This is a printed copy of this course document. This document is subject to revision as announced by the instructor. The official, current version of this document can be found on the instructor's website at http://users.drew.edu/dlawson/
Dr. Daniel Lawson
204 Lewis House
x3722 (973-408-3722 from off campus)
dlawson@drew.edu
Office hours are posted on my website.
Econometrics, the science of economic measurement, uses the techniques of mathematical statistics to test models developed by economic theory and find quantitative measurements for the relationship between variables in economic models.
This course begins by introducing empirical economic research. It proceeds to study the basic tool of econometrics, the classical linear regression model, first in the simpler bivariate form, and then in multivariate models. After discussing how to fit lines to data, it examines the notion of random samples from populations, and the statistics and hypothesis testing underlying that theory. The course then examines criticisms of and alternatives to common econometric methodologies. Finally, this course investigates how to proceed with econometric analysis when some of the assumptions of the classical model do not hold.
Students successfully completing this course:
Students need to bring these supplies to class on a daily basis.
Under ordinary circumstances, these factors, and only these factors, are the determinants of grades. In particular, there is no extra credit. If extraordinary circumstances exist so that this course grade determination policy does an exceptionally poor job measuring how well a student achieved the course objectives, that student should speak with the instructor about devising an alternate method of evaluating how well the student achieved the course objectives. Any such conversation would need to take place before the final exam.
Students shall write up their solutions to homework problem sets, and their assigned reflections on reading assignments and in-class projects in a class notebook. Class notebooks shall have green covers with the student's name and the label "ECON 27" printed with a marker in clear, large letters.
From time to time, the instructor will collect these notebooks to ensure that students are keeping them up to date. The bulk of the participation grade will be determined by these checks on students' class notebooks. It is essential that students bring their notebooks to class on a daily basis. Assignments in the notebooks will be graded on a credit/no credit basis. If work in a notebook is of marginal quality (the student wrote something, but the work does not show serious engagement with the material), it will be given a third rating: revise and resubmit. Work given this rating does not receive credit, but it if is redone, it will be reconsidered for credit the next time the notebook is collected. Any work marked revise and resubmit that has not been redone by the time the notebook is next collected will receive a score of no credit. Work marked no credit will not receive credit during a subsequent reading of the notebook.
Failure to turn in the class notebook when called upon to do so will result in a five point deduction from the participation grade. Failure to turn in the class notebook at the end of the semester when called upon to do so results in forfeiture of all potential participation points that could have been earned at that time. These policies also apply if a student who has not arranged an absence is not present at the time she or he is called upon, regardless of the student's presence earlier or later in the class period.
Twice during the semester, students will apply econometric analysis to an empirical economic topic of their choosing and write a paper about their experiment. The first paper and its presentation to the class will be graded on a credit/no credit basis. The primary purpose of the first paper is to practice for the second paper; very few attempts at econometric research come close to getting all the components correct on the first try. The second paper may be on the same topic as the first, or on an entirely different topic, at the student's choice.
The second paper will be the primary determinant of students' grades in this class. Each student will receive an individualized final exam based on the student's paper. Grades will be based on how well the final paper and the student's response to questions demonstrates that the student has met each of the course objectives described below.
For both the midterm and the final, students are required to submit both the paper and a spreadsheet containing data and regression results to the instructor via e-mail.
The final exam is open note/open book, but not collaborative. Students should bring their laptops containing their papers, results, and data. Students earn points for the following:
This is a tentative grading scale, based on assumptions made at the beginning of the semester about what material will be covered. The instructor may adjust this grading scale on the basis of what material is covered this semester. Such adjustments will be communicated to students before the final paper is due.
Students lose points if papers and their accompanying data and results are submitted late. For the midterm draft deadline, students lose one point from their final course grade for every eight hours or fraction thereof after the deadline the paper is received. For the final deadline, students lose one point from their final course grade for every twelve minutes or fraction thereof after the deadline the paper is received.
The deadline for the midterm draft paper will be announced in class. The deadline for the final paper is noon on the last day of class.
Students are responsible for obtaining data to answer their research questions. While students may ask the instructor for assistance in locating or obtaining data for use in their studies, it remains entirely the responsibility of the student to obtain needed data in time to submit papers before the deadline. The fact that a student asked the instructor for assistance in locating or obtaining data in no way relieves the student from the responsibility of turning in papers on time. In writing up papers, students need to document and cite the source of their data.
Requests for academic accommodations must be formally filed with the Office of Educational Services. It is the student's responsibility to self-identify with the Office of Educational Services. To schedule an appointment call x3327 (973-408-3327 from off campus) or stop by BC 114. Please note that there are no retroactive accommodations.
To promote learning and fairness, Drew University College of Liberal Arts standards of academic integrity apply to work done in this class. Suspected violations of these standards will be reported to the Dean of the College in accordance with the established procedures. Note that any punitive consequences that may result from the Dean's investigation are entirely separate from the fact that students suspected of plagiarizing their papers or falsifing data or results will receive a failing grade in the course because they have not clearly demonstrated completion the course objective of ethical conduct of econometric research.
A vital part of the learning process at a liberal arts college comes from the community of learners that grows in each course. Each student's engagement with course material creates positive externalities for classmates. For optimal learning outcomes for both each individual student and all other classmates, each student should prepare for and attend each class period. When students are unprepared or absent, this impedes not only that student's own learning, but also the learning of the entire class.
Participating in class discussions and activities improves understanding of course material and helps ensure that topics confusing or interesting to students are addressed. Students are strongly encouraged to ask questions about material, even if they believe the question is an "easy" one -- it is likely that other students have the same question.
While perfect attendance is ideal, students may arrange to miss class on up to four (4) occasions during the semester without it directly affecting their course grade. There is no distinction between "excused" and "unexcused" absences. Regardless of the reason that necessitates that a student misses class, exactly two conditions are both necessary and sufficient for the absence to not directly affect the student's grade:
Additional arranged absences result in the student's final grade for the class being reduced by 2 percentage points per arranged absence after the fourth, regardless of reason. Unarranged absences for whole or partial classes generally have an even greater negative effect on grades.