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University of Rhode Island — Environmental & Natural Resource Economics
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EEC 676 Advanced Econometrics
Course Information

Professor: Dr. John Burkett
Semester: Fall
Credits: 4
Prerequisites: EEC 576 or permission of instructor

Catalog Description: A course covering the tools necessary for professional research in resource economics. Reviews the general linear model, but emphasis is on simultaneous equation models. Assumes a knowledge of introductory econometrics, statistical theory, and matrix algebra.

Course Goals & Outcomes

This course covers econometric foundations and selected applications. After briefly reviewing parts of probability, statistics, and introductory econometrics, we shall focus on maximum likelihood and Bayesian methods and their application to forecasting, systems of regressions, simultaneous equations, and micro econometrics. We will aim to achieve a command of econometric theory and computer programming sufficient for solving novel problems with more flexibility than allowed by the limited menus of traditional econometric software packages.

By the end of the semester students will be able to:

  • Estimate parameters, test hypotheses, and make statistical decisions to solve novel problems involving environmental issues
  • Forecast the growth rate for U.S. Gross Domestic Product
  • Have a strong command of econometric theory and statistical computer programming
Course Syllabus

Class topics:

  • Math and probability review
  • Probability review and intro to R
  • Estimation review
  • Inference review
  • Econometric models and programs
  • Maximum likelihood estimation
  • Maximum likelihood inference
  • Bayesian theory
  • Bayesian regression
  • Bayesian computation
  • Time series and forecasting
  • Systems of equations
  • Simultaneous equations
  • Basic discrete choice models
  • Discrete choice models in R
  • Bayesian logit and probit
  • Mixed (random parameter) logit
  • Censored and truncated data
About The Professor

Dr. John Burkett
Department of Environmental and Natural Resource Economics
213 Kingston Coastal Institute
Office: 401.874.9195
Fax: 401.782.4766

Dr. Burkett is an economist who specializes in microeconomics, econometrics, and health economics. His current research interests are:

  • International trade;
  • Recreational aspects of natural resources;
Reasons To Take This Course

Learn to combine economics, statistics, and mathematics to answer empirical questions relevant to resource economics.

This course is a requirement for environmental and natural resource economics graduate programs and a prerequisite for several other upper level graduate courses.

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