Parameters Estimation According to Engel's Law in Excel (CROSBI ID 162573)
Prilog u časopisu | izvorni znanstveni rad
Podaci o odgovornosti
Pivac, Snježana ; Eškinja, Ivo ; Zorić, Mia
engleski
Parameters Estimation According to Engel's Law in Excel
Engel's laws have been frequently used in economic analysis. In this paper the concrete relations in Croatian economy are studied according to basic postulates of Engle curve. The parameters of relevant model are estimated by respecting wages movement and luxury consumption. Beside standard method, parameters estimation has also been done by Monte Carlo simulation, which enables the basic assumptions to be fulfilled. By using such multi-objective approach, the obtained results have been presented, interpreted and comparatively analyzed. All calculations are accomplished very simply in Excel. This user-friendly approach will help many users to easily solve similar complex statistical and mathematical calculations, which is useful and important for students of economic sciences in quantitative analysis.
Parameter Estimation; Engel's Law; Excel; Monte Carlo Simulation
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Podaci o izdanju
3 (1/2)
2010.
66-77
objavljeno
1755-1587
1755-1595