Content, progress and pedagogy of the module

The purpose of the empirical project is to enable students to conduct an in-depth empirical investigation using socio-economic data in order to test economic theories or explore empirical facts that can shape economic theories. This involves analysing the data, building an empirical model, evaluating the model, interpreting results, and drawing inferences.

Upon completion of this module, students are expected to be able to address issues of empirical relevance in the real world. They should be able to construct a meaningful empirical model and test its validity. In doing so, they are expected to take important decisions related to data treatment for the model.

Learning objectives

Knowledge

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

• the application of econometric techniques to test relevant economic theories.
• the technicalities and assumptions of an empirical model and explain its practical relevance.
• how to interpret empirical evidence and its relevance to the selected economic theory.

Skills

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

• utilising raw data and performing statistical techniques to prepare the data for meaningful empirical analysis.
• choosing a relevant empirical model, given the nature of inquiry, and motivate the choice.
• applying various methods to evaluate and validate an empirical model (both theoretically and empirically).

Competences

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

• formulating a problem in the field of economics and performing an in-depth empirical inquiry by utilising an empirical framework grounded in statistics and econometrics.
• clearly relating model findings to economic theory and drawing conclusions in the light of empirical findings.
• making a critical assessment of the selected empirical approach, and discussing its implications for model results and conclusion.

Type of instruction

For further information see §17.

Exam

Exams