Parameter (1) A variable, measurable property whose value is a determinant of the characteristics of a system. (2) (Statistics) Fundamentally, the parameter represents the true value of the characteristic of a sample or population. The estimate of a parameter, called a statistic, is a measurement of a sample of the population. The parameters in an Econometric Model (Regression Analysis) describe the relationship between the variations in the Dependent Variable, or the variable to be explained, and the variations in the Independent, or Explanatory Variable(s). For example, in the simple expression of cause and effect Yt = á + â Xt + åt the constant term, á (alpha), and the coefficient term, â (beta), define the (fixed) parameters of this econometric model and will be tested, statistically, to determined if the relationship is valid, i.e., is there exists a causal (i.e., cause and effect) relationship, or if the variations in the dependent variable are based on chance (random).
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