This unit is essential to prepare students for applied

This unit is essential to prepare students for applied economic analysis and modelling applications used extensively in other units in Economics Finance and Property. It familiarizes the students with the strengths and limitations of contemporary quantitative modelling techniques and enables them to use multivariate statistical procedures in economic modelling. Although part of the course concerns with the statistical properties of the least squares estimator in the linear regression framework the theoretical and mathematical content of the course will be kept at minimum. However students are expected to be able to demonstrate their understanding of important theoretical concepts. Students are also expected to be able to apply these concepts to solve practical problems which arise in Economics and Finance.
LEARNING OUTCOMES
The below table outlines the learning outcomes for this unit. Upon completion of this unit students will be able to: 1
Explain the concept of linear regression its strengths and limitations.
2
Explain the assumptions and properties of the Ordinary Least Squares estimator.
3
Formulate economic and financial hypothesis into statistically testable forms.
4
Statistically test for economic and/or financial hypothesis using real life data.
5
Evaluate the adequacy of various statistical models based on real life data.
6
Demonstrate how standard computer software is used to analyse simple financial and economic problems.
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