Content, progress and pedagogy of the module

The primary objective of the module is to enable students to perform statistical analyses of socio-economic data. The module offers students a basic introduction to econometrics and builds on the knowledge gained in Statistics (Statistik) in the previous semester.

The course is organized as an interaction between theoretical understanding and practical application. It covers Simple and Multiple regressions, hypotheses testing, interpreting models of different functional forms, and performing various diagnostic checks to get statistically valid estimators.  In addition to simple OLS, the module also teaches other estimation techniques including 2SLS, IV, MLE, logistic and probit models. The module builds the foundation, which enables students to perform an in-depth analysis of the real-world (cross-section) data in their projects and theses. Moreover, the module enables students to follow more advanced courses in econometrics.

Upon the completion of this course students are expected to be able to handle socio-economic data. They are expected to conduct an independent and critical empirical investigation of economic theories using real world data.

Learning objectives

Knowledge

The objective is that the student after the module possesses the necessary knowledge on:

• the mechanics of various econometric models (OLS, 2SLS, IV, MLE, logistic, probit).
• the assumptions required for models validity and understanding the implications of not meeting those assumptions.
• the results of the model and draw conclusions.

Skills

The objective is that the student after the module possesses the necessary skills in:

• applying econometric techniques to construct a model and estimate its parameters using real world data (while using statistical softwares).
• performing thorogh diagnostics of the models and be able to come up with solutions to improve model validity.
• describing, communicating, and interpreting results of a statistical analysis.

Competences

The objective is that the student after the module possesses the necessary competences in:

• identifying real world problems in the field of economics, and address those problems empirically by applying econometric techniques.
• relating the results of the model to economic theory and draw conclusions in the light of empirical evidence.
• evaluating the applied approach (theoretically and empirically), and understand the limitations and shortcoming of econometric models when drawing conclusions.

Type of instruction

For further information see §17.

Exam

Exams