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Class 1 - Econ 41 Ekaterini Kyriazidou UCLA Statistics for...

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Econ 41 Ekaterini Kyriazidou UCLA Statistics for Economists Class 1: Introduction
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What is Statistics? Numerical facts Example: In 2006, 15.4% of individuals in California lived below poverty level (as compared to the national average of 13.3%). Field or discipline of study - group of methods used to collect, analyze, present and interpret data and to make decisions. Example: On Jan 3, 2008 presidentpolls2008.com "based on a linear regression of the latest polls", predicted the following percentages in Iowa: Mike Huckabee 29%, Mitt Romney 25%, John McCain 15%, Fred Thompson 10%, Ron Paul 10%, Rudy Giuliani 8% Barack Obama 31%, Hillary Clinton 29%, John Edwards 25%, Bill Richardson 5%, Joe Biden 4%
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Aspects of Statistics Theoretical or Mathematical Statistics - development, derivation, proof of sta- tistical theorems, laws, formulas, rules. Example: The Law of Large Numbers says that the sample average converges Applied Statistics - application of these rules, laws, etc. to solve real-world problems. Examples: How does one±s education level a/ect one±s income? How does smoking a/ect the likelihood of lung cancer? What is the percentage of people living below the poverty level? How does working out a/ect one±s life expectation? Is there global warming?
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Types of Statistics Descriptive statistics - consists of methods for organizing, displaying and de- scribing data by using tables, graphs, and summary measures. Example: The line graph below shows the average value of a pickup truck ver-
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Class 1 - Econ 41 Ekaterini Kyriazidou UCLA Statistics for...

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