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3 Venue: Econometrics Term Paper Each student must choose a different problem, issue or topic that either: 1.Updates/replicates an existing model 2.Expands/modifies an existing model Students must submit drafts of each section of the paper: i) Introduction, ii) Literature Review, iii) Model Specification & Preliminary Estimation, iv) Problem Diagnosis & Correction, v) Conclusion & Implications.
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FRC Presentation
Teaching Quantitative Reasoning
Jason Hecht (ASB)November 4, 2015
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Despite My Best Efforts…Top 7 Things Students “Learn” in Econometrics… 1. How to juggle numbers without moving (or
thinking).2. Theory is a “special case” of reality.3. Correlation ≠> Causation (but my R2 is still 0.99!)4. Always rationalize a contradictory result, but…5. Never support or highlight my own insight.6. Always put an illogical result to good use!7. You will never see the words “heteroscedasticity”
as a clue in a NYTimes crossword puzzle.
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Venue: Econometrics Term Paper
Each student must choose a different problem, issue or topic that either:1. Updates/replicates an existing model2. Expands/modifies an existing model
Students must submit drafts of each section of the paper: i) Introduction, ii) Literature Review, iii) Model Specification & Preliminary Estimation, iv) Problem Diagnosis & Correction, v) Conclusion & Implications.
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Objectives
1. The joy of modeling a hunch!2. To learn how to learn from a “wrong” statistical result. 3. Correlation ≠> Causation, but econometrics may
provide the “best evidence” of a statistical association.4. Learning econometrics ≈ Learning to play the drums:
=> “4-limb” intellectual interdependence: logical thinking, estimation skills, inferential skills, writing skills.
5. Learning how to “write to the numbers” even when they don’t support your hypotheses.
6. Forensic learning: what the hell was I thinking & doing five weeks ago?!
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How do I teach reasoning…
1. “Math anxiety” coach & symbol interpreter: you learned all this in 9th grade!!!
2. “Slow pitch” the algebra: work backwards from the data.
3. Create interesting in-class exercises by challenging “self-evident” propositions.
4. Closely edit their writing and force rewrites.5. Use an entire class for one-on-one consults.6. Be accessible!!! Instantaneous e-mail response!
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Teaching challenges…
1. Interpretation of a statistical result or test.
2. How to write coherently and cogently.
3. How to pattern their paper after a previous study (“learning by mimicry”).
4. Why the algebra works but the numbers don’t.
5. Statistical subtlety: all roads should not lead to the highest R2
6. Why do I lose 1/4 of my class by the 1st exam?
