Economics Data Analytics.docx

Economics Data Analytics.docx - Economics Data Analytics...

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Economics Data Analytics  Lecture 1  What is Data Analysis?  o Sometimes referred to more generally as statistics  Organizing, describing and interpreting data  Data-based reasoning  o Using data to answer questions in a variety of disciplines including science,  business, finance, research, and public policy.  o Iterative process  Learn something with each analysis  Some questions remain and some new questions emerge  o Can range from very basic to very complex  Exploratory  Descriptive  Inferential  Why do we care about data analysis?  o Growing field  Research in almost every field of study is increasingly more quantitative  More data collected and available for use  More tools are available to prepare and analyze data  More methods are available  o Provides valuable insights and illuminates trends that can’t easily be “seen”  o Supports long-term decision making as well as immediate decisions  o The goal is to increase value for firms, governments or individuals  Cost reductions  Directing materials to the right audience  Direct resources where they make the greatest difference  Faster, better decision making  New products  Data is at the heart of it all  o All analyses require one or more data sets  o Analysis is only as good as the data you put into it  o Many different types and sources of data  o The quality of data can vary greatly  o Often the required data isn’t immediate available or in the state that is required for analysis  This will require data cleaning, manipulation, variable creation  Structure of Data  o Most data you work with will be rectangular  Rows and columns  o Rows represent observations  o Columns represent variables for each observation 
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o It is important to always  visualize the structure  when thinking about how to work  with data. Data Set Example  Structure of Data – Observations  o The row of your data set  o Observations can represent many different things  Students  Student years  Monthly earnings  Stores  Counties Countries Hospital Visits  o You should always know what your  unit of observation  is and be able to articulate that when discussing your work  Structure of Data – Variables  o Columns of your data set  o Usually one variables or a group of variables will be unique identifier  o Variables can be  character (c)  or  numeric (n)  and represent any piece of  information  Name (c)  Household income (n)  Revenue (n)  Gender (c)  Grade level (n)  Race (n,c)  Ethnicity (n) 
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  • Fall '18
  • Sweeney
  •  Revenue,  Household income

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