NIFB22001U Introduction to Econometrics
The course will be held online.
The course consists of a limited number of lectures, a larger number of teacher-made but self-organized exercises and a lot of independent work and self-study. Learning how to apply econometrics to interesting economic problems quite naturally entails working with economic data. Therefore, a large part of the course focuses on acquainting students with the R programming language, the success of which largely depends on the time and effort the students spend on it. The final learning outcome is therefore closely linked to the students’ ability to work independently and thoroughly with the supplied material.
The course focuses on introducing the linear regression model for data analysis within economics. Emphasis is on the statistical theory behind econometrics, understanding the nature of economic data, and the applications of econometrics to real-world problems. The latter emphasizes a focus on the interpretation of statistical results and a discussion on possible limitations or issues with the chosen application. More formally, this requires a thorough understanding of the assumptions underlying the linear regression model and what to do when these assumptions are violated.
The course is very much an applied econometrics course in the sense that it focuses on using and discussing which econometric approach would best uncover the causal relationship of interest, to a larger extent than deriving properties of estimators (or similar).
A natural part of applying statistical methods to some real-world problem is working with data. Therefore, parts of the curriculum focus explicitly on good practices when managing and collecting economic data. Furthermore, the course continuously works with practical data examples, as these are a necessity when trying to infer anything meaningful about some economic phenomenon.
The purpose of the course is to prepare students to future
courses in econometrics. The aim therefore
includes introducing the application of statistical methods
and models to relevant economic problems using real-world
data.
After completing the course, the student should be able to:
Knowledge:
- Explain the basic econometric concepts related to the linear regression model
- Explain the assumptions behind the linear regression model that ensures OLS is a consistent, unbiased, and efficient estimator
Skills:
- Carry out an OLS estimation of parameters in a (multiple) linear regression model
- Report and interpret results of linear econometric models for continuous, discrete, binary, and dummy variables
- Apply relevant econometric methods to a chosen economic problem
- Carry out, explain, and interpret hypothesis tests for specific parameter restrictions and correct model specification in a (multiple) linear regression setting
Competences:
- Interpret the results of an econometric analysis and make relevant conclusions or policy recommendations based upon these
- Use relevant econometric methods to investigate a specific economic problem
- Discuss whether the relevant assumptions behind the linear regression model apply to some situation and the implications hereof
- Carry out a basic econometric analysis independently, from data collection to policy implications, using appropriate linear regression tools
Literature: Jeffrey M. Wooldridge. Introductory Econometrics: A Modern Approach, 7th edition
Software: R
The literature is indicative. The exact literature will be announced at Absalon at the beginning of the course.
Throughout the course, students’ will be able to collaborate on exercises and ask questions to all of the supplied material. Quizzes for the individual readings will be provided as a way to follow up on student learning. This dynamic is also the basis for the (short) lectures.
- Category
- Hours
- Lectures
- 20
- Preparation
- 84
- Theory exercises
- 30
- Exam
- 72
- Total
- 206
- Credit
- 7,5 ECTS
- Type of assessment
- Written assignment, 72 hours
- Type of assessment details
- To pass the course the student should be able to: Explain the basic concepts behind the linear regression model, use data to analyze a specific economic problem, perform estimations and hypothesis tests in a linear regression setting, interpret the ensuing results, and make relevant conclusions based upon these
- Aid
- All aids allowed
- Marking scale
- 7-point grading scale
- Censorship form
- No external censorship
One internal examiner
- Re-exam
The reexamination will be oral. 20 - 30 minutes. No preparation. No aids allowed.
Criteria for exam assesment
See learning outcome.
Course information
- Language
- English
- Course code
- NIFB22001U
- Credit
- 7,5 ECTS
- Level
- Bachelor
- Duration
- Placement
- Summer
- Schedule
- 3-week summer course. Teaching begins Monday, 7 August and ends Friday, 18 August 2023. 72 hour take-home exam Tuesday - Friday the following week.
- Course capacity
- No limit
The number of seats may be reduced in the late registration period
Study board
- Study Board of Natural Resources, Environment and Animal Science
Contracting department
- Department of Food and Resource Economics
Contracting faculty
- Faculty of Science
Course Coordinators
- Carl-Emil Pless (cep@ifro.ku.dk)
Lecturers
Carl-Emil Pless