Høst 2023

SOK-3008 Models for Market Analysis - 10 stp

The course is administrated by

Handelshøgskolen ved UiT

Type of course

This course can be taken as a singular course.

Course contents

This is an applied course in the disciplines of economics and marketing. The course is designed to give students sufficient background to formulate, estimate, and interpret theoretically consistent market demand relationships. After completing this course, you should be able to do price analysis using classic demand models, like the Rotterdam and Almost Ideal demand model. Furthermore, focus will be on advanced quantitative models in economics, finance and marketing research. We will mainly use R for the estimations.

Admission requirements

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

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 and Almost Ideal Demand System (AIDS) is developed and estimated.
Understand how other factors like advertising can be incorporated and estimated in both the Rotterdam and AIDS model.
Understand the theory behind consumer choice models.
Understand the theory behind panel data models.
Understand how advanced time series models can be specified and estimated.

Skills:

The course should prepare the student to:

Collect data from official online data sources.
Estimate two classical demand models using time series data (Rotterdam and AIDS).
Estimate consumer choice models based on revealed preference data.
Analyze and interpret panel data models.
Analyze and interpret dynamic time series models.
Interpret estimated results; discuss how consumer demand/choice is affected by prices, income, advertising etc.

Competence:

Be able to use econometric tools to analyze applied consumer demand/choice data.
Be able to use econometric tools to analyze panel data.
Be able to use econometric tools to analyze time series data.
Be able to critically assess published research articles and reports in the field.
Be able to write up a good project report in applied market analysis by combining knowledge and skills of collecting data, estimating an adequate econometric model, implementing the analysis and discussing the findings.

Language of instruction

English

Teaching methods

The course has multiple teaching approaches, lectures and seminars. The students need to be present at campus, and participate in lectures and group-work.