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Economic Modeling and Inference
Aarhus University
AU Summer University| Application Deadline: | 15 March | ||
| Tuition Fee: | ≈ € 336 - ≈ € 530 (non-EEA) | ||
| Location: | Aarhus / Denmark / View location on map ▾ Hide location on map ▴ | ||
| Duration: | 5 days | Start Date: | August |
| Educational Form: |
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| Education Variants: |
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| Credits (ECTS): | 5 | ||
| Languages: | English | ||
Location of Aarhus University
The course covers identification and estimation of stochastic dynamic programming models. Sources of error (measurement error, imperfect control, random utility) are treated. Issues of discrete versus continuous time, finite versus infinite horizon, and discrete versus continuous states and controls are considered.
Applications are drawn from a variety of fields. Macroeconomic applications: DSGE models, production function estimation, consumption, labor demand and supply, asset pricing, time to build, time inconsistency of optimal plans, money. Department of Economics and Business.
Level - Master (advanced)
Date 13-17 August
Lecturers
Bent Jesper Christensen, Aarhus University
VENUE DESCRIPTION
AU Summer University will take place on campus in the architecturally renowned yellow-brick buildings in the beautiful university park.
At the venue you will have access to a helpdesk and service centre. You find our Main Help Desk in the International Centre and the opening hours are 08.30-15.00 from Monday to Friday.
The International Centre is the central hub for all international and PhD activities at Aarhus University, and in the same building you find Dale's Café. Here you can buy sandwiches, coffee, snacks, and beers. With its informal lounge area this is the ideal place to relax and hang out with your fellow Summer University students.
Contents
Qualification description
After completion of the course, it is expected that the student can:
* explain the general modeling techniques presented in the course and apply them to specific problems similar to those studied in the course
* explain how the results in the specific models are derived
* provide and discuss economic interpretations of the models and the results
* evaluate and compare the assumptions and results of different models
Course objective
The course covers identification and estimation of stochastic dynamic programming models. Sources of error (measurement error, imperfect control, random utility) are treated. Applications are drawn from macroeconomics, labor, finance, marketing, and applied microeconomics. The lectures include occasional discussions of exercises. Course subject areas:
* Stochastic dynamic programming in discrete and continuous time
* Estimation of dynamic programming models by maximum likelihood and GMM
* Measurement error, imperfect control, random utility
* Finite and infinite horizon, discrete and continuous states and controls
* Macroeconomic applications: Consumption, labor demand and supply, asset pricing, time to build, time inconsistency of optimal plans, money
* Labor applications: Job search, retirement, wage distribution, unemployment, absenteeism, schooling and occupational choice
* Finance applications: Option pricing, portfolio choice, hedging, asset allocation, term structure analysis, stochastic volatility and jumps, volatility forecasting
* Marketing applications: Advertising campaigns, cost of price adjustments, direct mailing of catalogs, purchase histories
* Microeconomic applications: Patents, engine maintenance and replacement, fertility and child mortality, scrapping subsidies
* Econometrics: Cross-section, time series, and panel data methods
IELTS
You are normally required to take an English Proficiency Test.
Most European Universities recognise the IELTS test.
Take testRequirements
Students coming as Free-movers/non-Partner students (EU and non-EU students who do not have a bilateral partnership agreement with Aarhus University) applying for AU Summer University courses must apply by using the online form attached to each individual course. Afterwards you must hand in the required documentation for your university studies. Please remark that all freemovers are obliged to pay participation fees where as tuition fees only apply to freemovers from countries outside the EU/EEA/Switzerland.
Requirements:
1. You are expected to have the same requirements that apply to regular students. Freemovers therefore need to provide documentation for their subject levels in applicable subjects. Mathemathics if applying for courses offered by the School of Business and Social Science. Mathematics, chemistry, and physics if applying for courses offered by Faculty of Science and Technology.
2. If you are applying for admission to AU Summer University courses at Master level, you must hold a relevant Bachelor's degree (Or as a minimum 180 ECTS in your study programme)
3. An English test as you are expected to have a high level of English proficiency
English language requirements - 'English B' and 'English A'
English language requirements for applicants with a non-Danish/Nordic entry qualification.
According to the Danish Ministry of Science's Order no. 181 on Admission to Danish Universities, and the Danish Ministry of Education’s Order no. 239 on Admission to Higher Education in Denmark (The Admission Order), all applicants must, as a minimum, document English language qualifications comparable to an "English B level" in the Danish upper secondary school (Gymnasium). A few courses require 'English A', which is one level higher than 'English B'.
English language qualifications can be documented as follows:
TOEFL:
English B – Test results of at least 560 (paper-based) or 83 (internet-based test)
English A – Test result of at least 600 (paper-based) or 100 (internet-based test)
IELTS:
English B – Test results with a minimum score of 6.5 points
English A – Test results with a minimum score of 7.0 points
Cambridge/Oxford:
English B – Certificate in Advanced English (CAE)
English A – Certificate of Proficiency (CPE)
CEFR validated English language course:
English B – C1 level
English A – C2 level
”Native speakers” with an English taught qualifying exam (including applicants from USA, Canada, Australia, New Zealand and Great Britain). Applicants from all other countries (including African and Asian countries, where the exam has been taught in English) must submit a test.
Danish/Nordisk entrance examination
With an English level the Danish Agency for International Education considers comparable to a Danish B/A level in English.
Additional Requirements
| Minimal degree required: | Bachelor's degree |
| Minimal amount of work experience | Not specified |
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