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About the Author vii <p>Preface ix</p> <p>Acknowledgment xiii</p> <p><b>1 A Single?]Equation Econometric Model 1</b></p> <p>1.1 The essence of an econometric model 1</p> <p>1.2 Specification of an econometric model 4</p> <p>1.3 Estimation of an econometric model’s parameters 5</p> <p>1.4 Verification of the model 10</p> <p>1.5 Multiplicative econometric models 14</p> <p>1.6 The limited endogenous variables 16</p> <p>1.7 Econometric forecasting 20</p> <p>1.7.1 The concept of econometric forecasting 20</p> <p>1.7.2 The conditions of econometric forecast estimation 22</p> <p>1.7.3 Forecasts based on single?]equation models 23</p> <p>1.7.4 Analysis of econometric forecasts’ precision 25</p> <p><b>2 Multiple?]Equation Econometric Models 29</b></p> <p>2.1 Classification of multiple?]equation models 29</p> <p>2.2 A reduced form of the model 33</p> <p>2.3 Identification of the model 34</p> <p>2.4 Estimation of the parameters of a multiple?]equation econometric model 36</p> <p>2.5 Forecasts estimation based on multiple?]equation models 39</p> <p><b>3 Econometric Modeling of a Large?] and Medium?]Sized Enterprise’s Economic System 47</b></p> <p>3.1 Specification of a large?] and medium?]sized enterprise’s econometric model 47</p> <p>3.2 Structural form of an econometric model of a large?] and medium?]sized enterprise 50</p> <p>3.3 Empirical econometric model of a medium?]sized enterprise 52</p> <p>3.3.1 Assumptions for an econometric empirical model 52</p> <p>3.3.2 Equation of the sales income 54</p> <p>3.3.3 Equation of employment 54</p> <p>3.3.4 Equation of labor productivity 57</p> <p>3.3.5 Equation of the average wage 57</p> <p>3.3.6 Equation of the fixed assets 60</p> <p>3.3.7 Equation of the technical labor equipment 60</p> <p>3.4 Application of the company’s model during a decision?]making process 62</p> <p><b>4 An Empirical Econometric Model of a Small?]Sized Enterprise 69</b></p> <p>4.1 Specification of a small?]sized enterprise’s econometric model 69</p> <p>4.2 The structural form of a small?]sized enterprise’s econometric model 71</p> <p>4.2.1 The model’s total interdependent variables 71</p> <p>4.2.2 The model’s predetermined variables 73</p> <p>4.2.3 Structural?]form’s equations of a small?]sized enterprise’s econometric model 75</p> <p>4.3 Equation of the cash inflows 76</p> <p>4.4 Equation of the sales income 80</p> <p>4.5 Equations of ready?]made production 83</p> <p>4.6 Equation of labor efficiency 87</p> <p>4.7 Equations of the average wage 89</p> <p>4.8 Equations of the net payroll 92</p> <p>4.9 The employment equation 94</p> <p>4.10 Equations of the fixed assets 96</p> <p>4.11 Equations of wage effectiveness 103</p> <p>4.12 Equations of the efficiency of implementing the fixed assets 111</p> <p>4.13 Practical applicability of a small?]sized enterprise’s model 115</p> <p><b>5 Econometric Modeling in Management of Small?]Sized Enterprise 119</b></p> <p>5.1 The concept of financial liquidity and its measurement in a small?]sized enterprise 119</p> <p>5.2 Econometric modeling of monthly financial liquidity 123</p> <p>5.3 Econometric modeling of quarterly financial liquidity 129</p> <p>5.4 Econometric modeling of debt recovery efficacy 132</p> <p>5.4.1 Measuring the effectiveness of debt recovery in an enterprise 132</p> <p>5.4.2 Statistical analysis of debt recovery efficacy in enterprise 134</p> <p>5.5 Econometric model describing interdependencies between the financial liquidity and the debt recovery efficacy in an enterprise 139</p> <p>5.6 Econometric forecasting of financial liquidity 144</p> <p><b>6 Econometric Model in the Analysis of an Enterprise’s Labor Resources 151</b></p> <p>6.1 A study of a mechanism of the demand for labor 151</p> <p>6.2 Econometric modeling of labor intensity of production 167</p> <p>6.3 Econometric model in selection of an efficient worker 175</p> <p>6.4 Econometric model in the selection of an efficient white?]collar worker 184</p> <p>Conclusion 191</p> <p>Bibliography 193</p> <p>Index 197</p>

<b>Jerzy W. Wiœniewski</b>, Department of Econometrics and Statistics, Nicholas Copernicus University, Poland.

<p>This book introduces the application of microeconometric methods for modelling various aspects of economic activity for small to large size enterprises, using methods that are based on both time-series and cross-section approaches. The information obtained from using these estimated models can then be used to inform business decisions that improve the efficiency of operations and planning.</p> <p>Basic models used in the modelling of the business (single-equation and multiple-equation systems) are introduced whilst a wide range of economic activity including major aspects of financial management, demand for labour, administrative staff and labour productivity are also explored.</p> <p><i>Microeconometrics in Business Management</i><i>:</i></p> <ul> <li>Introduces econometric methods which can be used in the modelling of economic activity and forecasting, to help improve the efficiency of business operations and planning.</li> <li>Describes econometric entities through multiple-equation and single-equation microeconometric models.</li> <li>Explores the process of building and adapting basic microeconometric tools.</li> <li>Presents numerous micromodels based on time-series data and statistical cross-sectional sequences, which can be used in any enterprise.</li> <li>Features numerous real –world applications along with examples drawn from the authors own experience.</li> <li>Is supported by a companion website featuring practice problems and statistical data to aid students to construct and estimate micro models.</li> <li>Features end of chapter exercises with examples present in free software GRETL.</li> </ul> <p>This book serves as a valuable resource for students, business management practitioners and researchers in econometric micro-model construction and various decision-making processes.</p>

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