ETC2520 · Probability and statistical inference for economics and business

Overview

An introduction to probability and statistical inference for use in economics and business. Topics covered include random variables, moments and cumulants generating function, discrete and continuous distributions, independence, jointly distributed random variables, conditional random variables, the central limit theorem, sampling distribution, properties of estimators, confidence intervals, tests of hypotheses.

Offerings

Assessment

The Handbook lists an examination for this unit.

Assessment details may change. Please refer to the assessment information in Moodle closer to the start of the teaching period.

Requisites

Learning outcomes

1. understand concepts of probability, statistical inference, generating functions and cumulants
2. derive and use generating functions to evaluate moments and establish the distribution of linear combinations of independent random variables
3. understand and apply the main methods of estimation and the main properties of estimators
4. construct confidence intervals for unknown parameters and test hypotheses
5. develop written, presentation and group work skills through a series of assessed essays, assignments and tutorial work.

Workload

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.

Student experience, not official rules. Nothing here changes what the Handbook says.