Probability and Statistics - ECO00025C
Module summary
This module introduces basic ideas in probability and statistics with applications in economics and finance.
Module will run
Occurrence | Teaching period |
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A | Semester 2 2024-25 |
Module aims
To develop students’ knowledge of probability and statistics that is useful in economics and finance.
To introduce students to techniques of probability and statistics to solve problems
To provide students with a solid foundation for intermediate econometrics modules offered in Stages 2 & 3
Module learning outcomes
Students will be familiar with:
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The basic tools required to develop and understand Probability ideas and problems
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Conditional probability
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Some examples of how the probabilistic framework is relevant for economics and finance
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Describe the concepts of populations, samples and sampling distributions
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Describe and be able to apply procedures for estimating quantities of interest and testing claims about such quantities
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Describe the role of correlation and simple regression in analysing the relationship between two variables, and be able to apply these tools and discuss empirical results.
Module content
Weeks 1-6 Probability
Weeks 7-11 Statistics
Indicative assessment
Task | % of module mark |
---|---|
Online Exam - 24 hrs (Centrally scheduled) | 100 |
Special assessment rules
None
Additional assessment information
3 different formative assessments:
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online submission of work
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empirical application
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Multiple choice test test
Indicative reassessment
Task | % of module mark |
---|---|
Online Exam - 24 hrs (Centrally scheduled) | 100 |
Module feedback
For online assessment a week after submission, for empirical application and test whole group discussion.
Indicative reading
John E. Freund’s Mathematical statistics and its applications
Schaum’s outline of theory and problems of statistics and probability