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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. Pre-requisite for ECON2006 One of the pre-requisites for MATH3063, MATH3085

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.
  • To introduce practical data analysis techniques using the statistical computing package R

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 and econometric 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. Furthermore, data will be analysed and summarised using statistical software R, which will also be used to sample from generated distributions and to perform bootstrap.

Special Features

Subject to formal accreditation, with ECON2006, ECON1007 and STAT3010 the module enables exemption to be gained from the Institute and Faculty of Actuaries’ examination in Actuarial Statistics (CS1). This constrains the amount of choice available on the examination paper and practical coursework assessment.

Learning and Teaching

Teaching and learning methods

.

TypeHours
Independent Study114
Teaching36
Total study time150

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 15% each which receive individual feedback. 70% two hour final examination

Summative

MethodPercentage contribution
Coursework 30%
Exam  (2 hours) 70%

Referral

MethodPercentage contribution
Exam 100%

Repeat Information

Repeat type: Internal & External

Linked modules

Pre-requisite: ECON1008

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