Quantitative Methods in Economics and Business (I)
The objectives of this course is to introduce the students to the fundamental concepts of probability, as applied to modeling business, economics and information technology issues, including a gentle introduction to simulation. The course will serve as an introduction to concepts that will further be elaborated in more specialized courses such as stochastic models, simulation of processes, finance and econometrics etc.
Course contents
- Discrete probability, discrete random variables, distributions, moments. Examples and applications in fundamental discrete distributions (Bernoulli, Poisson, Geometric etc)
- Continuous probability, continuous random variables, distribution, density, moments. Examples and application of fundamental continuous random variables (uniform, exponential, normal etc)
- Basis concepts of simulation of discrete and continuous random variables, calculation of moments, Monte-Carlo method. Applications in models of economics and management.
- Introduction to asymptotic theory, central limit theorem and applications.