Welcome to the Discipline of Econometrics and Business Statistics
Econometrics and Business Statistics is a dynamic, high-level grouping of specialists in econometrics and management decision sciences. They are engaged in the development of statistical modelling procedures and their application to problems arising in economics and business. As well as theoretical and applied work within the discipline, Econometrics and Business Statistics brings sophisticated quantitative techniques to all areas of research and scholarship within the Faculty. This enables specialists in other discipline areas to undertake a level of data analysis which would not otherwise be possible.
The discipline has strengths in the areas of financial econometrics, micro-econometric modeling, business forecasting, computationally intensive estimation methodology, Bayesian econometrics, international trade and the econometrics of energy markets. The discipline embraces the challenges of the information age in several ways. First, modern computer simulation algorithms are developed to enable the estimation of models in economics and business that are more accurate than would otherwise be possible. Second, much work goes into the analysis of large datasets, such as high frequency financial data and data from energy markets. Third, students who undertake units of study offered by the discipline are trained in the analysis of data and decision-making using a range of statistical analysis packages or programming environments.
Econometrics and Business Statistics achieves its greatest influence through high-level, strategic analysis of real-world problems across discipline boundaries. There are significant collaborations in such areas as measuring risk in the financial markets, the modelling of consumer choice and corporate behaviour and the development of indices of political risk. Engagements such as these make Econometrics and Business Statistics a crucial and important discipline grouping in the context of the Faculty’s charter of scholarship, relevance and interdisciplinary engagement.