Quantitative Microeconomics

Universidad Carlos III de Madrid

Course Description

  • Course Name

    Quantitative Microeconomics

  • Host University

    Universidad Carlos III de Madrid

  • Location

    Madrid, Spain

  • Area of Study

    Business Administration, Economics, International Economics, Peace and Conflict Studies

  • Language Level

    Taught In English

  • Prerequisites

    STUDENTS ARE EXPECTED TO HAVE COMPLETED
    An introductory course in Econometrics. Knowledge of the Econometric software gretl is a plus.

  • Course Level Recommendations

    Upper

    ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.

    Hours & Credits

  • ECTS Credits

    6
  • Recommended U.S. Semester Credits
    3
  • Recommended U.S. Quarter Units
    4

  • Overview

    COMPETENCES AND SKILLS THAT WILL BE ACQUIRED AND LEARNING RESULTS.
    This course aims at providing you with the econometric skills used in empirical microeconomic research.
    You should gain an understanding and working knowledge of using econometric techniques for cross
    sections and panel data to conduct applied research. The goal is to help you develop not only the ability
    to do empirical research in economics, but also the ability to critically read published research.
    This course aims at providing you with the econometric skills used in empirical microeconomic research.
    You should gain an understanding and working knowledge of using econometric techniques for cross
    sections and panel data to conduct applied research. The goal is to help you develop not only the ability
    to do empirical research in economics, but also the ability to critically read published research.
    This goal will be accomplished through classroom lectures, classroom practical sessions, and problem
    sets.
    Specifically, by the end of the course you should be able to:
    - Apply quantitative methods in problems of micreconomic choices.
    - Use microeconomics to understand empirical analysis.
    - Use appropriate software to implement quantitative microeconomics research.
    Specific skills you will be able to gain during the course are:
    - Understanding data limitations and their consequences in empirical analysis.
    - Choosing appropriate empirical strategies for each research question.
    - Interpreting results in terms of policy implications both at government and firm level.
    General skills you will be able to develop during the course are:
    - Understanding the usefulness of alternative quantitative methods
    - Programming skills in quantitative research.
    - Ability to use flexibly your knowledge of quantitative methods in different research scenarios.
    Last, the course should help you in gaining
    - Critical thinking in economic research.
    - A more open and constructive approach to research based on available information.
    DESCRIPTION OF CONTENTS: PROGRAMME
    The course tours through a wide selection of microeconometric techniques designed to conduct applied
    research in microeconomics.
    As a reference, the model of labour force participation and human capital will be used to motivate
    different econometric methods. Throughout the course, other empirical applications will be referred to,
    highlighting how the techniques learnt in the course can be successfully applied in other research
    questions. The course is divided in the following major topics:
    - Maximum Likelihood and Monte Carlo Simulation.
    - Binary choice models.
    - Corner solutions: censured models.
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    - Panel data models.
    A more detailed programme will be made available in the web page of the course.
    LEARNING ACTIVITIES AND METHODOLOGY
    Practice is essential to learning and understanding econometric tools. Therefore, there will be computer practices
    sessions and exercises as homework. Monte Carlo simulation techniques will help understanding the statistical
    properties of the estimators.
    The course will focus on how the nature of the data available and the research questions lead to the selection of
    appropriate econometric techniques. Moreover, most of the motivations for all topics dealt with in the course will
    stress the need to be able to infer policy implications from the results of the research.
    There will be lectures, computer sessions, and classes where exercises will be solved. Slides and references are
    provided to facilitate successful course completion. Students will have access to basic manuals to learn the
    software chosen in the course. There will be four mid-term exams and four exercise sets.
    Each lecturer will announce at the beginning of the term the day, hour, and place where tutorials will be conducted.
    ASSESSMENT SYSTEM
    To obtain the final mark through the evaluation of the term's workload, students must, at least, hand in two of the
    four exercise sets, and sit for two of the four midterm exams. The worst mark obtained from the mid-term exams
    and the worst mark obtained from the exercises will not be included in the evaluation. The final grade will result
    from the weighted average of all evaluations, the weights being: 60% for the midterm exams, 30% for the exercise
    sets, 10% for solving exercises in class.
    More information on the assessment system will be made available in the web page of the course.
    BASIC BIBLIOGRAPHY
    - JEFFREY M. WOOLDRIDGE Introduction to Econometrics: A modern approach, Thomson USA, Second Edition

Course Disclaimer

Please note that there are no beginning level Spanish courses offered in this program.

Courses and course hours of instruction are subject to change.

Eligibility for courses may be subject to a placement exam and/or pre-requisites.

Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.

ECTS (European Credit Transfer and Accumulation System) credits are converted to semester credits/quarter units differently among U.S. universities. Students should confirm the conversion scale used at their home university when determining credit transfer.

Please reference fall and spring course lists as not all courses are taught during both semesters.

Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations

Please note that some courses with locals have recommended prerequisite courses. It is the student's responsibility to consult any recommended prerequisites prior to enrolling in their course.

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