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# ECON 333

Statistical Analysis of Economic Data ECON 333 (4)

ECON 333 offers an introduction to the use and interpretation of statistical analysis in the context of data typical of economic applications. Prerequisite: ECON 103 with a minimum grade of C- or ECON 113 with a minimum grade of A-; ECON 105 with a minimum grade of C- or ECON 115 with a minimum grade of A-; ECON 233 or BUS (or BUEC) 232 or STAT 270, MATH 157, all with a minimum grade of C-; 60 units. Students with a minimum grade of A- in ECON 233, BUS (or BUEC) 232 or STAT 270 can take ECON 333 after 30 units. Students seeking permission to enroll based on their ECON 233, BUS (or BUEC) 232 or STAT 270 grade must contact the undergraduate advisor in economics. Students with credit for BUEC 333 may not take this course for further credit. Quantitative.

*Note: I = skill to be introduced in the course; D = skill to be further developed

#### Analyze and Interpret economic data

**Interpret statistical evidence and methodology**

- Explain the LLN and CLT and their main implications (H) (I)
- Calculate and interpret bias (I)
- Construct and interpet a test of a single linear hypothesis (I)
- Construct and interpet a test of multiple linear hypotheses (I)
- Identify and use the properties of commonly-used parametric probabity distributions (I)
- Interpret other statistics from a linear regression analysis (I)
- Interpret the coefficients of a linear regression (I)
- Use regression results to form predictions (I)
- Calculate common statistics by hand from a small data set (D)
- Calculate the expected value of a discrete random variable from its PDF (D)
- Construct and interpret a t-test (D)
- Distinguish between parameters and statistics/estimators (D)
- Distinguish between population and sample (D)
- Intepret other important univariate statistics (variance, standard deviation) (D)
- Interpret confidence interval and sets (D)
- Interpret measures of central tendency (mean, median, mode) (D)
- Interpret the results of a hypothesis test (D)
- Perform basic probability calculations (D)
- Calculate and interpret conditional expectations (D)
- Calculate variances and covariances of random variables (D)
- Intepret important bivariate statistics (covariance, correlation) (D)
- Interpret joint and conditional distributions (D)

**Conduct statistical and/or quantitative analysis using a computer**

- Incorporate nonlinearities, interactions and dummy variables in a linear regression model (I)
- Use a specialized statistical package (e.g., R, Stata) to read in simple data (I)
- Use a specialized statistical package to estimate a linear regression model (I)
- Manage data and code (D)

**Relate causal inference, selection and endogeneity**

- Distinguish between statistical and causal relationships (I)
- Identify and explain possible sources of bias in a given analysis (I)
- Use economics to identify the likely direction of bias in a given analysis (I)

#### Critically assess economic arguments, assumptions, and evidence

**Critically evaluate assumptions in economic/econometric models**

- Assess the validity/plausibility of the key assumptions in an econometric model (I)
- Identify the key statistical assumptions in a linear regression analysis (I)

#### Use oral, written, and graphical methods to communicate economic insights

**Present economic arguments by means of graphs, charts and tables**

- Construct and interpret a bar chart (I)
- Construct and interpret a table of regression results (I)
- Construct and interpret a scatter plot with regression line (I)
- Construct and interpret a time series plot (D)
- Construct and interpret a table of summary statistics (D)

Educational Goals ECON 333