Bibtex error after updating to TeXLive 2013: style file not found

To confirm whether TeXLive 2013 distro has econometrica.bst installed, it can be verified by typing at Terminal/commandline window kpsewhich econometrica.bst which returns no path on TL 2013.

But incase of kpsewhich abbrv.bst it returns full path /usr/local/texlive/2013/texmf-dist/bibtex/bst/base/abbrv.bst

Please refer Karl Berry's email announcement on TUG maillist on its removal as econometrica.bst contains a non-free license and hence only in MiKTeX from TL 2013 onwards, Download econometrica.bst into working folder is one way of workaround

I had the same issue, and then I had a little difficulty getting TexShop to locate ecta.bst. Namely, there are two library folders, one is invisible in finder by default, and MacTex is picky about where the .bst can go. Here are a few pieces of information that remedy these issues:

1) (http://pages.uoregon.edu/koch/texshop/whereisstuff.html)

Personal files should be stored in ~/Library/texmf. (Recall that ~/Library is the library folder in your home directory, while /Library is a system folder analogous to /Applications.) You will have to create the subfolder "texmf." When TeX needs to open a file, it searches ~/Library/texmf first, so if you modify a standard TeX file and place it there, the modified file will be used.

2) (https://www.tug.org/mactex/faq/)

QM.06 : Why can't the latest MacTeX find my local BibTeX files? Earlier versions of MacTeX worked correctly.

AM.06 : TeX Live is slightly pickier about placement of these files. ".bib" files go in ~/Library/texmf/bibtex/bib or subfolders of this directory, and ".bst" files go in ~/Library/texmf/bibtex/bst or subfolders of this directory.

3) There is an option to reveal the user Library in the Finder -> View Options (Apple+J). It only appears when the view options are selected for a window showing the user's home folder (By default, the home folder will be located in the Users directory on the system's boot drive).