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How To Build Empirical Modeling For Economic Dissertation Research

Dr. Nancy Agnes, Head, Technical Operations, Tutorsindia

info@ tutorsindia.com

I. INTRODUCTION

Empirical research is actually

explained as type of research in which the

conclusions for the research being

performed are derived from the empirical

evidences or the evidences that can be

verified1. Thus, it can be explained that it

is research where evidence is not assumed

rather they are derived from strong and

valid evidence. In order to perform

empirical modelling it is necessary to

collect empirical evidences which are

collected by two primary research

methods:

● Qualitative research methods

● Quantitative research methods

II. EMPIRICAL MODELLING

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Empirical modeling is based on the

fact of collecting information by

employing the evidences which are

collected either through observing a

certain phenomenon or experiencing an

activity or even by using any calibrated

instrument which can provide accurate

measurement2. As can be perceived from

the above mentioned data that the

experiments and observations are

necessary to gather data and then verify

them with the conclusions obtained.

In a majority of cases the empirical

modeling practice is employed for

economic dissertation research due to its

dependence on gathering relevant data and

deriving conclusions based on it. The

empirical modeling is also useful because

it increases the probability of getting

precise results3.

There are some steps that should be

considered for building empirical

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modeling for economic dissertation

research4. As noted from the afore-

mentioned discussion the empirical

research is dependent on observing and

gathering results from the experiences.

Thus, it becomes of paramount

significance to perform the experiments

used in dissertation carefully and analyse

them properly5. The primary steps for

building empirical modelling for

economic dissertation research are as

follows:

III. STATE THE PURPOSE OF

RESEARCH

In this part of the research the

candidate should include the points that

define the purpose of the research,

problems occurring or problem statement,

significance of the research. It should also

discuss the availability of data, time etc.

Also it should describe in brief the benefits

of research for the society.

IV. GATHER SIGNIFICANT

REFERENCES AND LITERATURES

For economic dissertation, it is

important that the researcher should collect

the relevant theories associated which can

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be helpful for him to support his findings.

He should gather relevant literature which

can be associated with his work. These

literatures can be useful to understand and

know about the different problems that are

faced by the other researchers.

V. CREATE HYPOTHESES

Creating hypotheses is of paramount

significance for the researcher as it will be

helpful in identifying the outcome that can

be obtained. In order to formulate

hypotheses, the candidate has to identify

certain variables that are associated with

his research and assume the relation

between the variables.

VI. PLANNING METHODOLOGY,

RESEARCH DESIGN AND

GATHERING DATA

Considering the empirical modelling

for planning economic dissertation, in

this section the candidate has to discuss the

methodology that will be followed for the

research. He should discuss the

experimental set-up that he will be using

for validating his hypotheses. Since the

research is for economics the candidate

has to decide whether he has to include

experimental set-up or non-experimental

set-up. Also the techniques used for

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gathering and analyzing data are needed to

be presented in this section6. After

completing the data gathering process, the

researcher will have empirical data which

can be analyzed for the research.

VII.DATA ANALYSIS

As per the empirical modelling, in this

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.

VIII. CONCLUSION

Finally, the researcher can conclude

his findings obtained through analysis of

data. Besides, concluding the findings

some suggestions and recommendations

which support the research can also be

made by the researcher. To summarize the

empirical modeling for economic

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dissertation research can be explained

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

carrying out such phenomena. Obtain

some conclusion and derive results from

the data collected. Validate the data

gathered using different techniques. Also

provide a snippet of the techniques used.

Also verify the data in accordance with the

hypotheses. Present the results and discuss

the conclusions made. Also discuss some

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

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Empirical Resear ch

State

Purpose of research

Gather

LIteratures

Create

Hypotheses

Planning

Methodology

Data

Analysis

Conclusion

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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. 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.