Advanced Statistical Methods for Economics

Paper Code: 
DECO 703
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 

1.      To develop an understanding of univariate analysis including measures of central tendency and dispersion 

2.      To help the students examine the techniques of correlation, regression, time series and index numbers.

3.      To acquaint the students with the techniques of probability and hypothesis testing and their applications.

18.00
Unit I: 
Univariate Analysis

·         Measures of Central Tendency

·         Dispersion

·         Skewness

·          Kurtosis

18.00
Unit II: 
Bivariate Analysis

·         Simple Correlation- Karl Pearson’s correlation coefficient and Spearman’s rank correlation coefficient

·         Simple Regression analysis

18.00
Unit III: 
Time Series analysis & Index Numbers

·      Components of time series

·       measurement of trend (moving averages & least squares) and seasonal variation (simple averages)

·      Index numbers - Construction of Unweighted and Weighted Index Numbers, Tests of Adequacy, Cost of Living Index, Chain index, Base shifting, Splicing, use of index numbers for deflating

18.00
Unit IV: 
Probability

·       Probability - definition, Theorems of Addition and Multiplication

·       Conditional Probability, Bayes Theorem

·       Mathematical Expectation

·       Probability Distributions - Binomial, Poisson and Normal distributions

Unit V: 
Hypothesis testing

·      Procedure of hypothesis testing

·      Use of Z (single mean, difference of means, single proportion, difference of proportions), t (one sample, independent samples and paired samples), chi-square (goodness of fit and independence of attributes) & F (one-way & two-way ANOVA) tests

Essential Readings: 

Gupta, S.P.  Statistical Methods, S Chand & Company, 2012.

References: 

1.      Speigal, Murray R., Statistics, Schaum’s Outlines, McGraw Hill Education, 1998.

2.      Spiegel, Murray R., Schiller, John, Srinivasan, R. Alu and Goswai, Debasree, Probability and Statistics, McGraw Hill Education, 2017.

3.      Croxton, Frederick E., Crowden, Dudley, J. and Klein, Sydney, Applied General Statistics, Prentice Hall of India, New Delhi, 3rd edition, 1979.

4.      Nagar, A.L. and Das R.K., Basic Statistics, Oxford University Press, 1997.

Academic Session: 
2023-24
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