary of the call.
Friend:
Which kind of econometric methods can we use if I have one excel file containing the survey data.
Me:
The veryfirst question I asked him his "which type of information your survey contains" Is it qualitative or quantitative?"
Friend:
No idea. It can be a mix of both.
Me:
You can start as follow:
1
Identify the level of measurement of each variable. As of now, you are clear about your reasearch variable. So treat this as a response variable (in this case, it is continuous).
2
Now, if your survey contains interval/ratio data impacting research variables, there are lots of techniques available like Regression, PCA, and so on.
And if your survey contains categorical data (nominal/ordinal), you can use Design/Dummy variable modeling, ANOVA, ANCOVA, Interaction, Mix Modeling, You can also write the contrasts, and so on.
My point is if you are clear about the type of variables (nominal, ordinal, interval, ratio, etc.), it
will help a lot to select types of models you can use instead of binding using trees, ANN, etc.