BESS Thread

Time Magazine

House of Wolves, you're in the lucky position that I'm clever and nice and handsome so I'll give you very strong hints for the OLS question. Pints at the next Boards Beers welcome as payment. These are hints, not full answers, so don't just copy and paste - look up the book and understand the answer! Also I'm not double-checking any of these so I'm sure there will be a couple of mistakes.

Just for reference, I'm answering these.

a) OLS determines the betas by minimising the squared residuals/error terms. It picks the betas such that the squared error terms are minimised. It does this with calculus: it differentiates the equation u^2 = (Y - b0 - b1X1 - b2X2)^2 and sets it to zero. I'm not sure if you do the matrix algebra of it, but b = (x'x)^-1 (x'y). (In the above answer b = beta.)

b) E(u) = 0 - that the error is unbiased
cov(x,u) = 0 - that the error is uncorrelated with the x's

c) The critical value for a 95% confidence interval is 1.96.
Then for a 95% CI of b1, CI = b1 plus/minus 1.96*se(b1) where se = standard error. The assumption needed is that b1 follows a t-distribution.

d) Look up t-tests

e) Look up f-tests

f) Same as e)

g) Look up the same chapter as for part b), it will be called something like "Requirements for the OLS Model" or "The Gauss-Markov Assumptions". Consistency mean that it's unbiased asymptotically (so it have a slight bias for small n's, but is accurate when n=infinity).

h) Look up multicollinearity for the first two bits. The last bit looks like a question that's for separating the Firsts from the II.1s etc., so I'm not going to help you with that.

Best of luck

MasterSun

http://sites.google.com/site/wycherlm/ec2040/a

i just finished mine.
q1 is based on theory, most of answers are on the lect notes.

for Q2 Q3 and Q4, u really need to know ur way around on excel.
i tried my best to answer every q.
i attempted the last q 4times, took me 4 hours to finish the last q.
going to compare my answers with my mates on friday

House of Wolves

Wow thanks for the help. Im just starting them so thats a big help. Dont worry i wont just copy and paste, il look at the book and then decide i need to copy and paste them. lol thanks

scruttocks

The Economist wrote: »

b) E(u) = 0 - that the error is unbiased
cov(x,u) = 0 - that the error is uncorrelated with the x's

Is constant variance of the explanatory variables one too?

c) The critical value for a 95% confidence interval is 1.96.
Then for a 95% CI of b1, CI = b1 plus/minus 1.96*se(b1) where se = standard error. The assumption needed is that b1 follows a t-distribution.

isn't 1.96 standard normal rather than t-test?

I'm probably wrong, but i don't know why, and I'd like to

Thanks for the help, this is difficult...

Time Magazine

scruttocks wrote: »

Is constant variance of the explanatory variables one too?

I haven't double-checked this, but I don't think so. I think the two assumptions I stated are necessary for unbiasedness. I think the assumptions of non-autocorrelation and homoskedasticity are necessary for accurate inference (using t-ratios to test significance, etc.) but that's not the same thing as unbiasedness.

isn't 1.96 standard normal rather than t-test?

Possibly. The 1.96 figure stands out in my head as relating to t-distributions, but as I said I could be wrong.

I'm probably wrong, but i don't know why, and I'd like to

Thanks for the help, this is difficult...

If your book/lecture notes say something different to me, then trust them. If you've any more specific questions, let me know.

foool103

haya guys, am trying to organise myself and i am wondering what the coursecompass course id code is for jf . Thanks!!

andrew

foool103 wrote: »

haya guys, am trying to organise myself and i am wondering what the coursecompass course id code is for jf . Thanks!!

We don't use coursecompass...do you mean myeconlab?

foool103

ye sorry i mean my econlab!

andrew

I don't remember there being a class code? You just pick EC10101 course having put in that you go to trinity college dublin. If there's a class code i don't know it - Sorry to get your hopes up!

House of Wolves

Hey did any SF students find any good articles for the marketing project, on the question
Explore the contemporary European challenges for marketing: How can marketing practices rescue companies from the credit crisis and global recession? Use European company examples to support your answer. "

cheesedip

listen im in 1st year bess, and ive basically made an absolute balls of it! im really regretting it now because i know ill be repeating all my exams during the summer if not the whole of first year, so on one hand im wondering can you just drop out now and repeat first year from scratch and not bother with the summer exams??

Tricity Bendix

Its only the beginning of March. You could still pass if you put the effort in. You'd have to pay fees if you repeated.

bright

If you are so certain that you are going to be repeating- then why not take your two free attempts at passing it. Dropping out now has no advantage. Just get the finger out and start working over easter. Concentrate on maths and economics, and if if you do a language work for that too. They were the subjects that people failed last year. Very very few failed the others. Remember you can compensate if you fail one.




On an unrelated note- Sean Barrett's end of term coffee is such a nice touch makes the class....just that little bit more class.

Running Bing

bright wrote: »

On an unrelated note- Sean Barrett's end of term coffee is such a nice touch makes the class....just that little bit more class.

Does he take the class out for a coffee?


Cheesedip if you were able to get into the BESS course in the first place then your able to pass the exams with 2-3 months to study.

Worst thing you could do now is panic and make a rash decision or have the attitude "I'll never do this I might as well give up".

Id say if your serious and get the head down down you could probably even get quite a good result. Very few people do anything before Christmas in first year anyway.

manicmonoliths

Management 1 was possibly the worst subject choice I've ever made.
This marketing project has become ridiculous. Ranting done, I'm looking forward to a lovely 3rd year of single honours economics, Applied Finance is now the only Business subject I'm even slightly considering.

To the guy who thinks he's going to fail:
If you work hard you'll be fine, there's nothing much to it. Like someone said concentrate on maths, stats and economics. Everything else was very 'crammable' in my experience and in Trinity Term you'll pretty much be given the topics for the exam in Sociology, Politics, Economics and Maths.

House of Wolves

manicmonoliths wrote: »

Management 1 was possibly the worst subject choice I've ever made.
This marketing project has become ridiculous. Ranting done, I'm looking forward to a lovely 3rd year of single honours economics, Applied Finance is now the only Business subject I'm even slightly considering.
.

Yea it really is, its starting to remind me of sociology. Im still going to do the business though, just avoiding anything as wafflly and obvious as that. Also the research articles are a joke, the headings of the essay are a joke, the book is a joke (fricking huge!) and then the extra readings.....just awful!
also its eating into the very limited study time there is :mad:

macroeconomics is a real worry for me.
If you had to say study 5 main things what would you suggest?

manicmonoliths

House of Wolves wrote: »

Yea it really is, its starting to remind me of sociology. Im still going to do the business though, just avoiding anything as wafflly and obvious as that. Also the research articles are a joke, the headings of the essay are a joke, the book is a joke (fricking huge!) and then the extra readings.....just awful!
also its eating into the very limited study time there is :mad:

macroeconomics is a real worry for me.
If you had to say study 5 main things what would you suggest?

That book was a massive waste of money, can't believe I bought it. I was looking at the course outline for next year but there's only 2 business subjects that don't seem waffly, accounting and finance, not enough to keep up the joint-honour so I think I may as well leave it and stick to the economics, lectures are boring in it but I actually find the material pretty interesting.

It's really hard to say what'll come up in these exams to be honest, she hasn't really said much. Have we covered 5 topics? All I can remember doing is GDP, Solow growth model and all this business cycle stuff we're doing now. I suppose the Solow growth model would be a big one, then more then likely the stuff we're doing now. National Income accounting would be a handy enough question.

House of Wolves

Yea that book is a waste of money, I should have bought the macroeconomics one or the maths one as they are actually useful.

Hmmm yea ive been focusing on the Solow Growth Model and the BC. Ive some notes on the questions from the tutorials so il browse through them, maybe redo them. failed microeconomics by 2% last time so dont particularly want another fail.

also do you think those extra readings or any good? i dont think I have the time for them, but if there is anything that could actually help I might read them.
Thanks :pac:

manicmonoliths

House of Wolves wrote: »

Yea that book is a waste of money, I should have bought the macroeconomics one or the maths one as they are actually useful.

Hmmm yea ive been focusing on the Solow Growth Model and the BC. Ive some notes on the questions from the tutorials so il browse through them, maybe redo them. failed microeconomics by 2% last time so dont particularly want another fail.

also do you think those extra readings or any good? i dont think I have the time for them, but if there is anything that could actually help I might read them.
Thanks :pac:

Yeah the tutorial questions are probably best to study from (well depending on which TA you've been going to) I'd say the extra readings are pretty pointless to be honest, she sent out an email a while back saying as much. The book for macro is pretty handy, it's a pity there's so few in the library.

House of Wolves

Thanks, yea they are really handy. They basically expand on the notes she gave us. Ive seen it in counter reserve alot, you could take it from there. Thankfully mine isnt due back to next monday. The maths book is even harder to get. I found the book from last year is nearly better than it. The examples with solutions are really handy.

Also I have to say the lecturer for economics is actually really good. I thought she really crap at the start (especially with her accent) but i think she spends time explaining the stuff, sometimes a little too much,which is good for me.

Ive been going to the tutorial guy. Sometimes he gets the stuff wrong which is worrying because Im taking his word on the answers.

Two hours of marketing is a waste of time tho!

RuehlTheWorld

Does anybody think points for BESS will go down this year?

Concerned 6th year.

RuehlTheWorld

RuehlTheWorld wrote: »

Does anybody think points for BESS will go down this year?

Concerned 6th year.

I know you're concerned since there's no way of knowing the points, but since it's a course with a large intake of students it means it never changes that much year by year (that's me guessing - someone else can look at the stats).

Just study and get well over the points for last year and you'll be grand.

RuehlTheWorld

Thanks, I'm sorry I know you're not a guidance counsellor but a student is much better equipped than any guidance counsellor,hopefully while youre still there, what do you think of doing Ec+Soc, Ec+Geo through TSM?

Also, the new course, Business and Computing.Think the points will be way up there?

If I were to get Ec+Soc which at 460 seems within my capabilities am I restricted from doing any kind of Marketing Postgrad?Because that's what I'd really be interested in long term.

Time Magazine

Economics and Sociology TSM would probably get you into a Marketing postgrad, but there are few courses less like Marketing than Economics & Sociology. Economics is maths and Sociology is left-wing complaining.

Do Commerce?

RuehlTheWorld

Well, with everything going well I might get BESS in the first place so then I can make choices, etc.

Thanks for reminding me. How difficult is the Maths?

Like, it would seem daunting from my viewpoint as maths definitely isn't my absolute strong point right now but surely it's all relative? Like, we will get taught how do the maths so it's basically a case of working yourself after that, right?

andrew

RuehlTheWorld wrote: »

Well, with everything going well I might get BESS in the first place so then I can make choices, etc.

Thanks for reminding me. How difficult is the Maths?

Like, it would seem daunting from my viewpoint as maths definitely isn't my absolute strong point right now but surely it's all relative? Like, we will get taught how do the maths so it's basically a case of working yourself after that, right?

Well, what level of maths are you doing? What do you expect to get in the LC?

RuehlTheWorld

B2 Ordinary =o

andrew

RuehlTheWorld wrote: »

B2 Ordinary =o

As long as you put the work in you should be ok. Tutors have office hours every week on top of tutorials and lectures if you're finding it really difficult. Bear in mind though, it's more difficult than LC maths and reqires more study and more getting your head around concepts.

JohnnyDoogue

Don't you think this macro is way harder in general that Francis stuff. The concepts are easy but they way its expalained seems around the bush. Is'nt market clearing simply a fancied up version of a market at equilibrium. At least the exam is 1/3 true or false.Though I regret not going to those tutorial!

xOxSinéadxOx

can you lot tell me what's so great about bess, I was thinking of either doing commerce or economics and finance but everybody's telling me to do BESS