Methods for Evaluating Econometric Models and Their Importance in Analyzing Economic Processes

Abstract

This article examines the theoretical foundations of econometric model estimation, the main estimation methods, and their importance in analyzing economic processes. The study analyzes classical estimation techniques such as the Ordinary Least Squares method, the Maximum Likelihood method, and the Instrumental Variables method. In addition, the practical significance of econometric model quality criteria and statistical tests is discussed. The article focuses on the effective application of econometric models in economic analysis and forecasting.