lecture 1 welcome and introduction-JKR-p-1.pptx

lecture 1 welcome and introduction-JKR-p-1.pptx - Business...

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Business Econometrics (BUS-G350) Lecture 1
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Moraine Lake, Banff National Park, Canada Welcome to Econometrics
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Juliana Kozak Rogo Kelley School of Business, Vancouver School of Economics and Sauder School of Business, Copenhagen Business School Intermediate Microeconomics Strategic Thinking – Game Theory Industrial Organization Macroeconomics and Global Issues Health Economics Managerial Economics About the Instructor
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Juliana Kozak Rogo Office: HH 3080A Email: [email protected] – please email me though Canvas Office Hours: Fridays:1-2pm Contact Information Business Econometrics
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Setting the Stage Auction of a Penny Jar
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Data is ev ery where… What is Econometrics ? Business Econometrics How to go from receiving information to producing insights?
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A big change in the business world Businesses (and governments) are increasingly demanding evidence-based decision- making Translation: “What does the data say?” Empirics https://sloanreview.mit.edu/case-study/ge-big-bet-on-data-and- analytics/
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It is the skilled analyst that can transform a dataset into a meaningful set of causal , predictive relationships, and recognize where they are applicable These are “separating skills” in the labor market This is more than just number crunching This requires abstract thinking Punch line: A computer cannot be programmed to do this, so workers with these skills have irreplaceable value What are We Doing Here?
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Helps you see through “Puzzles” Effect 1? Effect 2?
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Literally: Econometrics is the application of statistics and mathematics to economic and financial data. Pin down relationship between variables Many applications: Can income buy happiness? How much does education increase your salary? Do people work more if taxes are lower? Does advertising boost sales? Does R&D increase productivity? Do computer prices affect computer sales? Does health insurance improve health? What is Econometrics ? Business Econometrics
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Because it’s perceived as just this…!! Why Do Students Hate Econometrics? Business Econometrics ijt ijt i ijt i i ijt X X Y 2 2 1 ik k ijt i i ik Z G 1 0 log / * / * / 2 j k
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Development of statistical methods for: Estimation of economic relationships.
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