Economic Analysis: Theory and Practice
 

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Modeling the areas of socio-economic development of the region

Vol. 18, Iss. 4, APRIL 2019

Received: 27 February 2019

Received in revised form: 12 March 2019

Accepted: 26 March 2019

Available online: 26 April 2019

Subject Heading: MATHEMATICAL METHODS AND MODELS

JEL Classification: С40, O3, R11

Pages: 756–769

https://doi.org/10.24891/ea.18.4.756

Donichev O.A. Vladimir State University named after Alexander and Nikolay Stoletovs, Vladimir, Russian Federation
donoa@vlsu.ru

https://orcid.org/0000-0002-8756-3775

Grachev S.A. Vladimir State University named after Alexander and Nikolay Stoletovs, Vladimir, Russian Federation
grachev-sa@yandex.ru

https://orcid.org/0000-0002-6056-5527

Bykova M.L. Vladimir State University named after Alexander and Nikolay Stoletovs, Vladimir, Russian Federation
margarita93@bk.ru

https://orcid.org/0000-0002-0296-4781

Subject The article addresses modeling the priority areas for acceleration of socio-economic development of regions.
Objectives The study aims to elaborate approaches to determine the most effective directions of socio-economic development of territorial entities of the Russian Federation to improve the living standards and reduce differentiation among the entities in terms of social and economic welfare of the population.
Methods We employed economic-mathematical and economic-statistical methods.
Results We analyzed the areas for increasing the level of socio-economic development of regions. On the Vladimir Oblast case, we defined the most significant indicators of economic activity, which correlate to a large extent with the summary indicator representing the gross regional product. We assessed the risk of the generated model based on the significance of the F-criterion. We established a slight probability of error when rejecting the null hypothesis. The random deviation does not affect the gross regional product values.
Conclusions The study demonstrates a high quality of the proposed model for assessing the impact of analyzed economic indicators, including the cost of technological innovation in the region and the consumer price index. Our analysis shows that there is a correlation between the level of socio-economic development of the Vladimir Oblast and selected indicators.

Keywords: gross regional product, economic entity, econometric research, multiple regression model, socio-economic development

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