The principal objective of econometrics is the measurement (quantification) of economic relationships. For this purpose, concepts of mathematical statistics are used to estimate the unknown parameters of an economic model on the basis of samples and to test model-based hypotheses. Within the scope of the offered courses
- the basic concepts of model estimation and hypothesis testing are developed and applied,
- the practical implementation in standard software (R, Gretl and Excel) is practiced,
- the possibilities, but also the limits of the estimation models are shown and
- the transfer of the basic models to specific problem areas is presented.
The theoretical and practical work with estimation and testing methods is intended to provide a basis for independent empirical work. The critical handling of existing empirical findings is also taught. In recent years econometric methods have become firmly established in many professional fields typically occupied by graduates of business administration and economics. This is reflected in the fact that in many job advertisements for economists, knowledge in econometrics and/or statistics is desired.
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