How to build empirical modeling for economic dissertation research

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

Empirical

research

is

actually

of

employing

collecting the

information

evidences

which

by are

explained as type of research in which the

collected either through observing a

conclusions

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

instrument which can provide accurate

for

the

research

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verified . Thus, it can be explained that it

measurement2. As can be perceived from

is research where evidence is not assumed

the

rather they are derived from strong and

experiments

valid evidence. In order to perform

necessary to gather data and then verify

empirical modelling it is necessary to

them with the conclusions obtained.

above

mentioned and

data

that

observations

the are

collect empirical evidences which are collected

by

two

primary

In a majority of cases the empirical

research

methods:

modeling

practice

is

employed

for

economic dissertation research due to its ●

Qualitative research methods

dependence on gathering relevant data and 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

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1

modeling

for

dissertation

be helpful for him to support his findings.

research4. As noted from the afore-

He should gather relevant literature which

mentioned

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,

faced by the other researchers.

it

economic

discussion

the

becomes

of

paramount

significance to perform the experiments V. CREATE HYPOTHESES

used in dissertation carefully and analyse them properly5. The primary steps for for

Creating hypotheses is of paramount

economic dissertation research are as

significance for the researcher as it will be

follows:

helpful in identifying the outcome that can

building

empirical

modelling

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.

Also it should describe in brief the benefits

Considering the empirical modelling 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

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set-up. Also the techniques used for

2

gathering and analyzing data are needed to

dissertation research can be explained

be presented in this section6. After

State Purpose of research

completing the data gathering process, the researcher will have empirical data which

Gather LIteratures

Conclusion

can be analyzed for the research.

Empirical Resear ch

VII.DATA ANALYSIS Data Analysis

As per the empirical modelling, in this

Create Hypotheses Planning Methodolog y

section the data analysis is performed and the researcher can decide the suitable method for his research. After analyzing the data gathered the researcher can conclude if the hypotheses chosen can be accepted or rejected.

Through the following: Figure 1 Empirical

modeling

Thus,

empirical

modeling can be described in brief as follows: Observing the experiments or phenomena and discussing the purpose of

VIII. CONCLUSION

carrying out such phenomena. Obtain Finally, the researcher can conclude

some conclusion and derive results from

his findings obtained through analysis of

the data collected. Validate the data

data. Besides, concluding the findings

gathered using different techniques. Also

some suggestions and recommendations

provide a snippet of the techniques used.

which support the research can also be

Also verify the data in accordance with the

made by the researcher. To summarize the

hypotheses. Present the results and discuss

empirical

the conclusions made. Also discuss some

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

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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. 322354). 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.

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