| Institute of Food and Resource Economics | |||||||||||||||||||||
| Earliest Possible Year | MSc. 1 year | ||||||||||||||||||||
| Duration | One block | ||||||||||||||||||||
| Credits | 7.5 (ECTS) | ||||||||||||||||||||
| Course Level | MSc | ||||||||||||||||||||
| Examination | Final Examination written examination All aids allowed Description of Examination: Written Report: students will work on their own or in small groups on the completion of an applied case study where econometric analysis has to be used to analyse different data problems and assess the quality of the results, the task will be given in the third week and have to be completed and handed in by the last lecture, the mark for the report count for 100% of the final mark. Weight: 100% written report 13-point scale, internal examiner | ||||||||||||||||||||
| Organisation of Teaching | Lectures, Guest Lectures, Computer Laboratory Work, Group Work | ||||||||||||||||||||
| Block Placement | Block 2 Week Structure: C | ||||||||||||||||||||
| Teaching Language | English | ||||||||||||||||||||
| Optional Prerequisites | Basic Statistics, Intermediate Economics | ||||||||||||||||||||
| Areas of Competence the Course Will Address | |||||||||||||||||||||
| Competencies within Basic Science: Knowledge of the relevance of empirical analysis to test theoretical models. Skills to formulate quantitative policy advise based on theoretical hypotheses. Competencies within Applied Science: Ability to apply statistical concepts to test economic hypotheses/theories. The use of computer software to set up and conduct an empirical project within environmental and resource economics, agricultural and food economics Competencies within Ethics and Values: The awareness of the ethical aspects of delivering quantitative policy advice. | |||||||||||||||||||||
| Course Objectives | |||||||||||||||||||||
| a. to offer an up-to-date overview of relevant econometric tools b. to give exemplary applications in environmental and resource economics, agricultural and food economics c. to develop skills to conduct own econometric research projects on an advanced level | |||||||||||||||||||||
| Course Contents | |||||||||||||||||||||
| 1) Introduction to Econometric Analysis identification of the special characteristics of econometrics as an applied economics' tool, the main steps of econometric analysis, the nature of economic data, relevance for empirical analysis of agricultural, food and resource matters, basic statistical tools 2) Classical Linear Regression econometrics as a means for inferences from sample to population, the role of an econometric technique as an estimator, the classical linear regression model, ordinary least square conditions, the implications of the functional form, econometric estimation in action, econometrics and the computer: the relevance of software packages, different packages and features, introduction to a specific software (R, STATA or SAS) 3) Model Fit and Hypothesis Testing principles of statistical inference. interval estimation, hypothesis testing, relevant asymptotics, the applied case study, the task for the written report 4) Multiple Regression Model estimation, inference, and asymptotics, problems of model quality, extensions: dummy variables, parameter restrictions 5) Heteroscedasticity and Friends the consequences of heteroscedastic disturbances in the linear regression model, to test for heteroscedasticity, estimation as heteroscedasticity is present the consequences of autocorrelation for OLS, test to detect serial correlation, estimators taking serial correlation into account 6) Panel Data Regression the fixed effects approach, random effects approach, lagged endogenous regressors 7) Other Advanced Models qualitative response models in general, simultaneous-equation models, instrumental variables model, stochastic frontier analysis, bootstrapped estimation 8) Applied Examples (guest lectures) the efficiency of rural water supply - stochastic frontier analysis, the production structure of organic farms in Denmark - the levpet extension, forest diversity - a tobit and 2SLS model, other applications (to be decided), hand in of the written reports | |||||||||||||||||||||
| Teaching And Learning Methods | |||||||||||||||||||||
| The examination consists of two parts: the written report (40% of the final mark) and the written test (60% of the final mark). The task for the report is given in week 3 covering an economic data set which has to be analysed by using econometric computer software in the computer laboratory or by using own laptops. The written answer to this task (the 'report') should include the model results, test results, comments on the model quality etc. It has to be finalised and handed in by the last lecture. The final exam covers a written test on the theoretical material given in the lectures. | |||||||||||||||||||||
| Course Litterature | |||||||||||||||||||||
| - Wooldridge, J. M. (20053). Introductory Econometrics - A Modern Approach. Thomson. - Verzani, J. (2005).Using R for Introductory Statistics. Chapman & Hall/CRC. - Gujarati, D. (20054). Basic Econometrics. McGraw-Hill. - Greene, W. (2001). Econometric Analysis. McGraw-Hill. - various articles/applications Software R, STATA, SAS, EXCEL SOLVER | |||||||||||||||||||||
| Course Coordinator | |||||||||||||||||||||
| Johannes Sauer, js@foi.dk, Institute of Food and Resource Economics/Production and Technology Division, Phone: 35336887 | |||||||||||||||||||||
| Study Board | |||||||||||||||||||||
| Study Committee NSN | |||||||||||||||||||||
| Course Scope | |||||||||||||||||||||
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