Econometrics

In order to make the best possible decisions under uncertain conditions, business and government policy makers need to quantify the consequences of all possible options available to them. Econometricians use empirical evidence to predict the set of possible outcomes and determine the risks involved in each possible course of action, to help policy makers in this decision making process. They also use data to evaluate the effectiveness of existing social and economic policies. This major includes not only the techniques for analysing and interpreting data, but also their scientific foundations. You will acquire the ability to modify existing techniques to suit new situations, and develop new methods when needed. Consequently, you need to have an interest in and an aptitude for mathematics to undertake this major. Econometricians are highly valued members of decision-making teams in commercial and public sectors.

Availability

Econometrics is listed in the Bachelor of Commerce at Clayton as a major or minor.

Outcomes

In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:

• Use their comprehensive understanding of econometric models and methodologies to inform economic decisions made in a variety of settings, and to implement such analyses in practice, and to construct new conceptual frameworks when required.