How to build empirical modeling for economic dissertation research

Introduction

Empirical research is actually explained as type of research in which the conclusions for the research being performed are derived from the empirical evidences or the evidences that can be verified^[1]. Thus, it can be explained that it is research where evidence is not assumed rather they are derived from strong and valid evidence. In order to perform empirical modeling it is necessary to collect empirical evidences which are collected by two primary research methods:

• Qualitative research methods
• Quantitative research methods

Empirical modeling

Empirical modeling is based on the fact of collecting information by employing the evidences which are collected either through observing a certain phenomena or experiencing an activity or even by using any calibrated instrument which can provide accurate measurement^[2]. As can be perceived from the above mentioned data that the experiments and observations are necessary to gather data and then verify them with the conclusions obtained.

In a majority of cases the empirical modeling practice is employed for economic dissertation research due to its dependence on gathering relevant data and deriving conclusions based on it. The empirical modeling is also useful because it increases the probability of getting precise results^[1].

There are some steps that should be considered for building empirical modeling for economic dissertation research^[4]. As noted from the afore-mentioned discussion the empirical research is dependent on observing and gathering results from the experiences. Thus, it becomes of paramount significance to perform the experiments used in dissertation carefully and analyze them properly^[5]. The primary steps for building empirical modelling for economic dissertation research are as follows:

• State the purpose of research

In this part of the research the candidate should include the points that define the purpose of the research, problems occurring or problem statement, significance of the research. It should also discuss the availability of data, time etc. Also it should describe in brief the benefits of research for the society.

• Gather significant references and literatures

For economic dissertation, it is important that the researcher should collect the relevant theories associated which can be helpful for him to support his findings. He should gather relevant literature which can be associated with his work. These literatures can be useful to understand and know about the different problems that are faced by the other researchers.

• Create hypotheses

Creating hypotheses is of paramount significance for the researcher as it will be helpful in identifying the outcome that can be obtained. In order to formulate hypotheses, the candidate has to identify certain variables that are associated with his research and assume the relation between the variables.

• Planning methodology, research design and gathering data

Considering the empirical modeling for planning economic dissertation, in this section the candidate has to discuss the methodology that will be followed for the research. He should discuss the experimental set-up that he will be using for validating his hypotheses. Since the research is for economics the candidate has to decide whether he has to include experimental set-up or non-experimental set-up. Also the techniques used for gathering and analyzing data are needed to be presented in this section^[6]. After completing the data gathering process, the researcher will have empirical data which can be analyzed for the research.

• Data Analysis

As per the empirical modeling, in this section the data analysis is performed and the researcher can decide the suitable method for his research. After analyzing the data gathered the researcher can conclude if the hypotheses chosen can be accepted or rejected.

Conclusion

Finally, the researcher can conclude his findings obtained through analysis of data. Besides, concluding the findings some suggestions and recommendations which support the research can also be made by the researcher.

To summarize the empirical modeling for economic dissertation research can be explained through the following:

Thus, empirical modeling can be described in brief as follows:

• Observing the experiments or phenomena and discussing the purpose of carrying out such phenomena.
• Obtain some conclusion and derive results from the data collected.
• Validate the data gathered using different techniques. Also provide a snippet of the techniques used. Also verify the data in accordance with the hypotheses.
• Present the results and discuss the conclusions made. Also discuss some limitations and future scope of the research.

The empirical modeling for economic dissertation actually seems to be a practically more feasible solution as it makes the research conducted genuine, since it is based on the data gathered and analyzed^[7]. On the other hand, building empirical modeling is a time-consuming process and might make the researcher deviate from his goals.

References

1. Janzen, S. A., & Michler, J. D. (2020). Ulysses’ pact or U lysses’ raft: Using pre‐analysis plans in experimental and nonexperimental research. Applied Economic Perspectives and Policy.
2. De Graaf, N. D. (2020). 9. Secularization: Theoretical Controversies Generating Empirical Research. In The Handbook of Rational Choice Social Research (pp. 322-354). Stanford University Press.
3. Babin, B. J., Ortinau, D. J., Herrmann, J. L., & Lopez, C. (2020). Science is about corroborating empirical evidence, even in academic business research journals.
4. Arellano, M. A., & Rodriguez, G. (2020). Empirical modeling of high-income and emerging stock and Forex market return volatility using Markov-switching GARCH models. The North American Journal of Economics and Finance, 52, 101163.
5. Lanzolla, G., & Markides, C. (2021). A business model view of strategy. Journal of Management Studies, 58(2), 540-553.
6. Nuseir, M. T., & El Refae, G. A. (2021). Factors influencing the choice of studying at UAE universities: an empirical research on the adoption of educational marketing strategies. Journal of Marketing for Higher Education, 1-23.
7. Deleidi, M., & Mazzucato, M. (2021). Directed innovation policies and the supermultiplier: An empirical assessment of mission-oriented policies in the US economy. Research Policy, 50(2), 104151.