This module will extend knowledge of mathematical and statistical techniques acquired at level 4 and will introduce you to multivariate techniques in mathematics and statistics.
It will assist your comprehension of level 5 economics modules and encourage you to understand the benefits of using a mathematical and statistical vocabulary and reasoning to analyse economic models.
This module will equip you with sufficient quantitative techniques to be able to undertake any level 6 module in economics requiring quantitative analysis.
On successful completion of the module, students will be able to:
The module will be taught in a workshop format. Students will have three hours contact typically consisting of a mixture of lecture and seminar activity. Students are expected to read the appropriate parts of the recommended texts and complete problem sets for the seminars. Some classes will be held in computer rooms, where students will get to use a software package to construct and test econometric modules using different datasets.
| Definitive UNISTATS Category | Indicative Description | Hours |
|---|---|---|
| Scheduled learning and teaching | Workshop - weekly 3 hour workshops | 66 |
| Guided independent study | Preparation of weekly problem sets. Preparation for class tests and date handling assignment | 132 54 |
| Guided independent study | Revision of module material in preparation for final exam. | 48 |
| Total (number of credits x 10) | 300 | |
Formative assessment includes the weekly problem sets which cover mathematical and statistical theory and also applications to economics.
Summative assessment includes an unseen class test which will be based on the problem sets to be held Teaching Block 1, a group assignment based on an empirical econometrics exercise to be submitted in Teaching Block 2 and a final unseen exam covering all of the module material.
| Learning Outcome | Assessment Strategy |
|---|---|
| Work through assigned mathematical and statistical exercises relevant to the syllabus content. | Problem sets |
| Design and carry out mathematical analysis of economic questions, employing the techniques of multi-variable calculus and matrix algebra. | Problem sets, class test, exam. |
| Understand the role and scope of econometrics in constructing and testing models in economics. | Problem sets, class test, group assignment, exam |
| Appreciate the limitations of these techniques and apply a variety of statistical tests to the models developed. | Problem sets, group assignment, exam |
| Use software for estimating and testing econometric models. | Group data handling assignment |
| Description of Assessment | Definitive UNISTATS Categories | Percentage |
|---|---|---|
| Practical exam | 1.5 hour unseen class test | 37.5 |
| Coursework | Group data handling assignment | 37.5 |
| Written exam | 1 hour unseen examination | 25 |
| Total (to equal 100%) | 100% | |
It IS NOT a requirement that any element of assessment is passed separately in order to achieve an overall pass for the module.
Renshaw, G (2011) Maths for Economics, Second Edition, Oxford
Gujarati, D and Porter, D. C. (2009) Basic econometrics 5th edition McGraw Hill
Dowling, Edward T.(2011), Introduction to Mathematical Economics, 3rd Edition, Schaum Outline Series
Chiang, A. C., and Wainwright, K. (2005) Fundamental methods of mathematical economics, 4th edn. McGraw-Hill
Asteriou, D., and Hall S. G. (2016) Applied Econometrics. 3rd edn. Palgrave Macmillan