Summary: This part of the course discusses estimation and inference in econometric models. The ﬁnal couple of lectures will introduce basic elements of time series analysis.

Prerequisites: The course assumes knowledge of Econometrics at the MSc level. The following concepts are taken for granted: random variables, distribution functions (marginal, joint, conditional), transformations of random variables, independence, expectations, conditional expectations, moments, covariance and correlation, (multivariate) normal distribution. To review these topics, see the ﬁrst few chapters of Casella and Berger (2001). Importantly, I will also assume knowledge of most of the ﬁrst chapter of the recommended textbook (chapters 1.1–1.6 of Hayashi (2000)), which includes: the classical linear regression model, OLS estimation, ﬁnite-sample properties of OLS, hypothesis testing under normality, GLS estimation. Part of this material will be covered by problem sets, but it is a good idea to read up on it beforehand.

Aims: To provide students with a thorough understanding of core concepts and methods of microeconomics, as a foundation for subsequent study of microeconomic topics within the degree programme, and as one of the key elements in the professional training of an economist.

Suitable for: Compulsory for 2nd year BSc Economics (L100, L101 and L102), Economics and Geography (LL17) and Philosophy and Economics (VL51) students. Also BSc Politics, Philosophy and Economics (4V86) students on the Economics and Politics concentration, and BA European Social and Political Studies (R990) students (if taking the Economics Specialisation route).

Prerequisites: ECON0002 or introductory microeconomics at an equivalent level, ECON0010 or introductory calculus at an equivalent level.

Assumed knowledge: We expect students to have some familiarity with the main concepts of microeconomic theory as follows: consumer theory, utility maximisation, demand for goods, labour supply, savings, risk; producer theory, input demands, cost, profit; supply and demand, economic equilibrium, competition, monopoly, oligopoly; welfare, Pareto efficiency, conflicts of interests, inequality; game theory.
We also expect students to be competent in calculus of one and many variables including differentiation, integration and constrained optimisation, to be comfortable with linear algebra including use of vector and matrix notation, and to have come across concepts of homogeneity and convexity.