lecture1 - Econ 10, Winter 2008 Class #1 April 6, 2010 What...

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Econ 10, Winter 2008 Class #1 April 6, 2010
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What is statistics? Statistics is tools for collecting and analyzing data Three broad uses: Descriptive statistics = numerical facts How fast is GDP growing? How much more do college graduates earn than high school graduates? Descriptive statistics motivate economic theories (e.g., human capital theory)
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Three broad uses of statistics (continued) Forecasting, prediction Evaluation Evaluating policies, testing economic theories E.g., does education cause a person’s earnings to be higher? The most interesting and challenging use of statistics in social sciences! Why?
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Fundamental Problem of Causal Inference Establishing causal relationships in social sciences is hard Q: How is causality established (say, in the natural sciences)?
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Establishing Causality Experiments establish causality Q: How do we find out if a new drug improves patient outcomes? Randomized controlled trial
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This note was uploaded on 05/05/2010 for the course ECON 010 taught by Professor Giummo during the Spring '08 term at Dartmouth.

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lecture1 - Econ 10, Winter 2008 Class #1 April 6, 2010 What...

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