Henri Theil’s Contributions to Economics and Econometrics: by Baldev Raj (auth.), Baldev Raj, Johan Koerts (eds.)

By Baldev Raj (auth.), Baldev Raj, Johan Koerts (eds.)

PREFACE TO the gathering PREAMBLE The editors are happy to offer a variety of Henri Theil's contributions to economics and econometrics in 3 volumes. In quantity I we have now supplied an outline of Theil's contributions, a short biography, an annotated bibliography of his examine, and a range of released and unpublished articles and chapters in books facing issues in econometrics. quantity IT includes Theil's contributions to call for research and data idea. quantity ITI comprises Theil's contributions in monetary coverage and forecasting, and administration technological know-how. the choice of articles is meant to supply examples of Theil's many seminal and pathbreaking contributions to economics in such components as econometrics, data, call for research, details concept, financial coverage research, aggregation idea, forecasting, index numbers, administration technology, sociology, operations learn, greater schooling and masses extra. the gathering is usually meant to function a tribute to him at the get together of his 67th birthday.! those 3 volumes additionally spotlight a few of Theil's contributions and repair to the occupation as a pace-setter, consultant, administrator, instructor, and researcher. Theil's contributions, which surround many disciplines, were greatly pointed out either in clinical journals. those citations frequently position Theil one of the best 10 researchers (ranked in line with variety of occasions stated) on the earth in a number of disciplines.

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Additional resources for Henri Theil’s Contributions to Economics and Econometrics: Econometric Theory and Methodology

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A. : 1975, "Inflation expectations," Economica, 42, 123-38. : 1974, "Rationality in Popular Price Expectations," unpublished manuscript, Princeton University. , and Wayne A. Fuller: 1979, "Distribution of the Estimators for Autoregressive Time Series with a Unit Root," Journal of the American Statistical Association, June, 423-31. W. L. Thornton: 1991, "A Primer on Co-integration with an Application to Money and Income," The Federal Reserve Bank of St. 2, 58-78. J. Granger: 1987, "Co-Integration and Error Correction: Representation, Estimation and Testing," Econometrica, March, 251-76.

Brooks, DiagonaJizing the Hessian Matrix of the Consumer's Utility Function, 1970. Shmuel Goldman, An Empirical Comparison of Alternative Functional Forms of Demand Systems, 1971. S. House of Representatives, 1947-1968: An Informational Theoretic Approach, 1971. Anthony J. Finizza, Estimation of Demand Equations for a Subgroup of Meat Commodities, 1971. John D. Paulus, The Estimation of Large Systems of Consumer Demand Equations Using Stochastic Prior Information, 1972. Fernando de H. Barbosa, Rational Random Behavior: Extensions and Applications, 1975.

In particular, he has been able to fruitfully apply the concepts of infonnation and entropy. Without these concepts he could not have fonnulated his new approach towards estimating unknown parameters from a probability distribution - his maximum entropy approach. The theory of rational stochastic behaviour, explained in his book The System-Wide Approach to Microeconomics, relies on these concepts. To be able to say something about this recent theory developed by Theil, which meets the wish of Bentzel and Hansen, we need to discuss the concepts of infonnation and entropy in more detail.

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