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Quantitative Methods

Module Code: EC4090

Module Title: Quantitative Methods

  • ECTS Weighting: 15
  • Semester/Term Taught: Michaelmas + Hilary Term
  • Contact Hours: 44 hours of lectures and 18 hours of tutorials
  • Module Personnel: Lecturers - Professor Alejandra Ramos (MT) / Professor Paul Scanlon (HT)

Module Learning Aims

In the Michaelmas term, Quantitative Methods is a continuation of Junior Sophister Econometrics, EC3090. This half-module is designed to provide students with a toolbox of econometric techniques frequently used in applied microeconomics research.

In the Hilary term, Quantitative Methods is a continuation of Junior Sophister Mathematical Economics, EC3080. The emphasis is on dynamic analysis, and the topics include differential and difference equations, and dynamic optimization. The term concludes with an introduction to stochastic calculus.

Module Content

Topics discussed during Michaelmas Term:
Limited dependent variables

  • Multinomial models
  • Censoring, Truncation, and Selection

Casual inference

  • Instrumental variables
  • Regression discontinuity designs
  • Difference-in-differences

Topics discussed during Hilary Term:

  • Differential and difference equations
  • Dynamic optimization
  • Stochastic calculus

Learning Outcomes

Students that successfully complete the Michaelmas term half-module will be able to:

  • Derive and understand properties of different econometric models;
  • Decide which approach is appropriate for a particular type of data and research question;
  • Estimate econometric models using STATA;
  • Correctly interpret the results;

Students that successfully complete the Hilary term half-module will be able to:

  • Apply mathematical techniques to economic problems in both dynamic and static settings;
  • Derive and understand economic insights from solutions to mathematically formulated economic models.

Recommended Reading List

Michaelmas Term: 

  • Cameron,  A. and Trivedi, P. (2005), Microeconometrics: Methods and Applications, Cambridge University Press.
  • Angrist, J. and  Pischke, J. (2009), Mostly Harmless Econometrics, Princeton University Press

Hilary Term: 

  • Chiang, A.C.  and Wainwright, K. (2005), Fundamental Methods of Mathematical Economics (4th ed.), McGraw-Hill
  • Hoy, Michael et al., Mathematics for Economics, 3rd ed., MIT Press.

Assessment Details

Michaelmas Term:
There will be a term test accounting for 20% of the overall grade and group assignment accounting for 10% of the overall grade.

Hilary Term:
There will be a term test accounting for 20% of the overall grade.

Annual Exam:
50% of the overall grade.

Module Pre Requisite

EC3080 and EC3090.

Module Website