L bes covers basic statistics l statistics collecting

Info icon This preview shows pages 8–17. Sign up to view the full content.

View Full Document Right Arrow Icon
l BES covers basic statistics l Statistics = collecting, analyzing & interpreting data l Statistical information & analysis is pervasive in business & other disciplines l Provides skills for ‘real-world’ decision making l Provides foundation for all 2nd year econometrics subjects l Underpins quantitative analysis across all ASB schools l Applications of interest to accounting, economics, finance, management & marketing students “…the sexy job in the next 10 years will be statisticians. And I’m not kidding.” Hal Varian, Chief [email protected]
Image of page 8

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
9 Administrative details: Statistical & generic skills developed l By end of BES you should be able to l Identify appropriate statistical methods for describing data & making inferences about population parameters l Apply appropriate statistical methods to samples of data l Use statistical reasoning to aid in problem solving l Use EXCEL to apply appropriate statistical methods l Write a basic business report documenting statistical analyses l Critically evaluate statistical work of others
Image of page 9
10 Statistics in action (SIA) l Case studies using real, contemporary data l Motivating examples in lectures l Material for tutorial problems l Suggest prototype project problems l Examples may include l Baby bonus l Cars in China l Private health insurance l Petrol prices l Migrant wealth l Sydney housing prices l Crime statistics
Image of page 10

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
11 SIA: Baby bonus l Australian Government introduced a $3000 baby bonus in July 1, 2004 l Increased again July 1, 2006 l Analysis based on Gans & Leigh (2008) l Did women react to this economic incentive? l If so by how much? l Note: change announced 7 weeks before implementation l Data? l Daily births in Australia for 1975-2004 from Australian Bureau of Statistics (ABS)
Image of page 11
12 SIA: Baby bonus… l Here’s (part of) the data l BUT need descriptive statistics in order to l Summarize data l Facilitate interpretation l Analyse the research question
Image of page 12

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
13 SIA: Baby bonus… 400 600 800 1000 Number of births per day June 3 June 10 June 17 June 24 July 1 July 7 July 14 July 21 July 28 Panel A: Raw Data 400 500 600 700 800 900 Number of births per day June 3 June 10 June 17 June 24 July 1 July 7 July 14 July 21 July 28 1975-2003 2004 Panel B: Controlling for Day-of-Week Effects Figure 1: The Introduction Effect
Image of page 13
14 SIA: Baby bonus… l What are the key features of these data? l Statistical concepts? l Population l Parameter l Sample l Statistic l Statistical inference
Image of page 14

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
15 Types of data l A variable is a characteristic of a population or of a sample from a population l We observe values or observations of a variable l A data set contains observations on variables l Variables may be l Discrete or continuous l Discrete example - football scores l Continuous example - time remaining in football game l Quantitative (interval, numerical) or qualitative (nominal, categorical) l Scores & time are quantitative l Gender is qualitative l Ordinal data are qualitative but there is an ordering l This course is poor, good, very good l Standard & Poor’s ratings AAA > AAA- > AA+ > AA …
Image of page 15
16 Types of data… l Type of observation can also be used to classify data l Time series data refer to measurements at different points in time l Eg: SIA Baby bonus births per day l Cross sectional
Image of page 16

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 17
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern