• Demonstrate knowledge of concepts, models, methods and tools in econometrics, corresponding to the course syllabus
• Evaluate an empirical study which another has produced
• Implement a reasonably simple econometric analysis in practice

How do you measure and elicit individual attitudes to financial risk and time delay of income? Are women more patient and more averse to taking risk in financial matters than men? Are men more likely to become pathological gamblers than women? Are women more likely to smoke cigarettes than men, and if so do they smoke more per day than men? How do you elicit and estimate predictions about the likelihood of future events?

The main objective of the course is to provide students with the necessary statistical tools to answer such questions by introducing a range of statistical models and methods. The course will focus on applied aspects of econometrics, as opposed to theoretical aspects. We will use data from surveys and experiments that are designed to answer the questions above. The course is designed to target students who intend to conduct empirical analysis during their undergraduate and graduate study programs.

The course will focus on various applications of basic regression models. Throughout the course emphasis will be placed on the qualitative and quantitative understanding of statistical models. That is, how can you translate a qualitative research question into a quantitative model and make inferences? A recurring theme during the course is the distinction between correlation and causation. Despite this simple distinction much of the difficulty in econometrics stems from the desire to make causal inferences from observational data. 

Stock, J. H. and Watson, M., Introduction to Econometrics, Global Edition, 4^th edition (Pearson Education, 2019)

 The textbook is supplemented with a few scientific articles that are relevant to some of the course examples.