Content, progress and pedagogy of the module

The aim of the empirical project is to enable students to conduct a more in-depth empirical investigation using real world data to test economic theories or explore empirical facts that can shape economic theories. This may involve analyzing datasets, building an empirical model, evaluating a model, interpreting results and drawing conclusions. As such, this module builds on and greatly enhances the knowledge gained at previously modules ensuring progression between them.

After completing this module, students will have developed the skills to quantitatively test real-world issues. They must be able to construct a meaningful empirical model and test its validity. In doing so, they are expected to make important decisions in connection with data processing for the model.

Learning objectives

Knowledge

The aim is that after the module, the student possesses the necessary knowledge to:

• determine which different empirical research models are relevant in economic science
• determine how to interpret empirical evidence and its relevance to the chosen economic theory.
• utilize the content of econometric techniques used to test relevant economic theories.

Skills

The goal is that after the module the student possesses the necessary skills:

• to utilize data banks and raw data and use statistical techniques to prepare the data for meaningful empirical analysis.
• to be able to choose a relevant empirical model, given the nature of the study, and motivate the choice.
• to be able to use different methods to evaluate and validate an empirical model.

Competences

After completing the module, students will have developed key competencies including:

• formulating a problem within the economic field and performing a more in-depth empirical investigation using an empirical framework based on statistics and econometrics.
• clearly relating model findings to economic theory and draw conclusions in light of empirical findings.
• making a critical assessment of a chosen empirical approach and discuss its implications for model results and conclusion.

Exam

Exams