And third, relevant data was analysed using statistical and econometric techniques.

The second part will examine the role of innovation in the success or failure of various industries using econometric techniques on time series data.

The second group of studies often use econometric techniques.

The research area of decision-making under uncertainty is one in which conventional types of economic data and standard econometric techniques have limited value.

Alternatively, some authors tried using different econometric techniques to generate rising data on resource prices.

Interest in the system has mostly been confined to the small group of wine buffs who are comfortable with econometric techniques.

Such problems can be addressed using the econometric techniques for "endogeneity" briefly outlined in the next section.

"There was a time when we thought econometric techniques would solve a lot of the data problems," Professor Krueger said.

The surprise is that, applied after the fact, sophisticated econometric techniques fare no better.

Refinements to the econometric techniques and debate about alternative models are continuing in the International economics community.