ECONOMICS 299 QUANTITATIVE METHODS IN ECONOMICS COURSE OUTLINE1
Section: A3 Term: Fall 2009 Class Time: Tuesday and Thursday from 2PM to 3.20PM Class Room: Tory 2-99 Lab Time/Room: D7: Tuesday from 9AM to 9.50AM in TB39 D8: Wednesday from 3PM to 3.50PM in TB39 D9: Thursday from 11AM to 11.50AM in TB39 Web Page: https://vista4.srv.ualberta.ca/webct/entryPageIns.dowebct Instructor: Vera Brenčič Office: Tory 7-26 Office Hours:2 Tuesday from 3.30PM to 5.00PM Thursday from 9.00AM to 10.30AM E-mail:3 vbrencic@ualberta.ca Course Description: This course is an introduction to the use of statistical and mathematical methods in economics. The course consists of three parts. In the first part, we explore the use of economic data, manipulation of data, interpretation and representation of data. The second part explores a relation between economic theory and mathematical methods. The third part pertains to a review of statistics and an introduction to econometrics. The course material entails the use of Excel and SHAZAM. Course Goals: At the end of the course, the students will have developed skills for estimating relationships as a means to testing economic theories. In particular, the students will learn (with the use of mathematical methods) to identify testable predictions by drawing on economic theory, identify data requirements for testing these predictions, and carry through empirical tests of such predictions. Course Prerequisites: ECON 101 and 102, STAT 141 or 151, and MATH 113. Important: The Department may cancel your registration if you do not have the required courses as prerequisites. Students who do not meet the requirements should contact the instructor as soon as possible. Required Text: Young, D. and Ryan, D.L. (2008): An Introduction to Quantitative Methods in Economics, Whittier publications. Recommended Text: Ryan, D. and Szava-Kovats, G. (2003): Quantitative Methods in Economics: Lab Manual. Additional Course Material: Notes that accompany each lecture will be posted a few days prior to the lecture on eClass (formerly WebCT). Please check eClass regularly for any updates regarding the course. On eClass, students can also access past final and midterm exams (in accordance with GFC 23.4). Solutions to some of the problems from the past exams will be provided in class. Access to Statistical Software: As part of the course, students will learn how to use statistical software SHAZAM. Students will be expected to use the software to complete some of the course’s requirements; i.e., lab assignments, homework assignments, and the lab exam. There are two ways you can obtain access to SHAZAM outside of the scheduled lab sessions:
1 2
Policy about course outlines can be found in 23.4(2) of the University Calendar. Additional office hours will be announced in class and on eClass prior to the Midterm and the Final. 3 When sending an email, indicate in the subject line of your email “ECON 299.” I will respond the same day to any emails that are sent by 6PM. Emails that are sent after 6PM will be addressed the following day. Page 1 of 4
- You can use SHAZAM in any of the labs on campus that have it installed (to check which labs apply, go to http://www.labs.ualberta.ca/locations/ and find “SHAZAM” in the “Find Software”).4 - You can purchase the software from AICT in the General Services Building (Room 302) for $20 and install it on your computer (refer to http://productsales.ualberta.ca/). Course Performance Evaluation: Final course grades are determined according to the University calendar §23.4(2): Grades reflect judgments of student achievement made by instructors. These judgments are based on a combination of absolute achievement and relative performance in a class. After the midterm exam and a week before the final exam, you will be informed about your ranking in the class. Type of evaluation Date(s) Lab exercises (10 assignments) See course calendar Homework assignments (4 assignments) See course calendar Midterm exam (80 minutes) October 15, 2009 (in T2-99) Lab exam (50 minutes) December 1, 2009 (in TB-39) Final exam (120 minutes) December 14, 2009 at 2PM Weight 5% 20% 30% 10% 35%
Lab sessions should provide sufficient instructions that pertain to the use of EXCEL and SHAZAM for a successful completion of lab assignments. Lab attendance is highly encouraged. A teaching assistant will demonstrate the use of various methods learnt in class. Further details will be provided as assignments are distributed in class. Late assignments will not be accepted unless appropriate documentation is provided. Lab exam is scheduled to take place during the last week of classes, on December 1 (Tuesday), 2009. For students who are registered in D7 lab session, the exam will take place from 9AM to 9.50AM in TB39. Students who are registered in D8 or D9 lab session will be asked to submit their preferences for the lab exam (either a 6PM or 7PM lab exam) on the day of the midterm. Please inform the instructor as soon as possible of a scheduling conflict. There will be no lab sessions or lab assignments during the last week of the semester. Midterm exam will take place in-class on October 15 (Thursday), 2009. See the last page for the policies regarding the absence from the examination and appropriate documentation of the absence. Final exam will take place on December 14 (Monday), 2009 at 2PM. This will be a two-hour exam. While the final exam is COMPREHENSIVE, the emphasis will be placed on material covered after the midterm exam. Details about the location of the exam will be announced once they become available. The deferred exam is scheduled to take place during the third week in January 2010. For details, please contact instructor as soon as possible. Some important dates: September 7, 2009: Labour Day (no classes) September 16, 2009: Fall Term Registration Deadline October 12, 2009: Thanksgiving (no classes) November 10 and 11, 2009: Fall Term Class Break December 7 through 18, 2009: Fall Term Final Examinations
4
A few options are: Tory B-39, Rutherford 2-05A, Rutherford 2-03, General Services 866, General Services 217, Business B-24. Page 2 of 4
OUTLINE OF TOPICS AND ASSIGNMENTS
Topic 1: Data description, manipulation, and presentation Week 1: August 31 – September 6 Week 2: September 7 – September 13 Week 3: September 14 – September 20 Week 4: September 21 – September 27 Introduction to data Real and nominal variables Price indexes Growth rates and inflation Interest rate Aggregating data: Stocks and flows Seasonal adjustment Calculus review Textbook: Pages 1-9 Textbook: Pages 9-23 Textbook: Pages 23-33 Textbook: Pages 33-37 Pages 47-59 Lab 1 Lab 2 HW 1 Lab 3
Topic 2: Economic applications of algebra and calculus Week 5: September 28 – October 4 Week 6: October 5 – October 11 Week 7: October 12 – October 18 Economic applications of calculus Mathematical models of economic relationships Review class and Midterm Further economic applications of calculus involving many variables Random variables Expectation operator Variance operator Covariance and correlation Textbook: Pages 59-80 Textbook: Pages 83-111 Problems from textbook and old exams Textbook: Pages 117-145 Textbook: Pages 149-164 Lab 4 HW 2 Lab 5 MIDTERM
Week 8: October 19 – October 25 Week 9: October 26 – November 1
Lab 6 Lab 7 HW 3
Topic 3: Review of statistics and introductory econometrics Week 10: November 2 – November 8 Week 11: November 9 – November 15 Estimators as random variables Estimators as random variables: hypothesis testing and confidence interval OLS estimators Properties of OLS estimators Hypothesis testing Confidence intervals Predictions Applications Review material Textbook: Pages 165-179 Textbook: Pages 165-179 Textbook: Pages 185-199 Textbook: Pages 199-203 Textbook: Pages 203-222 NO LAB Lab 8
Week 12: November 16 – November 22 Week 13: November 23 – November 29 Week 14: November 30 – December 6
Lab 9 HW 4 Lab 10 LAB EXAM
Page 3 of 4
Absence from Exams (University Calendar §23.5.6): When a student is absent from a term or final exam without acceptable excuse, a final grade will be computed using a raw score of zero for the exam missed. Any student who is incapacitated because of illness, is suffering from severe domestic affliction or has other compelling reasons (including religious conviction) is advised not to sit for an exam. In such cases a student may apply for an excused absence for the missed exam. Excused absence for a missed exam is a privilege, not a right, and is granted at the discretion of the instructor (in the case of term exams) or the Faculty (in the case of final exams). Only those students who, because of incapacitating illness, severe domestic affliction or other compelling reasons (including religious conviction) have missed an exam are permitted an excused absence. 1. Missed Term Exams Worth 20% or More: To apply for an excused absence where the cause is incapacitating illness, a student must present a University of Alberta Medical Statement Form to the instructor within two working days following the missed term exam. The University of Alberta Medical Statement Form must be signed by the treating physician and indicate that the student was seen while ill or is under continuing care for a chronic illness. In other cases, including domestic affliction or religious conviction, adequate documentation must be provided within two working days following the term exam missed. If excusing a student's absence from a term exam, the instructor has the discretion either to waive the exam or require the student to write a make-up exam. For a waiver, the percentage weight allotted to the term exam missed is added to the percentage weight allotted to the final exam. For a make-up exam, the student is required to write an equivalent exam at a time set by the instructor. If the student does not write the assigned make-up exam at the prescribed time, a raw score of zero will be assigned for the missed term exam. 2. Missed Final Exams: A student who has missed a final exam because of incapacitating illness, severe domestic affliction or other compelling reason (including religious conviction) may apply for a deferred exam. A deferred exam will not be approved if a student a. has not been in regular attendance where attendance and/or participation are required, and/or, b. excluding the final exam, has completed less than half of the assigned work. Students with two or more deferred exams outstanding from a previous term may be required to reduce the number of courses in which they are registered. Students needing to apply for a deferred exam must present themselves at their Faculty's Undergraduate (Graduate) Office. Such an application must be supported by a University of Alberta Medical Statement form in the case of incapacitating illness. The University of Alberta Medical Statement Form must be signed by the treating physician and indicate that the student was seen while ill or is under continuing care for a chronic illness. In other cases, including severe domestic affliction or religious conviction, adequate documentation must be provided to substantiate the reason for an absence. The application and the documentation pertaining to the absence must be presented to the Faculty within two working days following the scheduled date of the exam missed or as soon as the student is able, having regard to the circumstances underlying the absence. Students with special needs (University Calendar §25.2): Students with disabilities or special needs that might interfere with their performance should contact the professor at the beginning of the course with the appropriate documentation. Every effort will be made to accommodate such students, but in all cases prior arrangements must be made to ensure that any special needs can be met in a timely fashion and in such a way that the rest of the class is not put at an unfair disadvantage. Exam arrangements: SSDS (Specialized Support and Disability Services) and the student, with the approval of the course instructor, determine exam accommodations. Assessments and/or documentation of the need for accommodation are required. At the beginning of each term, the student meets with instructors to review the exam arrangements which will be used. They provide a “Letter of Introduction” from SSDS verifying the nature of the accommodations required due to the disability. A few weeks before each exam, the student completes an “Exam Schedule” form, for SSDS, outlining scheduled exam dates, times, etc. The student then takes an “Exam Instructions and Authorization” form to the instructor. The instructor is asked to complete the form and enclose it with the exam and arrange to have it delivered or mailed to SSDS. In administering exams, SSDS follows university protocol and only makes accommodations as required due to the disability. Exams are usually set to overlap with the time the professor has set the in-class exams. The code of student behavior (University Calendar, pages 652-675): The University of Alberta is committed to the highest standards of academic integrity and honesty. Students are expected to be familiar with these standards regarding academic honesty and to uphold the policies of the University in this respect. Students are particularly urged to familiarize themselves with the provisions of the Code of Student Behavior (online at www.ualberta.ca/secretariat/appeals.htm) and avoid any behaviour which could potentially result in suspicions of cheating, plagiarism, misrepresentation of facts and/or participation in an offence. Academic dishonesty is a serious offence and can result in suspension or expulsion from the University.” (GFC 29 SEP 2003) Excerpts from the code of student behaviour (University Calendar Appendix A) (updated effective May 1, 2003) 30.3.2(1) Plagiarism: No Student shall submit the words, ideas, images or data of another person as the Student's own in any academic writing, essay, thesis, project, assignment, presentation or poster in a course or program of study. 30.3.2(2) Cheating: 30.3.2(2)a No Student shall in the course of an examination or other similar activity, obtain or attempt to obtain information from another Student or other unauthorized source, give or attempt to give information to another Student, or use, attempt to use or possess for the purposes of use any unauthorized material. 30.3.2(2)b No Student shall represent or attempt to represent him or herself as another or have or attempt to have himself or herself represented by another in the taking of an examination, preparation of a paper or other similar activity. See also misrepresentation in 30.3.6(4). 30.3.2(2)c No Student shall represent another’s substantial editorial or compositional assistance on an assignment as the Student’s own work. 30.3.2(2)d No Student shall submit in any course or program of study, without the written approval of the course Instructor, all or a substantial portion of any academic writing, essay, thesis, research report, project, assignment, presentation or poster for which credit has previously been obtained by the Student or which has been or is being submitted by the Student in another course or program of study in the University or elsewhere. 30.3.2(2)e No Student shall submit in any course or program of study any academic writing, essay, thesis, report, project, assignment, presentation or poster containing a statement of fact known by the Student to be false or a reference to a source the Student knows to contain fabricated claims (unless acknowledged by the Student), or a fabricated reference to a source. 30.3.6(4) Misrepresentation of Facts: No Student shall misrepresent pertinent facts to any member of the University community for the purpose of obtaining academic or other advantage. See also 30.3.2(2) b, c, d and e. 30.3.6(5) Participation in an Offence: No Student shall counsel or encourage or knowingly aid or assist, directly or indirectly, another person in the commission of any offence under this Code. The Truth In Education (T*I*E) project is a campus wide educational campaign on Academic Honesty. This program was created to let people know the limits and consequences of inappropriate academic behavior. There are helpful tips for Instructors and Students. Please take the time to visit the website at: http://www.ualberta.ca/tie
Page 4 of 4