Seminar: Bayesian Econometrics  cancelled
Course content
The goal of this seminar is to allow students to put into practice their knowledge and to gain practical experience with Bayesian econometric methods. Students will be able to choose the topic they want to explore, which can be either empirical or theoretical.
Bayesian methods offer a fresh perspective to econometrics, as they allow to tackle complicated estimation problems in a tractable way. These approaches usually rely on simulation methods and can therefore have an advantage over classical methods. For instance, unobserved variables (like latent utilities or random effects) can be difficult to integrate out of a likelihood function, but are generally straightforward to simulate in a Bayesian framework.
The seminar is primarily for students at the MSc of Economics
At the end of the seminar, students will:
Knowledge:

Have reviewed the relevant literature related to the topic they have chosen, and understand the state of the art as well as the limitations of the current approaches.

Have a grasp of simulation methods, understand their principle and how they can be used to make inference.
Skills:

Demonstrate an ability to select the most appropriate method for the topic they have chosen.

Be able to implement Markov chain Monte Carlo methods, both theoretically (analytical derivation of the algorithm) and practically (programming).

Demonstrate technical skills in writing code to implement Bayesian methods.
Competencies:

Students will be able to conduct a full Bayesian analysis: (1) formulate an economic model, (2) organize prior knowledge and ”beliefs” about the model (prior), (3) use relevant data to express the observed information in the model (likelihood), (4) use Bayes' theorem to update beliefs (posterior), (5) derive an appropriate algorithm to compute the posterior distribution, (6) write code to implement the algorithm, (7) interpret the results and criticize the model.
Planning/startup meeting, research and writing process of the
seminar paper, sessions with presentation of own paper and critical
evaluation/feedback to another student´s paper, actively
participating in discussions at class.
Before the session a "sofinalizedaspossible"draft of
the paper must be uploaded in Absalon. After the presentations, the
student submit an edited version of the paper in the Digital Exam
portal as the final exam paper. The aim is that students use the
presentation sessions as an opportunity to receive and use the
constructive feedback to improve the paper.

Lynch, Scott M. (2007). Introduction to Applied Bayesian Statistics and Estimation for Social Scientists. Springer. ISBN 9780387712642.

Lancaster, Tony (2004). An Introduction to Modern Bayesian Econometrics. Blackwell Publishing. ISBN 9781405117203.

Other references and scientific articles will be suggested to the students based on the subject they decide to study.
It is highly recommended to have attended the summer school
Bayesian Econometrics (AØKK08359U), or any other similar
introductory course to Bayesian econometrics, before starting this
seminar.
Students should have a sound knowledge of basic elements of
probability (marginal, conditional and joint distribution of random
variables, law of large numbers, central limit theorem, likelihood
principle, etc.) and of standard econometric methods (maximum
likelihood estimation, method of moments, etc.).
Students should have good programming skills. The R language will
be used in this seminar, as it provides many freely available
packages implementing Bayesian methods. It is, however, not a
prerequisite, and students will be allowed to use a different
language (e.g., Matlab).
Schedule:
• Planning meeting: September 4th 2017, 1315
• Deadline commitmentpaper: September 30th
• Deadline of prepaper uploadet to Absalon: One week before
presentations
• Presentations/Workshops: Week 47 (i.e Nov 2021, dates will be
determined at the first class meeting).
Individual supervision meetings will be organized with each group
during the semester to discuss the progress of the work and
potential problems.
for enrolled students. More information about registration, schedule, rules, curricula etc. can be found at the intranet for Master students (UK) and Master students (DK).
More information about seminars is available at the intranet for Seminars (UK) and Seminars (øvelser) (DK).
Read about the study programme and curricula at MSc in Economics
 ECTS
 7,5 ECTS
 Type of assessment

Written assignment a seminar paper in English that meets the formal requirements for written papers stated in the curriculum and at KUNet for seminars.
 Aid
 All aids allowed
 Marking scale
 7point grading scale
 Censorship form
 External censorship
Criteria for exam assessment
The student must in a satisfactory way demonstrate that he/she has mastered the learning outcome of the course and the objectives stated in the Curriculum.
 Category
 Hours
 Seminar
 20
 Project work
 186
 English
 206
Kursusinformation
 Language
 English
 Course number
 AØKK08333U
 ECTS
 7,5 ECTS
 Programme level
 Full Degree Master
 Duration

1 semester
 Schedulegroup

and venue:
Go to "Remarks"
Exam and resits: Go to "Exam"  Studyboard
 Department of Economics, Study Council
 Department of Economics
Course responsible
 Rémi Piatek (1174676f6b30726b6376676d4267657170306d7730666d)
Er du BA eller KAstuderende?
Kursusinformation for indskrevne studerende