econ41class1 - Econ 41 Ekaterini Kyriazidou UCLA Statistics...

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Econ 41 Ekaterini Kyriazidou UCLA Statistics for Economists Class 1
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What is Statistics? Numerical facts E.g., the price of World Series Ticket in 1918 was $3.30 and in 2004 $140. Field or discipline of study. It consists of a group of methods used to collect, analyze, present and interpret data and to make decisions. E.g., using the 2003 Statistical Abstract of the US, the newspaper USA Today made the prediction that the average American will spend on average 1,669 hours or about 70 days watching TV in 2004.
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Aspects of Statistics Theoretical Statistics - development, derivation, proof of statistical theorems, laws, formulas, rules. E.g. The Law of Large Numbers says that the sample average converges to the population average in in fi nitely large samples. Applied Statistics - application of these rules, laws, etc. to solve real-world problems. E.g. How does one’s education level a ff ect one’s income? How does smoking a ff ect the likelihood of lung cancer?
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