How to build empirical modeling for economic dissertation research

1. How To Build Empirical Modeling For Economic Dissertation Research Dr. Nancy Agnes, Head, Technical Operations, Tutorsindia info@ tutorsindia.com I. INTRODUCTION Empirical modeling is based on the fact of collecting information by Empirical research is actually employing the evidences which are explained as type of research in which the collected either through observing a conclusions for the research being certain phenomenon or experiencing an performed are derived from the empirical activity or even by using any calibrated evidences or the evidences that can be verified1. Thus, it can be explained that it instrument which can provide accurate measurement2. As can be perceived from is research where evidence is not assumed the above mentioned data that the rather they are derived from strong and experiments and observations are valid evidence. In order to perform necessary to gather data and then verify empirical modelling it is necessary to them with the conclusions obtained. collect empirical evidences which are In a majority of cases the empirical collected by two primary research modeling practice is employed for methods: economic dissertation research due to its dependence on gathering relevant data and ●Qualitative research methods deriving conclusions based on it. The ●Quantitative research methods empirical modeling is also useful because it increases the probability of getting precise results3. II. EMPIRICAL MODELLING There are some steps that should be considered for building empirical 2 3 1 Copyright © 2021 TutorsIndia. All rights 1

2. modeling research4. As noted from the afore- for economic dissertation be helpful for him to support his findings. He should gather relevant literature which mentioned discussion the empirical can be associated with his work. These research is dependent on observing and literatures can be useful to understand and gathering results from the experiences. know about the different problems that are Thus, it becomes of paramount faced by the other researchers. significance to perform the experiments V. CREATE HYPOTHESES used in dissertation carefully and analyse them properly5. The primary steps for Creating hypotheses is of paramount empirical modelling for building significance for the researcher as it will be economic dissertation research are as helpful in identifying the outcome that can follows: be obtained. In order to formulate III. STATE THE PURPOSE OF hypotheses, the candidate has to identify RESEARCH certain variables that are associated with his research and assume the relation In this part of the research the between the variables. candidate should include the points that define the purpose of the research, VI. PLANNING METHODOLOGY, problems occurring or problem statement, RESEARCH DESIGN AND significance of the research. It should also GATHERING DATA discuss the availability of data, time etc. Considering the empirical modelling Also it should describe in brief the benefits for planning economic dissertation, in of research for the society. this section the candidate has to discuss the IV. GATHER SIGNIFICANT methodology that will be followed for the REFERENCES AND LITERATURES research. He should discuss the experimental set-up that he will be using For economic dissertation, it is for validating his hypotheses. Since the important that the researcher should collect research is for economics the candidate the relevant theories associated which can has to decide whether he has to include experimental set-up or non-experimental 4 5 set-up. Also the techniques used for Copyright © 2021 TutorsIndia. All rights 2

3. gathering and analyzing data are needed to be presented in this section6. After dissertation research can be explained State Purpose of completing the data gathering process, the research researcher will have empirical data which Gather LIteratures Conclusion can be analyzed for the research. Empirical Resear ch VII.DATA ANALYSIS Data Analysis Create Hypotheses As per the empirical modelling, in this Planning Methodolog y section the data analysis is performed and the researcher can decide the suitable method for his research. After analyzing Through the following: Figure 1 the data gathered the researcher can Empirical modeling Thus, empirical conclude if the hypotheses chosen can be modeling can be described in brief as accepted or rejected. follows: Observing the experiments or phenomena and discussing the purpose of VIII. CONCLUSION carrying out such phenomena. Obtain some conclusion and derive results from Finally, the researcher can conclude the data collected. Validate the data his findings obtained through analysis of gathered using different techniques. Also data. Besides, concluding the findings provide a snippet of the techniques used. some suggestions and recommendations Also verify the data in accordance with the which support the research can also be hypotheses. Present the results and discuss made by the researcher. To summarize the the conclusions made. Also discuss some empirical modeling for economic limitations and future scope of the research. The empirical modeling for economic dissertation actually seems to be a practically more feasible solution as it makes the research conducted genuine, since it is based on the data gathered and analyzed7. On the other hand, building 6 7 Copyright © 2021 TutorsIndia. All rights 3

4. empirical modeling is a time-consuming process and might make the researcher deviate from his goals. REFERENCES 1. Janzen, S. A., & Michler, J. D. (2020). Ulysses' pact or U lysses' raft: Using pre‐ analysis plans in experimental and nonexperimental research. Applied Economic Perspectives and Policy. 2. De Graaf, N. D. (2020). 9. Secularization: Theoretical Controversies Generating Empirical Research. In The Handbook of Rational Choice Social Research (pp. 322- 354). Stanford University Press. 3. Babin, B. J., Ortinau, D. J., Herrmann, J. L., & Lopez, C. (2020). Science is about corroborating empirical evidence, even in academic business research journals. 4. Arellano, M. A., & Rodriguez, G. (2020). Empirical modeling of high-income and emerging stock and Forex market return volatility using Markov-switching GARCH models. The North American Journal of Economics and Finance, 52, 101163. 5. Lanzolla, G., & Markides, C. (2021). A business model view of strategy. Journal of Management Studies, 58(2), 540-553. 6. Nuseir, M. T., & El Refae, G. A. (2021). Factors influencing the choice of studying at UAE universities: an empirical research on the adoption of educational marketing strategies. Journal of Marketing for Higher Education, 1-23. 7. Deleidi, M., & Mazzucato, M. (2021). Directed innovation policies and the supermultiplier: An empirical assessment of mission-oriented policies in the US economy. Research Policy, 50(2), 104151. Copyright © 2021 TutorsIndia. All rights 4