Eco-10026 Lecture3 2016 new.pdf

# Eco-10026 Lecture3 2016 new.pdf - Lecture 3 Data Analysis I...

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Lecture 3: Data Analysis I Quantitative Methods 1: 1/45 ECO-10026 Quantitative Methods I Dr E. Symons R OOM DW 1.55, D ARWIN B UILDING e - mail: [email protected]

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Lecture 3: Data Analysis I Quantitative Methods 1: 2/45 LECTURE CONTENT Essential Statistics: Data Analysis I o Types of Raw Data o Pictorial Presentation of Data o Descriptive Statistics: Central Tendency Mean/Median/Mode Calculation when data grouped o Discrete Data o Continuous Data
Lecture 3: Data Analysis I Quantitative Methods 1: 3/45 Data collection and collation Economy/Society provides: Much Data (see FT slide/1000 companies) So much data that always need to interpret and summarize In fact, little data provided is Unprocessed AVERAGE Unemployment Rates Rates of Change of Price INDEX DISTRIBUTION of Income over ranges TOTAL of homeless in London FTSE INDEX of Share Prices

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Lecture 3: Data Analysis I Quantitative Methods 1: 4/45 TYPES OF (RAW) DATA Before collating data best check on what sort of data you have! 3 types of classification useful:
Lecture 3: Data Analysis I Quantitative Methods 1: 5/45 Nominal, Ordinal or Cardinal? Categorical/Nominal Data Answers to questions may be a way of classifying only: Male/Female Yes/No Pass/Fail Labour/Conservative/LibDem/SNP (if classify Labour as 0, Cons as 1, LDs as 2 and SNP as 3, does average have a meaning?) Ordinal Data Sometimes, answers to questions can give a meaningful ordering, but no more: Strongly agree /agree /indifferent /disagree /strongly disagree Year 1 /Year 2/ Year 3 Severe Pain/moderate pain/no pain Interval/Ratio Scale (Cardinal) Proper meaningful numbers which can be compared absolutely (Cardinally). Income/temperature/price Marks in a test

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Lecture 3: Data Analysis I Quantitative Methods 1: 6/45 Discrete Data: Can only take only limited values: Pairs of shoes, number of children Number voting Labour… (10200.7?) Continuous Data: Can take any value in a continuum - time/height/age. Cross section or Time series? Cross-Section - data taken from many units (at a single time). Profits of all firms in one industry in 2001 Income of 1000 random households in 1999 Time Series - data taken from one unit over a number of time periods. Tesco's Profits 1976-2006 UK's GNP 1932-1945
Lecture 3: Data Analysis I Quantitative Methods 1: 7/45 Different students each year but always year 3 undergraduates

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Lecture 3: Data Analysis I Quantitative Methods 1: 8/45 Presenting data o Raw data is very intimidating - difficult to take in. o One job of Descriptive Statistics is to summarize data Familiar Methods include: a) Tabulations of Data Value of Sales (£s per day) No. of Tills (frequency) Under 5000 4 5000-10000 26 10001-15000 70 15001-20000 56 Over 20000 44
Lecture 3: Data Analysis I Quantitative Methods 1: 9/45 Visual Representations: Bar Charts/Histograms Bar chart usually for single values & height shows frequency; Histogram usually for ranges of the variable and sometimes area shows frequency

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Lecture 3: Data Analysis I Quantitative Methods 1: 10/45 Pie Charts
Lecture 3: Data Analysis I Quantitative Methods 1: 11/45 Graph Plots A) For Time Series Real house prices relative to GDP 1986-2008

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