| CODE | INS2017 | ||||||||||||
| TITLE | IRM Econometric Principles | ||||||||||||
| UM LEVEL | 02 - Years 2, 3 in Modular Undergraduate Course | ||||||||||||
| MQF LEVEL | 5 | ||||||||||||
| ECTS CREDITS | 4 | ||||||||||||
| DEPARTMENT | Insurance and Risk Management | ||||||||||||
| DESCRIPTION | The study-unit will provide a comprehensive introduction to the key topics and methods in econometrics for use in empirical research within risk management and insurance. The emphasis will be on assisting students in developing an intuitive understanding of these techniques, while demonstrating how each tool can be used to analyse a wide variety of data. The unit will also present a number of real world examples from risk management and insurance in order to further illustrate the concepts presented and underscore their practical applicability. The study-unit will start off with a basic introduction to probability theory and statistical concepts, which will form the foundation of all subsequent topics. This will be followed by a selection of topics including linear regression modelling and ordinary least squares, hypothesis testing and confidence intervals, model specification and functional forms, dummy variables and introductory time series modelling. Furthermore, a number of practical sessions will be held illustrating the concepts learned using the Stata software package. Study-unit Aims: - To provide students with an introduction to econometric analysis of data within the fields of risk management and insurance; - To provide a solid quantitative foundation for understanding empirical analysis in risk management across multiple uses, from product design to market regulation. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: i) obtain a rigorous yet intuitive introduction to the core econometric methods used in empirical analysis; ii) demonstrate an understanding of the underlying principles behind each technique as well as the appropriate contexts within which these techniques can be applied (including their shortcomings); iii) utilise these tools as part of their own research within the risk management and insurance fields of study. 2. Skills By the end of the study-unit the student will be able to: i) significantly expand their repertoire of analytical skills by introducing rigorous empirical methods into their data analysis; ii) identify the core empirical tools that are indispensable to their future progression within the degree programme; iii) utilise the techniques learned as part of their future professional careers in risk management and insurance. Main Text/s and any supplementary readings: Main Texts: - Stock, J., Watson, M. Introduction to Econometrics, 3rd Edition (Pearson Education, 2015). - Gujarati, D.N. Essentials of Econometrics, 3rd Edition (McGraw-Hill, 2006). |
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| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Jonathan Spiteri (Co-ord.) |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
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