Leader: Professor Keith McLaren and Associate Professor Xueyan Zhao

Offered

Clayton First semester 2008 (Day)

Synopsis

This unit involves a critical review of recent empirical work in econometrics. The topics to be covered include: the specification and estimation of systems of consumer demand equations and producer demand and supply equations, extensions of these methods to other areas, practical applications. On completion of this unit students should be familiar with recent developments in these fields and have developed the skills to undertake empirical work. Further, students should be able to critically evaluate empirical work and related policy implications.

Objectives

The learning objectives of this unit are to:

• specify the structure of consumer demand systems;
• use duality theory to generalise these specifications;
• understand the use of appropriate specific estimation techniques;
• extend these ideas to producer demand and supply models;
• consider a number of empirical applications, and derive policy implications;
• become competent in handling demand and production data using econometric software.

Assessment

Within semester assessment: 40%
Examination (3 hours): 60%

Contact hours

Two 1.5-hour lectures per week

Prerequisites

ETC3400 or ETC3410