Offered
Clayton First semester 2008 (Day)
Synopsis
An introduction to probability and statistical inference for use in economics and business. Topics covered include random variables, moments and cumulants generating function, discrete and continuous distributions, independence, jointly distributed random variables, conditional random variables, the central limit theorem, sampling distribution, properties of estimators, confidence intervals, tests of hypotheses.
Objectives
The learning objectives of this unit are to:
- understand concepts of probability, statistical inference, generating functions and cumulants;
- derive and use generating functions to evaluate moments and establish the distribution of linear combinations of independent random variables;
- understand and apply the main methods of estimation and the main properties of estimators;
- construct confidence intervals for unknown parameters and test hypotheses;
- develop written, presentational and group work skills through a series of assessed essays, assignments and tutorial work.
Assessment
Within semester assessment: 30%
Examination: 70%
Contact hours
Two 1-hour lectures and one 2-hour tutorial per week
Prerequisites
ETC1010
