Master’s degree in Economics and Data Analysis

Quantitative methods for business and economics (2020/2021)

Course code
4S008973
Credits
12
Coordinator
Letizia Pellegrini

Teaching is organised as follows:
Unit Credits Academic sector Period Academic staff
DATA MANAGEMENT FOR BUSINESS AND ECONOMICS 6 SECS-P/05-ECONOMETRICS primo semestre (lauree magistrali) Laura Magazzini
MATHEMATICAL AND COMPUTATIONAL METHODS FOR BUSINESS AND ECONOMICS 6 SECS-S/06-MATHEMATICAL METHODS OF ECONOMICS, FINANCE AND ACTUARIAL SCIENCES primo semestre (lauree magistrali) Letizia Pellegrini
Athena Picarelli

Learning outcomes

The course aims at providing students the capabilities for addressing, in a quantitative framework, the main issues that arise in the economic and business context. The course is organized in two modules, specifically targeting mathematical and computational tools and data management and analysis.
In the first part, the module on mathematical and computational methods presents fundamental notions on unconstrained/constrained optimization and ordinary differential equations. In the second part of the module, computational programs are used to solve optimization problems and differential equations. The module on data management deals with the tools that can be used for handling and analysing data for business and economics. Specific software will be used to summarize the main information embedded in a sample of interest and to highlight the characteristics of the economic variables under analysis both through indices and graphical representations.
At the end of the course students should be able to provide a mathematical formulation for problems related to economics and management with the aim of identifying, given the prescribed objectives, their best solution. Students will develop the capability of solving the mathematical problems presented during the course using both analytical and computational techniques. The students will also acquire autonomy in the management of databases in order to extract information that can inform the decision process in business and policy areas.

Syllabus

Module I - DATA MANAGEMENT FOR BUSINESS AND ECONOMICS
- Management of data and data types
- Main data sources in business and economics
- Descriptive analysis: frequency distribution, graphs, position and variability of the distribution, additional indexes
- Basic probability concepts
- Discrete random variables
- Continuous random variables
- Inferential statistics: estimation and hypothesis testing

Module II - MATHEMATICAL AND COMPUTATIONAL METHODS FOR BUSINESS AND ECONOMICS
- Differential calculus for functions of several variables
- Quadratic forms and definite matrices
- Convex functions
- Unconstrained optimization
- Constrained optimization with equality constraints
- Lagrangian function and optimality conditions
- Constrained optimization with inequality constraints
- Kuhn-Tucker theorem
- Convex problems
- Ordinary differential equations: definitions, general aspects and examples
- First order equations: separable equations, linear equations, phase diagram

Assessment methods and criteria

The final exam is a written test. The valuation obtained in the homework related to the laboratory activity contributes to the final grade.

The possibility to participate remotely to the exam is guaranteed for all the requesting students.
The content, the allowed time and the evaluation criteria of the test will be the same whether for the students in the classroom or for the remote ones.

Reference books
Author Title Publisher Year ISBN Note
C.P. SIMON, L.E. BLUME Mathematics for Economists New York, London: Norton & Company Press, Cambridge 1994 0-393-95733-0
Docente del corso Le dispense ed altro materiale didattico verranno forniti dal Docente  
Newbold Paul, Carlson William, Thorne Betty Statistics for Business and Economics Pearson 2013 9780132745659

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