ABSTRACT
This chapter aims to formalize in a detailed way A. Spanos’ econometric methodological doctrine from the point of view of structuralist view of theories. Spanos’ uses ‘theory’ in order to refer to a certain interpretation of probability theory that purports to explain a certain phenomenon of interest. The former view implies that the basic theory-element of econometrics is given by A. N. Kolmogorov’s axioms for probability, but there is far more to econometrics than such axioms. The working econometrician takes the concept of a probability space as a formalization of the concept of a random experiment. A random variable over a probability space is a function that associates to every elementary event of the space a certain numerical result. The domain of intended applications of econometric theory is vast, as many economic random phenomena have been successfully subjected to econometric analysis.
