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ETC2520 - Probability and statistical inference for economics and business

6 points, SCA Band 3, 0.125 EFTSL

Undergraduate Faculty of Business and Economics

Leader(s): Dr Giovanni Forchini


Clayton First semester 2009 (Day)


An introduction to probability and statistical inference for use in economics and business. Topics covered include random variables, moments and cumulants generating function, discrete and continuous distributions, independence, jointly distributed random variables, conditional random variables, the central limit theorem, sampling distribution, properties of estimators, confidence intervals, tests of hypotheses.


The learning goals associated with this unit are to:

  • understand concepts of probability, statistical inference, generating functions and cumulants
  • derive and use generating functions to evaluate moments and establish the distribution of linear combinations of independent random variables
  • understand and apply the main methods of estimation and the main properties of estimators
  • construct confidence intervals for unknown parameters and test hypotheses
  • develop written, presentational and group work skills through a series of assessed essays, assignments and tutorial work.


Within semester assessment: 30%
Examination (2 hours): 70%

Contact hours

Two 1-hour lectures and one 2-hour tutorial per week



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