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321_slides1 - Introduction Econ 321 Introduction to...

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Introduction Econ 321 Introduction to Econometrics Winter 2009 Econ 321 - Stéphanie Lluis 1 Prof. St é phanie Lluis Office: HH 239 Office hours: Th 3-4:30 or F 9:30-11am
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Why Quantitative Methods? He uses statistics as a drunken man uses  lampposts - for support rather than for  illumination.  ~Andrew Lang A knowledge of statistics is like a  knowledge of foreign languages; it may  prove of use at any time under any  circumstances.  -  A.L.Bowley   Econ 321 - Stéphanie Lluis 2
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Why Quantitative Methods? Summarize large amounts of data in a  compact fashion Labor Force Survey (LFS) file with 150,000  observations on earners Compustat file with annual data on 1,000s of  firms Econ 321 - Stéphanie Lluis 3
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Why Quantitative Methods? Provides a method of examining theories  to determine if they are consistent with the  facts (data) generated from a large  number of cases Econ 321 - Stéphanie Lluis 4
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Why Quantitative Methods? Example of issues An attendance award program will reduce  absenteeism Increases in the minimum wage reduce  employment Training programs improve performance Econ 321 - Stéphanie Lluis 5
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Why Quantitative Methods? Determine the  magnitude  of the relationship  (important for policy decisions) An A% increase in the minimum wage is associated  with a B% decline in teenage employment Piece rate workers produce H% more output than  hourly workers Following training program X, productivity rose by Y% If a firm is going to invest in a program, it needs to know the  rate of return, determined by the improvement in productivity Econ 321 - Stéphanie Lluis 6
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Why Quantitative Methods?
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