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It's very basic, but I am confused as to what regression actually is in the case of econometrics. What is it useful for? Why do we use it instead of other methods? I understand that one of the main ideas of statistics is to make generalizations about a population from samples of data, but how does regression relate to this? And what is regression analysis?

Robert Grote
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    You might check out the wiki for the [regression] tag. I don't think the [econometrics] tag adds anything meaningful here; AFAIK, regression is the same in econometrics & elsewhere in statistics. This Q smacks of being 'too broad', but we don't actually have a basic overview of what regression is on the site (other than the tag's wiki), & I'm inclined to let it stand. – gung - Reinstate Monica Nov 21 '16 at 21:26
  • Thanks gung, it's my first question so this was helpful. I took away the [tag:econometrics] and added the [tag:definition] tag instead. Perhaps that is more meaningful. Is it inappropriate to ask about a definition? I think the wiki answers my question, but I didn't find the wiki when I searched the question at first. Thanks again for your answer. – Robert Grote Nov 21 '16 at 21:51
  • Where did you use regression before? Like @gung, I don't see a fundamental difference between how regression is used in econometrics and other fields. – Aksakal Nov 21 '16 at 22:04
  • We have been using regression in my undergrad econometrics course. I was first introduced to the term in basic statistics with the concept of "regression to the mean," but I have heard the term regression used to describe linear regression and nonlinear regression, terms as to whose definitions I am still confused. I have heard that regression has many useful applications, but it seems so broad and nebulous, so I was trying to pin down the definition, especially because its name, I have been told, is misleading and related to a study by its creator (was it Francis Galton?). – Robert Grote Nov 21 '16 at 22:17
  • It is perfectly reasonable to ask about definitions. It is unfortunate that the wikis are not really visible to people. – gung - Reinstate Monica Nov 22 '16 at 02:19

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