ECON1011 Quantitative Modelling in Economics
The module will provide an opportunity for students to use A-level mathematical skills in studying Economics, Econometrics, Actuarial Sci8ence, and Management Sciences throughout their degrees.
Aims and Objectives
To provide an opportunity for students to use A Level mathematical skills in studying Economics, Econometrics, Actuarial Science, and Management Sciences throughout their degrees.
Having successfully completed this module you will be able to:
- Use simple statistical methods in a rigorous fashion,
- Interpret the results of regression analysis,
- Critically appreciate the role played by the underlying theory
- Outline the limitations of the inferences drawn.
The module starts from data analysis, and provides an amplification of the statistical ideas and methods encountered in ECON1007. By developing these at a higher mathematical level, the module provides an introduction to the statistical theory encountered in ECON2006 and ECON2007. It reviews the Binomial, Poisson, and Exponential distributions, and their properties. The concepts of expectation, variance, moment generating functions, joint distribution, covariance, and independence are used to determine sampling distributions. The Central Limit theorem is employed to discuss the Normal distribution which is then used to give an introduction to the principles of estimation and testing within the context of univariate sampling. The end point of the module is to enable you to do regression analysis in matrix notation, and use the inferential techniques covered.
With ECON2006 and ECON2007 the module enables exemption to be gained from the Institute of Actuaries Core Technical examination in statistics. This constrains the amount of choice available on the examination paper
Learning and Teaching
|Total study time||150|
Resources & Reading list
Mathematical Statistics with Applications.
The formative assessment consists of exercises assigned by the lecturers and reviewed in the Masterclasses where students receive feedback. Two assessed coursework worth 10% each which receive individual feedback in the script and during masterclasses. 80% two hour final examination
|Exam (1 hours)||80%|
To study this module, you will need to have studied the following module(s):
|ECON1008||Mathematics for Economics|