The University of Southampton
Courses

ECON1011 Quantitative Modelling in Economics

Module Overview

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

Module Aims

To provide an opportunity for students to use A Level mathematical skills in studying Economics, Econometrics, Actuarial Science, and Management Sciences throughout their degrees.

Learning Outcomes

Learning Outcomes

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.

Syllabus

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.

Special Features

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

TypeHours
Independent Study118
Teaching32
Total study time150

Resources & Reading list

Mathematical Statistics with Applications. 

Assessment

Assessment Strategy

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

Summative

MethodPercentage contribution
Coursework 20%
Exam  (1 hours) 80%

Referral

MethodPercentage contribution
Exam 100%

Linked modules

Co-requisites

To study this module, you will need to also study the following module(s):

CodeModule
ECON1008Mathematics for Economics
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