 "Applied econometrics" uses theoretical econometrics and real-world data for assessing economic theories, developing econometric models, analysing economic history, and forecasting.Econometrics may use standard statistical models to study economic questions, but most often they are with observational data, rather than in controlled experiments.In this, the design of observational studies in econometrics is similar to the design of studies in other observational disciplines, such as astronomy, epidemiology, sociology and political science.