Energy Systems Modeling pp 17-43 | Cite as

# Analytical Approaches in Energy Modeling

## Abstract

The word econometrics is derived from two Greek words, “Oukovouia” which means economy, and “Uetpov,” which means measure. Thus, econometrics means the measure of things in economics such as economic systems, markets, etc. “It is the results of a particular outlook on the role of economics, consists of the application of mathematical statistics to economic data to lend empirical support to the models constructed by mathematical economics and to obtain numerical results” (Tintner 1968). Econometrics may be defined as “the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation related by appropriate methods of an interface” (Samuelson 1983).

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