| Unit name | Quantitative Methods 2: Introduction to Statistics and Econometrics |
|---|---|
| Unit code | ECON12122 |
| Credit points | 20 |
| Level of study | C/4 |
| Teaching block(s) |
Teaching Block 2 (weeks 13 - 24) |
| Unit director | Mr. Winter |
| Open unit status | Not open |
| Pre-requisites |
A-level Mathematics (or equivalent) ECON11122 Quantitative Methods 1 |
| Co-requisites |
None |
| School/department | School of Economics, Finance and Management |
| Faculty | Faculty of Social Sciences and Law |
This unit is taught in two parts. In the first part, which will be covered in the Autumn Term, the fundamental ideas of mathematical statistics will be studied. Some of you may have been introduced to these ideas in your A level work.
Understanding the fundamental ideas of mathematical statistics is essential for much of your later work in Economics, Finance and Management. Whenever decisions in the economy are taken under uncertainty (and most decisions are taken in this way), then the concepts of random variables, their distributions and the relationship between random variables become vital to understanding the decision making process. Many modern theories in Economics and Finance build upon these ideas.
Econometrics, a subject which will be completely new to most of you, is introduced in the second part of the unit during the Spring and Summer Terms. Mathematical statistics is the foundation of Econometrics as well. Econometrics is the name given to methods developed by economists to analyse economic relationships using empirical data. If Economics has a valid claim to be a science which uses empirical observations to verify or falsify its theories and to predict future economic events, then econometrics is the means by which this is achieved. As a result, Econometrics combines ideas from both Statistics and Economics.
27 one hour lectures, 9 one hour exercise lectures, 10 one hour tutorials.
