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Cross-sectional study: involves data collection from a population, or a representative subset, at one specific point in time. Longitudinal study: correlational research study that involves repeated observations of the same variables over long periods of time. Cohort study and Panel study are particular forms of longitudinal study.
Econometrics may use standard statistical models to study economic questions, but most often they are with observational data, rather than in controlled experiments. [10] In this, the design of observational studies in econometrics is similar to the design of studies in other observational disciplines, such as astronomy, epidemiology, sociology and political science.
Data mining is a particular data analysis technique that focuses on statistical modeling and knowledge discovery for predictive rather than purely descriptive purposes, while business intelligence covers data analysis that relies heavily on aggregation, focusing mainly on business information. [4]
While the tools of data analysis work best on data from randomized studies, they are also applied to other kinds of data—like natural experiments and observational studies [19] —for which a statistician would use a modified, more structured estimation method (e.g., difference in differences estimation and instrumental variables, among many ...
In this, the design of observational studies in econometrics is similar to the design of studies in other observational disciplines, such as astronomy, epidemiology, sociology and political science. Analysis of data from an observational study is guided by the study protocol, although exploratory data analysis may be useful for generating new ...
Observational studies are limited because they lack the statistical properties of randomized experiments. In a randomized experiment, the method of randomization specified in the experimental protocol guides the statistical analysis, which is usually specified also by the experimental protocol. [ 18 ]
Difference in differences (DID [1] or DD [2]) is a statistical technique used in econometrics and quantitative research in the social sciences that attempts to mimic an experimental research design using observational study data, by studying the differential effect of a treatment on a 'treatment group' versus a 'control group' in a natural experiment. [3]
Observational research is a method of data collection that has become associated with qualitative research. [1] Compared with quantitative research and experimental research, observational research tends to be less reliable but often more valid [citation needed]. The main advantage of observational research is flexibility.