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Probability and Statistics - ECO00025C

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  • Department: Economics and Related Studies
  • Credit value: 20 credits
  • Credit level: C
  • Academic year of delivery: 2023-24
    • See module specification for other years: 2024-25

Module summary

This module introduces basic ideas in probability and statistics with applications in economics and finance.

Module will run

Occurrence Teaching period
A Semester 2 2023-24

Module aims

To develop students’ knowledge of probability and statistics that is useful in economics and finance.

To introduce students to techniques of probability and statistics to solve problems

To provide students with a solid foundation for intermediate econometrics modules offered in Stages 2 & 3

Module learning outcomes

Students will be familiar with:

  • The basic tools required to develop and understand Probability ideas and problems

  • Conditional probability

  • Some examples of how the probabilistic framework is relevant for economics and finance

  • Describe the concepts of populations, samples and sampling distributions

  • Describe and be able to apply procedures for estimating quantities of interest and testing claims about such quantities

  • Describe the role of correlation and simple regression in analysing the relationship between two variables, and be able to apply these tools and discuss empirical results.

Module content

Weeks 1-6 Probability

Weeks 7-11 Statistics

Indicative assessment

Task % of module mark
Online Exam - 24 hrs (Centrally scheduled) 100

Special assessment rules

None

Additional assessment information

3 different formative assessments:

  • online submission of work

  • empirical application

  • Multiple choice test test

Indicative reassessment

Task % of module mark
Online Exam - 24 hrs (Centrally scheduled) 100

Module feedback

For online assessment a week after submission, for empirical application and test whole group discussion.

Indicative reading

John E. Freund’s Mathematical statistics and its applications

Schaum’s outline of theory and problems of statistics and probability


The information on this page is indicative of the module that is currently on offer. The University constantly explores ways to enhance and improve its degree programmes and therefore reserves the right to make variations to the content and method of delivery of modules, and to discontinue modules, if such action is reasonably considered to be necessary. In some instances it may be appropriate for the University to notify and consult with affected students about module changes in accordance with the University's policy on the Approval of Modifications to Existing Taught Programmes of Study.