Using the Nobel Laureates in Economics to Teach Quantitative Methods

32 Pages Posted: 11 Oct 2004

See all articles by William E. Becker

William E. Becker

Indiana University Bloomington - Department of Economics; IZA Institute of Labor Economics; University of South Australia

William H. Greene

New York University Stern School of Business

Abstract

Undergraduate students typically are able to regurgitate basic rules and formulas for probability. They also have little trouble following the cookbook steps for estimation and hypothesis testing. Microsoft Excel has empowered them to run regressions. We are not persuaded, however, that these advances have markedly improved student understanding of the underlying principles of statistics. Nor are we convinced that advances made by scholars working with quantitative methods and real economic data are making their way into classrooms and computer laboratories. In this piece, we show how the work of Nobel Laureates in economics can be used to enhance student understanding and bring students up to date on topics such as probability, uncertainty and decision theory, hypothesis testing, regression to the mean, instrumental variable techniques, discrete choice modeling and time-series analysis.

JEL Classification: A2, C1

Suggested Citation

Becker, William E. and Greene, William H., Using the Nobel Laureates in Economics to Teach Quantitative Methods. Available at SSRN: https://ssrn.com/abstract=601481 or http://dx.doi.org/10.2139/ssrn.601481

William E. Becker (Contact Author)

Indiana University Bloomington - Department of Economics ( email )

Wylie Hall Room 105
Bloomington, IN 47405-6620
United States
812-855-3577 (Phone)

IZA Institute of Labor Economics

P.O. Box 7240
Bonn, D-53072
Germany

University of South Australia

37-44 North Terrace, City West Campus
Adelaide, South Australia 5001
Australia

William H. Greene

New York University Stern School of Business ( email )

44 West 4th Street
Suite 9-160
New York, NY NY 10012
United States
212-998-0876 (Phone)

HOME PAGE: http://people.stern.nyu.edu/wgreene

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