| Unit name | MRes Mathematical and Research Methods |
|---|---|
| Unit code | ECONM0019 |
| Credit points | 30 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 4 (weeks 1-24) |
| Unit director | Dr. Costa-Dias |
| Open unit status | Not open |
| Units you must take before you take this one (pre-requisite units) |
None |
| Units you must take alongside this one (co-requisite units) |
MRes Macroeconomics, MRes Econometrics, MRes Microeconomics |
| Units you may not take alongside this one |
None |
| School/department | School of Economics |
| Faculty | Faculty of Social Sciences and Law |
Why is this unit important?
MRes Mathematical and Research Methods is a first-year unit that consists of two parts. In the first part, the students will learn the mathematical tools that are necessary a) to follow the econometrics, macroeconomics and microeconomics units that run parallel to this unit, b) to conduct novel research in economics. The second part will provide an overview of the two important but distinct approaches to causal analysis: reduced-form and structural approaches. The first six weeks of the second part of the unit covers the methods most used by applied economists to obtain causal estimates (or “treatment evaluation” methods). The last four weeks of the second part will be dedicated to the structural empirical methods that enable estimating economic models and conducting counterfactual policy and welfare analyses.
How does this unit fit into your programme of study
This unit will equip students with basic mathematical methods needed in all areas of economics. It will also equip them to apply the principles taught in the core programme units to situations where estimating causal effects is needed. To do so, it will provide a formal presentation of the methods covered but will focus on the application of these methods to specific research questions and applications. In addition, it will provide students with a thorough understanding of widely used structural models and allow them to reflect on the pros and cons of the variety of approaches in the applied economist’s toolbox.
An overview of content
The first half of the unit will cover constrained optimization and concave programming, useful results in metric spaces, contraction mapping theorem, eigenvalues and eigenvectors, Markov chains, and linear difference equations.
The second half of this unit will cover econometric approaches to treatment evaluation (e.g., difference-in-differences, instrumental variables, propensity score matching and regression discontinuity design). We will look at the usefulness and limitations of alternative methods in the context of a number of applications, such as the minimum wage and estimating returns to education. It will also cover widely used structural models for consumers and firms, with an emphasis on understanding the benefits of analysing data through the discipline of economic theory to establish causality. We will mainly consider discrete choice models for demand (e.g., McFadden’s random utility framework, multinomial logit models, random coefficient logit models) and models for supply (e.g., price competition).
How will students, personally, be different as a result of the unit
Mathematics have become the language of modern economics. Students will be able to start speaking this language as a result of taking this unit. Moreover, students will have a rigorous understanding of the intuition and requirements for the treatment evaluation methods covered to be valid in applications. They will be trained to identify which methods can be used to evaluate causal effects in a variety of situations, to assess their pros and cons, and to judge the reliability of the resulting estimates. In addition, students will acquire a thorough understanding of widely used structural models of demand and supply. This will enable them to identify the benefits of a structural approach as well as reflect upon ways to establish causality via structural analysis.
Learning Outcomes
By the end of this unit, successful students will be able to:
During the first part of the unit, teaching will be delivered through:
During the second part of the unit, teaching will be delivered through a combination of asynchronous and synchronous lectures and workshops.
Tasks which help you learn and prepare you for summative tasks (formative):
There are two key components to formative assessment:
Tasks which count towards your unit mark (summative):
When assessment does not go to plan
When a student fails the unit and is eligible to resubmit, failed components will be reassessed on a like-for-like basis. If a student fails the homework problems component, reassessment will be through a single coursework reassessment covering the problem sets material.
If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.
If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. ECONM0019).
How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours
of study to complete. Your total learning time is made up of contact time, directed learning tasks,
independent learning and assessment activity.
See the University Workload statement relating to this unit for more information.
Assessment
The assessment methods listed in this unit specification are designed to enable students to demonstrate the named learning outcomes (LOs). Where a disability prevents a student from undertaking a specific method of assessment, schools will make reasonable adjustments to support a student to demonstrate the LO by an alternative method or with additional resources.
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit.
The Board considers each student's outcomes across all the units which contribute to each year's programme of study. For appropriate assessments, if you have self-certificated your absence, you will normally be required to complete it the next time it runs (for assessments at the end of TB1 and TB2 this is usually in the next re-assessment period).
The Board of Examiners will take into account any exceptional circumstances and operates
within the Regulations and Code of Practice for Taught Programmes.
