SOK-3008 Models for Market Analysis - 10 ECTS
Applicants from Nordic countries: June 1st for the autumn semester and December 1st for the spring semester. Exchange students: October 1st for the spring semester and April 15th for the autumn semester.
Exchange students are students from academic institutions with which UiT The Arctic University of Norway have formal exchange agreements.
A Bachelor's degree or equivalent in economics. (An example of an equivalent degree can be another bachelor's degree containing a minimum of 80 ECTS in economics.)
· The Norwegian grading system is an A-F scale in which A is the highest score and F is fail. An average grade C from a bachelor degree issued in Norway is the minimum requirement for admission to the master's level for students with Norwegian study background.
· Applicants who hold a bachelor's degree or equivalent issued in Europe, Canada, USA, Australia and New Zealand must have an average grade C as a minimum, or the corresponding numerical mark/percentage score to be considered for admission.
· Applicants who hold a bachelor's degree or equivalent issued in countries other than the above mentioned region/countries must have an average grade B as a minimum, or the corresponding numerical mark/percentage score to be considered for admission.
Application code 9371
Objective of the course
Students who have successfully completed the course should have achieved the following learning outcomes:
Knowledge and comprehension:
- Understand more advanced consumer demand theory including Hicksian versus Marshallian demands, general market theory restrictions and the utility tree.
- Understand how the Rotterdam model is developed and estimated.
- Understand how the Almost Ideal Demand System (AIDS) is developed and estimated.
- Understand how other factors besides prices and income can be incorporated and estimated in both the Rotterdam and AIDS model.
- Understand the property of hedonic/logistic model.
- Understand the theory behind revealed preference data (such as sales and brand choice).
- Understand how different choice models and duration models are developed and estimated.
The course should prepare the student to:
- Collect data from main official data sources such as SSB, Eurostat and USDA.
- Estimate two classical demand models using time series data (Rotterdam and AIDS)
- Estimate consumer choice models based on revealed preference data.
- Analyze the estimated results; discuss how consumer demand/choice is affected by prices, income, advertising etc.
- Analyze the price premium for some product attributes and consumer choices.
- Be able to use econometric tools to analyze applied consumer demand/choice.
- Be able to write up a good project report in applied market analysis by combining knowledge and skills of collecting data, estimating the econometric model, analysis and discussion.