Unit information: Probability, Statistics and Econometrics in 2021/22

Unit name	Probability, Statistics and Econometrics
Unit code	EFIM10024
Credit points	20
Level of study	C/4
Teaching block(s)	Teaching Block 2 (weeks 13 - 24)
Unit director	Dr. Proud
Open unit status	Not open
Pre-requisites	Mathematics for Economics
Co-requisites	None
School/department	School of Economics
Faculty	Faculty of Social Sciences and Law

Description including Unit Aims

Economics, as a social science, relies on analysis of observed data to test and improve theoretical models. This unit introduces the probability and statistical tools that students will need in further years of study. In this unit, students will see topics including:

• An introduction to probability using discrete and continuous data
• Bayes’ rule
• The difference between sample and population characteristics
• Properties of estimators, including consistency and unbiasedness
• Hypothesis testing relating to samples of observed data
• An introduction to econometrics using OLS
• Hypothesis testing in single and multiple regression
• Problems of estimation, including omitted variables bias.

Intended Learning Outcomes

Students will be able:

1. To manipulate mathematical formulae to solve problems involving probability and statistical functions
2. To apply probabilistic methods to economic problems and to interpret the results of probabilistic models
3. To understand statistical concepts and to apply these to estimation and hypothesis testing
4. To use appropriate statistical software (such as Excel) to carry out simple statistical analysis.

Teaching Information

Teaching will be delivered through a combination of synchronous and asynchronous sessions such as online teaching for large and small group, face-to-face small group classes (where possible) and interactive learning activities

Assessment Information

Portfolio of assignments. Best 3 out of 5 (40%) (Assesses all learning outcomes)

Applied econometrics essay (1,000 words), requiring students to engage with published research (60%) (Assesses Learning Outcomes [1]-[3])

Resources

If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.

If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. EFIM10024).

How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours of study to complete. Your total learning time is made up of contact time, directed learning tasks, independent learning and assessment activity.

See the Faculty workload statement relating to this unit for more information.

Assessment
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit. The Board considers each student's outcomes across all the units which contribute to each year's programme of study. If you have self-certificated your absence from an assessment, you will normally be required to complete it the next time it runs (this is usually in the next assessment period).
The Board of Examiners will take into account any extenuating circumstances and operates within the Regulations and Code of Practice for Taught Programmes.