STATISTICS FOR ECONOMICS

Degree course: 
Corso di First cycle degree in ECONOMICS AND MANAGEMENT
Academic year when starting the degree: 
2021/2022
Year: 
2
Academic year in which the course will be held: 
2022/2023
Partizione: 
Cognomi A-G
Seat of the course: 
Varese - Università degli Studi dell'Insubria
Credits: 
11
Period: 
Second semester
Standard lectures hours: 
109
Requirements: 

The topics covered in the course of Mathematics I

BOTH FOR ATTENDING AND NOT ATTENDING STUDENTS
With the purpose of measuring the acquisition of the above-mentioned learning outcomes, the students’ assessment is based on a written exam concerning theory and exercises.
The general written exam consists of 8 multiple choice questions (max points: 8/32) and 3 or 4 exercises (max points: 24) aimed to assess students’ ability to apply properly the statistical tools illustrated during
the course, to summarize information contained in datasets, to study the relationship between variables, to choose adequate probability models as well as to estimate unknown parameters.
Alternative to the general written exam, students can take two partial written exams (one in the middle of the semester and the second at the end of the course).

Assessment: 
Voto Finale

Students will acquire a good understanding of the statistical tools and techniques related to descriptive statistics, probability and inferential statistics covered in the course, as well as the ability to employ them in economic and business applications.

At the end of the course students will be able to:
-Understand the fundamentals of statistical thinking, both descriptive and inferential.
-Reproduce the basics of descriptive and inferential statistics to economic data analysis.
-Summarize and visualize information contained in real data sets.
-Study the relationship between relevant variables.
-Choose adequate probabilistic models to represent data and learn from it in a statistical setting.
-Estimate unknown population parameters based on sampling information.
-Interpret the obtained results.

The principal arguments are:
- DESCRIPTIVE STATISTICS (about 37 hours)
-INFERENTIAL STATISTICS (about 36 hours)

DESCRIPTIVE STATISTICS (about 37 hours)
−Classification of the variables
−Absolute, relative and percentage frequencies.
−Graphical representation of the variables:
1. Pie charts, bar charts, histograms.
2. Cumulative distribution function.

Numerical description of the variables:
−Measures of central tendency: analytic means (arithmetic and
geometric mean); median and quartiles, mode.
−Measures of variability.
−Concentration measures (hints).

Bivariate analysis:
−Scatter plot and contingency table. Joint, marginal, conditional distributions. Conditional mean.
−Independence.
−Chi-square measure of association
−Mean independence
−Linear dependence between two variables: covariance and correlation coefficient.

Simple linear Regression:
- Ordinarily least square estimators
- Prediction (hints)
- R2 coefficient of determination.
- Examples and applications of some descriptive statistics tools with
Excel.

INFERENTIAL STATISTICS (about 36 hours)
Random variables (r.v.):
−Review of Bernoulli, Binomial distributions.
−Review of normal distribution.

Point estimation
−Random sample, estimator and estimate: definition.
−Sample mean and sample variance: definition and properties.
−Central Limit Theorem
−Properties of estimators: unbiasedness, asymptotic unbiasedness,
efficiency, consistency.

Confidence Intervals
−Definition of Confidence Intervals (C.I.)
−C.I. for the mean of the normal population: variance known and
unknown; Student T distribution.
−C.I. for the proportion of a Bernoulli population.

Test of Hypothesis
−Introduction
−Test for the mean of the normal population: variance known and unknown
−Test for the proportion of the Bernoulli population.
−Test for the variance of the normal population.

Two populations
−C.I. and test for the difference in the means of two normal populations:
variance known and unknown.
- Inference on the parameters of the simple linear regression model.

The theoretical lessons will be accompanied by weekly exercises classes.

Updated information about the office hour are available at the Professor's web page.

Professors

PELLEGRINO DANIELA