| Institute of Food and Resource Economics | |||||||||||||||||
| Earliest Possible Year | MSc. 1 year to Post experience Master´s Programme | ||||||||||||||||
| Duration | One block | ||||||||||||||||
| Credits | 7.5 (ECTS) | ||||||||||||||||
| Course Level | MSc | ||||||||||||||||
| Examination | Final Examination written examination and oral examination Written Exam in Lecturehall No aid allowed Description of Examination: Final written exam (two hours): consisting of questions on the theoretical material covered in the lectures Written Report: students will work on their own 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 first week and has to be completed and handed in by the last lecture Weight: 50% final written exam 50% written report 7-point scale, internal examiner Dates of Exam: 26 January 2008 | ||||||||||||||||
| 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 and Economics, Introduction to R | ||||||||||||||||
| Restrictions | None | ||||||||||||||||
| 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 for applied economists 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 Modelling qualitative response models, simultaneous-equation models, instrumental variables model, time series econometrics 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 | |||||||||||||||||
| lecture attendance, own reading, exemplary computer laboratory work and independent work with the case-report | |||||||||||||||||
| Learning Outcome | |||||||||||||||||
| Stipulated in "Areas of Competence the Course Will Address" | |||||||||||||||||
| Course Litterature | |||||||||||||||||
| - Wooldridge, J. M. (2006). Introductory Econometrics - A Modern Approach. Thomson. - Verzani, J. (2005).Using R for Introductory Statistics. Chapman & Hall/CRC. - Gujarati, D. (2005). Basic Econometrics. McGraw-Hill. - Greene, W. (2001). Econometric Analysis. McGraw-Hill. - various articles/applications Software R, STATA, SAS | |||||||||||||||||
| Course Coordinator | |||||||||||||||||
| Henrik Hansen, henrik.hansen@foi.dk, Institute of Food and Resource Economics/International Economics and Policy Division, Phone: 35336840 | |||||||||||||||||
| Study Board | |||||||||||||||||
| Study Committee NSN | |||||||||||||||||
| Course Scope | |||||||||||||||||
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