Econometrics (ECON 301)

2020 Spring
Faculty of Arts and Social Sciences
Economics(ECON)
3
6.00 / 7.00 ECTS (for students admitted in the 2013-14 Academic Year or following years)
Erdal Aydın erdalaydin@sabanciuniv.edu,
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English
Undergraduate
MATH306 ECON204
Formal lecture,Interactive lecture,Recitation
Interactive,Discussion based learning,Guided discovery,Case Study
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CONTENT

Simple linear regression, least squares, generalized least squares; goodness of fit; prediction; inference, confidence intervals and hypothesis testing; empirical modeling of economic theory; introduction to econometric packages.

OBJECTIVE

Economics as a discipline has to be evaluated by its ability to solve, or at least to have an impact on, important problems of actual economic life. To provide a solution, however, requires the diagnosis and understanding of its nature. Therefore, the primary goal of this course is to prepare students for empirical research. But it also serves those who are willing to go on to advanced studies of econometric theory. The course appeals to economic intuition as well as to rigor as the title of this course is 'Econo' and 'Metrics'. The students will be encouraged to develop a critical sense by mastering on econometric skills necessary to understand and evaluate existing economic models.

LEARNING OUTCOME

Students should be able to
a) apply various econometric techniques on data,
b) identify possible data problems, realize consequences of such problems on estimation results and choose appropriate and relevant techniques,
c) interpret estimation results, assess the importance of certain factors on the variable interest, e.g., what is the impact of education on hourly wage, what are the factors that induce smoking?
d) describe what is meant by ?thinking like an empirical economist?.
e) identify all kinds of links between a set of variables.
f) develop independent study skills, i.e., to pose a problem, identify main causes, use data to provide quantitative answers,
g) use of STATA, an econometric software,
h) use of SUCourse will develop IT skills.

PROGRAMME OUTCOMES

1. Understand the world, their country, their society, as well as themselves and have awareness of ethical problems, social rights, values and responsibility to the self and to others. 3

2. Understand different disciplines from natural and social sciences to mathematics and art, and develop interdisciplinary approaches in thinking and practice. 4

3. Think critically, follow innovations and developments in science and technology, demonstrate personal and organizational entrepreneurship and engage in life-long learning in various subjects. 3

4. Communicate effectively in Turkish and English by oral, written, graphical and technological means. 4

5. Take individual and team responsibility, function effectively and respectively as an individual and a member or a leader of a team; and have the skills to work effectively in multi-disciplinary teams. 1

1. Possess sufficient knowledge of mathematics, science and program-specific engineering topics; use theoretical and applied knowledge of these areas in complex engineering problems.

2. Identify, define, formulate and solve complex engineering problems; choose and apply suitable analysis and modeling methods for this purpose.

3. Develop, choose and use modern techniques and tools that are needed for analysis and solution of complex problems faced in engineering applications; possess knowledge of standards used in engineering applications; use information technologies effectively.

4. Ability to design a complex system, process, instrument or a product under realistic constraints and conditions, with the goal of fulfilling specified needs; apply modern design techniques for this purpose.

5. Design and conduct experiments, collect data, analyze and interpret the results to investigate complex engineering problems or program-specific research areas.

6. Knowledge of business practices such as project management, risk management and change management; awareness on innovation; knowledge of sustainable development.

7. Knowledge of impact of engineering solutions in a global, economic, environmental, health and societal context; knowledge of contemporary issues; awareness on legal outcomes of engineering solutions; understanding of professional and ethical responsibility.

1. Develop knowledge of theories, concepts, and research methods in humanities and social sciences. 5

2. Assess how global, national and regional developments affect society. 5

3. Know how to access and evaluate data from various sources of information. 5

1. Demonstrate an understanding of economics, and main functional areas of management.

2. Assess the impact of the economic, social, and political environment from a global, national and regional level.

1. Provide constructive analysis of economic phenomena at the national and international level, and interactions between the two. 4

2. Develop an understanding of organizations and institutions in the society as well as their influence on the economy. 4

3. Recognize how incentives shape the behavior of individuals and organizations. 4

4. Identify ?economic? problems and propose alternative models and/or design and conduct research to provide viable solutions using theoretical tools and/or quantitative methods. 5

5. Communicate problems and solutions to managerial and policy decision-making units as well as to lay audiences. 4

1. Formulate and analyze problems in complex manufacturing and service systems by comprehending and applying the basic tools of industrial engineering such as modeling and optimization, stochastics, statistics.

2. Design and develop appropriate analytical solution strategies for problems in integrated production and service systems involving human capital, materials, information, equipment, and energy.

3. Implement solution strategies on a computer platform for decision-support purposes by employing effective computational and experimental tools.

ASSESSMENT METHODS and CRITERIA

 Percentage (%) Final 35 Midterm 50 Assignment 10 Participation 5

RECOMENDED or REQUIRED READINGS

 Textbook Jeffrey M. WooldridgeIntroductory EconometricsA Modern Approach, 4th EditionSouth-Western, 2009. Readings A series of readings that use empirical methods to investigate a particular economic and social problem. The list changes from year to year.