ECO1007 : Statistical Methods for Economics
- Offered for Year: 2024/25
- Module Leader(s): Professor John Wildman
- Lecturer: Dr Ian Corrick, Dr Diego Zambiasi
- Owning School: Newcastle University Business School
- Teaching Location: Newcastle City Campus
Semesters
Your programme is made up of credits, the total differs on programme to programme.
| Semester 1 Credit Value: | 10 |
| Semester 2 Credit Value: | 10 |
| ECTS Credits: | 10.0 |
| European Credit Transfer System | |
Aims
To develop an understanding of basic probability theory, so that decision making under uncertainty can be analysed.
To develop an understanding of statistical inference as a foundation for applied economics.
This module is an introduction to statistics and data analysis for economists. The first semester deals with the fundamental issues of statistics, building from basic probability theory, through sampling, distributions, hypothesis testing and interpretation. A wide range of examples is considered. The second semester moves into data analysis. We use a variety of statistical methods to investigate and interpret real world data.
The module will also include an introduction to statistical software.
Outline Of Syllabus
Probability
Discrete and Continuous Random Variables
Probability Distributions
Estimation and Sampling Distributions
Hypothesis Testing
Describing Data
Learning from Data
Graphical and Numerical Analysis of Data
Correlation versus Causation
Introduction to Regression Analysis
Multiple Regression
Statistical inference for Regression: Hypothesis Testing, Confidence Intervals, Prediction
Nonlinear Models
Estimation Problems
An introduction to Stata
Teaching Methods
Teaching Activities
| Category | Activity | Number | Length | Student Hours | Comment |
|---|---|---|---|---|---|
| Guided Independent Study | Assessment preparation and completion | 1 | 65:00 | 65:00 | N/A |
| Scheduled Learning And Teaching Activities | Lecture | 30 | 1:00 | 30:00 | PiP Lectures |
| Guided Independent Study | Directed research and reading | 1 | 55:00 | 55:00 | N/A |
| Scheduled Learning And Teaching Activities | Small group teaching | 5 | 1:00 | 5:00 | PiP PC Labs |
| Scheduled Learning And Teaching Activities | Small group teaching | 5 | 1:00 | 5:00 | PiP Seminars |
| Guided Independent Study | Independent study | 1 | 40:00 | 40:00 | N/A |
| Total | 200:00 |
Teaching Rationale And Relationship
Lectures deliver the main concepts.
Seminars and PC labs provide students with an opportunity to enhance both theoretical and practical (computer-based) aspects of statistical analysis.
Assessment Methods
The format of resits will be determined by the Board of Examiners
Exams
| Description | Length | Semester | When Set | Percentage | Comment |
|---|---|---|---|---|---|
| Written Examination | 90 | 1 | A | 40 | When social-distancing measures prevent PiP invigilated examinations, this will be an online, time-limited PC exam. |
| Written Examination | 60 | 2 | A | 40 | When social-distancing measures prevent PiP invigilated examinations, this will be an online, time-limited PC exam |
Exam Pairings
| Module Code | Module Title | Semester | Comment |
|---|---|---|---|
| Analysing Economic Data | 2 | N/A |
Other Assessment
| Description | Semester | When Set | Percentage | Comment |
|---|---|---|---|---|
| Prof skill assessmnt | 2 | M | 20 | Group project - 2000 words (with peer review) |
Formative Assessments
Formative Assessment is an assessment which develops your skills in being assessed, allows for you to receive feedback, and prepares you for being assessed. However, it does not count to your final mark.
| Description | Semester | When Set | Comment |
|---|---|---|---|
| Prob solv exercises | 1 | M | In-class tests, Canvas quizzes, homework exercises |
| Prob solv exercises | 2 | M | In-class tests, Canvas quizzes, homework exercises |
Assessment Rationale And Relationship
Written examinations ensure learning of theoretical concepts and are an appropriate way to assess problem solving skills under the time constraint as required in industry.
In the case of alternative assessments for semester 1 and Semester 2 being necessary due to circumstances, the Module Leader will in discussion with the DPD and the University, discuss possible acceptable online alternatives, such as a take home exam delivered online with a set time limit to complete (24 hours or less as deemed appropriate).
Group project demonstrates that students can analyse and interpret real world data.
Reading Lists
Timetable
- Timetable Website: www.ncl.ac.uk/timetable/
- ECO1007's Timetable