Abstract
In his famous and influential monograph, The probability Approach in Econometrics, Haavelmo [1944] laid the foundation of stochastic econometric models and an approach which has dominated our discipline to this day.
The foundation fact about society as a going concern is that it is made up of individuals who are bornand die and give place to others; and the fundamental fact about modern civilization is that it is dependent upon the utilization of three great accumulating funds of inheritance from the ast, material goods and appliances, knowledge and skill, and morale. Besides the torch of life itself, the material wealth of the world, a technological system of vast and increasing intricacy and the habituations which fit men for social life must in some manner be carried forward to new individuals born devoid of all these things as older individuals pass out.
Frank H. Knight (1921)
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Nerlove, M., Balestra, P. (1992). Formulation and Estimation of Econometric Models for Panel Data. In: Mátyás, L., Sevestre, P. (eds) The Econometrics of Panel Data. Advanced Studies in Theoretical and Applied Econometrics, vol 28. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-0375-3_1
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DOI: https://doi.org/10.1007/978-94-009-0375-3_1
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