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Econometrics - Economic
Forecasting
William B. Considine
Econometrics - Economic Forecasting

An alumnus of The Albany Academy,near
Loudonville, NY, and the University of Pennsylvania,
William B. Considine was awarded a bachelor of arts
in economics. As an undergraduate, William B.
Considine studied several topics within economics,
including econometrics and economics of health
care delivery.
Econometrics - Economic Forecasting
Econometrics is described as the combination of
statistics, economic theory and mathematics as
one. It allows economists to analyze huge amounts
of data to develop simple relationships. By applying
mathematical and statistical theories to the study of
economics, econometrics tests economic models to
predict future trends. These forecasts often are
used to drive economic policymaking, which only
rarely is done without econometrics. Econometrics
employs several different tools to test economic
hypotheses, including frequency distributions,
simple regression analysis, and statistical
inferences.
Econometrics - Economic Forecasting
One area of economic policy making that involves
econometrics is the important area of health care reform.
Econometric health care cost modeling must inform the
policy making. The policy makers must consider such
important issues as risk adjusted provider reimbursement,
utilization of services and profiling of providers, population
health, disease state projected costs and other factors. The
econmetric analysis of these factors must inform their
decision making. The decision making and quantitative
analysis must occur together in making health care reform
decisions. An interesting paper exploring these issues in
depth is "Econometric Modeling of Health Care Costs and
Expenditures: A Survey of Analytical Issues and Related
Policy Considerations" by John Mullahy, University of
Wisconsin-Madison, January 2009.

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Econometrics - Economic Forecasting

  • 2. Econometrics - Economic Forecasting An alumnus of The Albany Academy,near Loudonville, NY, and the University of Pennsylvania, William B. Considine was awarded a bachelor of arts in economics. As an undergraduate, William B. Considine studied several topics within economics, including econometrics and economics of health care delivery.
  • 3. Econometrics - Economic Forecasting Econometrics is described as the combination of statistics, economic theory and mathematics as one. It allows economists to analyze huge amounts of data to develop simple relationships. By applying mathematical and statistical theories to the study of economics, econometrics tests economic models to predict future trends. These forecasts often are used to drive economic policymaking, which only rarely is done without econometrics. Econometrics employs several different tools to test economic hypotheses, including frequency distributions, simple regression analysis, and statistical inferences.
  • 4. Econometrics - Economic Forecasting One area of economic policy making that involves econometrics is the important area of health care reform. Econometric health care cost modeling must inform the policy making. The policy makers must consider such important issues as risk adjusted provider reimbursement, utilization of services and profiling of providers, population health, disease state projected costs and other factors. The econmetric analysis of these factors must inform their decision making. The decision making and quantitative analysis must occur together in making health care reform decisions. An interesting paper exploring these issues in depth is "Econometric Modeling of Health Care Costs and Expenditures: A Survey of Analytical Issues and Related Policy Considerations" by John Mullahy, University of Wisconsin-Madison, January 2009.