Econometrics is part of the economic as a science, which deals with the statistical (empirical) modelling of economic theories (hypotheses) in order to explain, confirm or disprove economic theory empirically.
Tag: External Validity
External validity in research methodology refers to the extent to which the findings of a study can be generalized to other populations, settings, and situations beyond the sample used in the study. It is essential to ensure that the findings are not limited to the study’s specific context but can be applied to other contexts. This can be achieved by using a representative sample, minimizing extraneous variables, and ensuring that the research design and procedures are appropriate for the research question being investigated. External validity is crucial for ensuring that research findings have practical and real-world applications.
