23718 Statistical Foundations for Economics and Business

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Subject handbook information prior to 2024 is available in the Archives.

UTS: Business: Economics
Credit points: 3 cp

Subject level:

Postgraduate

Result type: Grade and marks

There are course requisites for this subject. See access conditions.

Description

This subject provides students with the statistical concepts required for successfully completing the Master of Behavioural Economics program, including experimental and behavioural economics, causal inference, and impact evaluation. This subject introduces descriptive and inferential statistics, including probability theory and hypothesis testing.

Subject learning objectives (SLOs)

Upon successful completion of this subject students should be able to:

1.	Apply the concepts underpinning statistical hypothesis testing
2.	Conduct the statistical procedures required in the design and conduct of an experiment
3.	Interpret statistical analysis presented in the experimental literature

Contribution to the development of graduate attributes

Statistical knowledge is critical to develop insight and interpret events in conditions of risk and uncertainty. The subject equips students with tools required to navigate risk and uncertainty in the context of statistical hypothesis testing and experimental work. This subject provides a foundation for further study in the Master of Behavioural Economics program, providing the knowledge and skills needed for successful trial design, causal inference and impact evaluation. Through the subject assessments, students will develop hands-on experience with statistical procedures, equipping them to apply these in analysing data and experimental results outside the classroom.

This subject contributes to the development of the following graduate attribute(s):

Intellectual rigour and innovative problem solving
Professional and technical competence

Teaching and learning strategies

This subject is taught through a blend of online resources, self-directed study and seminars.

Pre-class activities: Before class, students will read material and complete tasks provided to them on the UTS learning management system.

Seminars: Seminars are interactive sessions. Students will discuss questions arising from the online material and case studies.

Peer engagement and feedback: Weekly online sessions and a weekend workshop will provide opportunities for group discussion of the online material and tasks.

Content (topics)

Descriptive statistics
Probability theory: basic concepts and distributions
Testing for statistical significance
Statistical power

Assessment

Assessment task 1: Problem set (Individual)

Objective(s):	This addresses subject learning objective(s): 1
Weight:	35%
Length:	4 x 30 minute quizes.
Criteria:	Accurate application of fundamental statistical concepts Correct application of statistical methods

Assessment task 2: Report on experimental data analysis (Individual)

Objective(s):	This addresses subject learning objective(s): 2 and 3
Weight:	65%
Length:	1500 words
Criteria:	Accurate application of statistical methods Rationale of choices made in analysis