Advanced Statistical Methods for Economics

Paper Code: 
24DECO 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.

 

Course Outcomes: 
  •  

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course Title

24DECO 703

Statistical Methods for Economics

(Theory)

Students will:

CO73:  solve the statistical problems involving measures of central tendency, dispersion, skewness and kurtosis

CO74: perform correlation and regression analysis

CO75: perform time series analysis and compute index numbers

CO76: analyze theorems of probability and probability distributions and compute expected values of random variables

CO77:  solve statistical problems using hypothesis testing involving different tests

CO78: contribute effectively in course-specific interaction

Approach in teaching: Interactive Lectures and Discussions.

Learning activities for the students:

Practice Modules and

Assignments.

Class activity, Assignments and Semester end examinations.

 

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

 

18.00
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: 

Suggested Readings:

  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.

E Resources :

  1. https://ocw.mit.edu/courses/14-30-introduction-to-statistical-methods-in...
  2. https://epgp.inflibnet.ac.in/Home/ViewSubject?catid=NEp/xikgBgNtfA+sgFQA...
  3. https://people.richland.edu/james/lecture/m170/
  4. https://epwrf-iisu.refread.com/index.aspx

Journal:

  • Journal of Quantitative Economics

 

Academic Session: 
2024-25
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