Numerical Methods in Economics
| Code | School | Level | Credits | Semesters |
| ECON3070 | School of Economics | 3 | 10 | Spring China |
- Code
- ECON3070
- School
- School of Economics
- Level
- 3
- Credits
- 10
- Semesters
- Spring China
Summary
• Basic numerical method: Grid Search
• Iterative numerical methods: Bisection and Newton-Raphson
• Nested numerical methods
• Extensions to Newton's methods in multi-dimensional problems
• Dynamic programming: Bellman equation and value function iteration method
• Applications of Dynamic programming
ECON1049 Mathematical Economics and Econometrics is the requisite of this module.
Please note: This module is assessed at the end of Autumn semester. First sit/ Re-sit exams are scheduled normally in the summer and can take the same form as the missing/ failed component of the assessment (exam, essay etc.) or other form, as decided by the School.
Target Students
Year 4 Economics students
Classes
- One 2-hour seminar
- One 1-hour lecture each week for 5 weeks
- One 2-hour lecture each week for 7 weeks
Assessment
- 25% Coursework 1: Essay (1800 words)
- 75% Exam 1 (2-hour): 1.5 Hours Exam
Assessed by end of autumn semester
Educational Aims
1. To provide a detailed understanding of numerical methods used in Economics.2. To develop an understanding of how the discussed methods can be applied to various economic problemsLearning Outcomes
By the end of the module, students should have enhanced their abilities in the following dimensions as detailed in the Programme Specification:
Knowledge and Understanding
A5 Show understanding of relevant mathematical and statistical techniques.
Intellectual Skills
B3 Be able to evaluate, analyse and present quantitative data.
Key/Transferable Skills
D1 Apply mathematical, statistical and graphical techniques in an appropriate manner.
D2 Communicate effectively and clearly in written and oral formats.
D3 Use appropriate IT packages effectively.
D5 Undertake independent study of a problem or subject.
Conveners
- Dr Chee Kian Leong