Actual problems of innovative economy and law

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Theoretical and scientific approaches to the application of econometric methods and models in economic research

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УДК: 330.43

DOI: https://doi.org/10.36887/2524-0455-2025-3-19

Pavlov Kostiantyn
Doctor of Economics, Professor, Professor of the Department of Economics and Trade
Lesya Ukrainka Volyn National University
https://orcid.org/0000-0003-2583-9593
Skorokhod Iryna
Doctor of Economics, Professor, Professor of the Department of International Economic Relations and Project Management
Lesya Ukrainka Volyn National University
https://orcid.org/0000-0001-8628-3715
Karlin Mykola
Doctor of Economics, Professor, Professor at the Department of Finance
Lesya Ukrainka Volyn National University
https://orcid.org/0000-0002-1421-1066
Begun Svitlana Ivanivna
PhD in Economics, Associate Professor, Associate Professor of the Department of Economics and Trade
Lesya Ukrainka Volyn National University
https://orcid.org/0000-0003-1689-4048
Spas Volodymyr V.
PhD Student, Department of Economics and Trade
Lesya Ukrainka Volyn National University
https://orcid.org/0009-0004-1300-4622

Econometric methods and models are widely used in economic research to analyze and forecast economic processes and to justify management decisions. They help to formalize complex economic relationships, identify key influencing factors, and develop scientifically sound forecasts. In today’s world, econometric methods and models are increasingly described in various scientific papers. This is primarily because they allow researchers to identify patterns and relationships between various economic indicators, as well as to make reasonable forecasts of future economic events. Econometric methods and models play an important role in modern economic research, providing tools for quantitative analysis of economic phenomena, theory testing, and forecasting. Their value lies in their ability to transform abstract economic hypotheses into empirically verifiable conclusions, allowing researchers not only to describe but also to explain cause-and-effect relationships. The purpose of this study is to analyze the primary econometric methods and models used in scientific research, to assess their practical value and applicability in different types of economic research, and to determine recommendations for choosing appropriate models to maximize the accuracy and reliability of the results. The methodology of this study is based on an integrated approach that covers the theoretical and scientific aspects of the application of econometric methods and models in economic research. To achieve the objectives of the study, several methods were used to consider stochastic differential equations, which are an important tool for modeling dynamic systems under the influence of random factors. The first stage of the research was to develop various types of econometric models, such as regression, time series, and random process analysis. An important aspect of this stage is the analysis of one of the most popular time series models, the Autoregressive Integrated Moving Average (ARIMA) model. The theoretical analysis also included the study of scientific works by domestic researchers on econometric methods and models. Attention was paid to econometric methods and models that allow analyzing economic phenomena, assessing the impact of various factors on economic indicators, and forecasting indicators depending on various events. To forecast changes in the stock market, it was proved that it is advisable to use stochastic differential equations. It has been determined that econometric methods and models are an important tool in economic research for analyzing and forecasting economic processes that will allow quantifying the relationships between various economic variables and using these estimates to make informed management decisions. Prospects. Econometric methods and models are a dynamic field that is constantly evolving, adapting to new challenges, opportunities, and the growing complexity of economic systems. Among the prospects for the use of econometric methods and models in economic research are integration with machine learning and artificial intelligence; spatial econometrics and network analysis; dynamic stochastic general equilibrium models and their integration; accessibility and interpretability of models. The prospects of econometric methods and models in economic research are related to their ability to adapt to new data sources, integrate advanced computing technologies, and constantly improve tools for quantitative analysis.

Keywords: econometric methods and models, economic research, modeling, stochastic differential equations.

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The article was received 03.05.2025

Quote article, APA style

Pavlov K. , Skorokhod I. , Karlin M. , Begun S. I., Spas V. V.03.05.2025. Theoretical and scientific approaches to the application of econometric methods and models in economic research. Actual problems of innovative economy and law. 2025. №3. 90-93 pp. https://doi.org/10.36887/2524-0455-2025-3-19

Quote article, MLA style

Pavlov K. , Skorokhod I. , Karlin M. , Begun S. I., Spas V. V. Theoretical and scientific approaches to the application of econometric methods and models in economic research. Actual problems of innovative economy and law. 03.05.2025. https://doi.org/10.36887/2524-0455-2025-3-19