BA Joint Hons Economics, Mathematics & Statistics

The module will provide you with a balanced introduction to economics which will be based on a programme of systematic directed reading, supplemented by experiments and exercises undertaken in tutorials. 

The module uses the innovative COREecon resources, which provides a complete introduction to economics and the economy. COREecon teaches about the economy and economics by starting from a question or a problem about the economy - why the advent of capitalism is associated with a sharp increase in average living standards, for example - and then teach the tools of economics that contribute to an answer. This innovative approach ensures that students understand how the tools of economics can help us understand the modern economy. 

The second half of the module is the study of how analytical thinking, scientific method and associated tools can be used to help decision making. This Business Analysis element of the module will provide an overview of where methods and tools are widely used across a large range of industries including the manufacturing, retail, healthcare, financial services, travel, and electronics industries, as well as in local and national government. 

Examples of where Business Analysis is put into practice are: 

• the management of new building projects
• the design of efficient transport systems and plant layouts
• personnel scheduling
• allocation of resources and financial modelling and forecasting

This area of expertise can help to reduce costs, increase revenues, improve customer service, increase efficiency and can even save lives. 

This module introduces learners to the field and practice of international business and management.

Drawing on classical and recent debates in theory and practice including, but not limited to commercial concerns, learners will be equipped with an understanding of the foundational principles and developments of the subject.

In the module, we consider how international business and management is researched, and facilitate a critical understanding based on real-life case studies in international contexts. This module gives learners the capacity to look at the past, present and future in organisations and provides the foundations for intellectual progression in the subject, and broadly, for year two and beyond.  

This module will provide you with an introduction to finance and accounting, covering the basic concepts and practicalities of corporate finance, the principles of valuation, financial management and business investment, the role and purpose of company accounts and their usefulness, security analysis, risk and returns from investments, and personal finance.

At all times the module content will be linked with financial behaviour and events in the real world.

The aim of this module is to provide you with a solid foundation and understanding of the theories and principles underlying marketing and entrepreneurship. A combination of the subjects will be taught to enhance understanding of the way the two disciplines address issues related to both the macro and micro-environment contexts of markets and entrepreneurship.

Marketing is a complex process involving many different skills and activities, but it is based upon simple principles: understanding what customers want and need, being able to collect and process information relevant to the marketing environment and being able to put together and implement plans to take the business forward.

In this module, you will be exposed to concepts and ideas from economics, sociology, psychology, geography and other social sciences, all in the context of the competitive business environment.

Entrepreneurship too is a complex process involving many different skills and activities, though it is based upon a 'mindset and process by which an individual or group identifies and successfully exploits a new idea or opportunity. For this part of the module, you'll be working in teams to learn about the ideation process, which forms the foundations of new venture creation, in our Creative Challenge.

This module includes two thematic parts which run in parallel across the semester. One part, Introduction to Tourism Studies, introduces tourism management as both, international business and as a global cultural phenomenon.

It provides insights into key concepts and theories to understand the intricacy of this industry in commercial, cultural and environmental terms. The other part, Managing People, focuses on the contemporary and practical issues of how people are organised and managed in the workplace and examines different theoretical perspectives which help our understanding of the complex relationship between the employer and the employee in the contemporary business environment.

The ICE Pathway - “Innovation, Commercialisation & Entrepreneurship”, where you'll learn about the Foundations of 'What is Business’.  Alongside:

• Personal & Professional Development: Who am I? How Do I learn? How do I lead & work in a team?
• Knowledge & Practice: What is a business/organisation? Why does this matter? How does this affect society?
• Experiential Learning: Real-world cases & clients; team-based and student-centered Learning approaches

This class aims to support you in developing key skills that are important to both your academic and future career. These include skills associated with:

• research
• data analysis
• critical writing
• team working
• communication

The fundamental concepts of calculus (differentiation and integration) presented in Applications of Calculus will be examined in more detail, extended to a larger class of functions by means of more sophisticated methods, including an introduction to complex numbers and variables, all demonstrated in application to practical problems including solving basic first and second-order differential equations.  

Topics

Semester 1 topics include:

• Working in Business Organisations
• Working Business Research & Consultancy
• Working Internationally
• Working in the Third Sector
• Rhetorics & Oratory

Semester 2 is about developing the proposal of MDP3; with a presentation and a final report.

Class description

The second year concentrates on developing understanding through industry-specific contextualisation. Sessions are weekly and three hours in length.

The sessions are thematically linked to the pathways for individualised experience in third year whilst also drawing on the theoretical knowledge developed in MDP 1. In order to develop understanding, organisations will deliver a half-day session. This consists of a one hour plenary introduction where the company and case study are introduced. This is followed by the group sessions where you undertake activities in relation to the case study set by the company.

This is the core Microeconomics class in Year 2. It aims to develop your understanding of: the concepts of consumer choice; the motives of the firm and profit maximisation; the market and its role in achieving equilibrium prices and quantities; and the implications of market power. It introduces you to mathematical techniques commonplace in Economics, giving you the ability to apply these in a wider economic context.   

The class builds upon the macroeconomic foundations established in the first year Economics class and both extends and deepens analysis. This class will develop your ability to use key macroeconomic models and will also provide an introduction to the analysis of economic data. 

This class will introduce you to the basic ideas of linear algebra, such as matrices and determinants, vector spaces, bases, eigenvalues and eigenvectors. You'll study various standard methods for solving ordinary differential equations and understand their relevance.

Presentation of the basic concepts of probability theory and statistical inference will be covered to provide you with the tools to appropriately analyse a given data set and effectively communicate the results of such analysis.

This class will introduce you to the R computing environment. It'll enable you to use R to import data and perform statistical tests, allow you to understand the concept of an algorithm and what makes a good algorithm and will equip you for implementing simple algorithms in R.

The third year of centres on individualised experience in an organisational context through one of the following pathways:

• Internship/Charities - gain practical experience in a private or third sector organisation. You need to negotiate and locate your own organisation and experience – this is one of the key learning points of the pathway.
• Research and consultancy - a facility for local small businesses to gain from the experience and expertise of those within SBS. You work on two live business consultancy projects (one in each semester) and, as a team of 6, develop solutions and strategic initiatives for the local SME economy.
• International experience – only available for students who are undertaking an international exchange for either one semester or full year.
• Vertically Integrated Projects - working on a cross-faculty basis to research longitudinal projects (including the ‘Bill Gates Toilet Challenge, Solar Panels for Gambia and Enterprise in Schools) you work with a team of students from all levels of study (first year undergraduate to final year PhD) to further the work of the project.

In addition, you’re required to undertake a social responsibility element (this accounts for one quarter of the overall workload).

These have been designed to provide support to the Curriculum for Excellence and the Widening Access to Higher Education programme. There are no formal classes for MDP3 although there is pathway support with the pathway leads and tutor support.

Adam Smith's hidden hand - markets result in efficient outcomes - doesn't always work. We seek to understand why by using the tool of game theory to analyse how agents interact and discuss market power and externalities.  We then consider other issues in public economics including cost-benefit analysis, fiscal federalism, taxation and crime.  You will also learn more about how to analyse microeconomic data.

This class builds on the Macroeconomics you studied in second year by covering four topics in detail:

• models of economic growth
• the effects of macroeconomic policy in an open economy
• the interrelationships between money growth, output, unemployment and inflation
• the implications of high government debt. 

You will also learn more about how to analyse macroeconomic data. 

We'll introduce you to analytical methods for solving ordinary and partial differential equations so you'll develop an understanding along with technical skills in this area.

This class will:

• review the concepts of probability distributions and how to work with these
• present approaches to parameter estimation, focusing on maximum likelihood estimation, bootstrap estimation, and properties of estimators
• present hypothesis testing procedures, including classical likelihood ratio tests and computer-based methods for testing parameter values, and goodness-of-fit tests.
• introduce and provide understanding of the least squares multiple regression model, general linear model, transformations and variable selection procedures
• present use of R functions for regression and interpretation of R output

This class will introduce functions of a complex variable, define concepts such as continuity, differentiability, analyticity, line integration, singular points, etc. It'll examine some important properties of such functions, and consider some applications of them, eg conformal mappings, and the evaluation of real integrals using the Residue Theorem. It'll also introduce you to Fourier and Laplace transform methods for solving linear ordinary differential equations and convolution type integral equations.

Here we'll introduce basic algebraic structures, with particular emphasis on those pertaining to finite dimensional linear spaces and deepen your understanding of linear mappings. We'll also provide an introduction to inner product spaces and bilinear forms.

This module will motivate the need for numerical algorithms to approximate the solution of problems that can't be solved with pen and paper. It'll develop your skills in performing detailed analysis of the performance of numerical methods and will continue to develop your skills in the implementation of numerical algorithms using R.

You'll be introduced to the basic concepts of random phenomena evolving in time, from two complementary points of view: probabilistic modelling and data-driven analysis. Presentation of underlying ideas of simple stochastic processes, time series models, and the associated probability theory and statistical techniques will be covered. In addition to applications of the methods to financial and economic systems, including modelling, data analysis, and forecasting.

The dissertation is an important part of the fourth year programme. Single Honours Economics BA students are required to submit a dissertation in Economics while Joint Honours BA students may submit a dissertation in Economics or in their other Honours subject. 

Information Economics, the topic of this class, considers market failure resulting from uncertainty and information asymmetry. The course looks at two specific examples of market failures: moral hazard and adverse selection. We will discuss policy solutions to reduce the negative impacts of these market failures on society. We will also apply uncertainty to game theory and learn how to find Bayesian Nash Equilibria. Furthermore, we will examine the impact of externalities on social welfare and learn about the optimal provision of public goods.

This class aims to provide you with the required tools to understand current macroeconomic issues, such as the interactions between the banking sector and monetary policy or the policy responses to the global financial crisis.  Throughout the class, the analytical usefulness of the theoretical models taught is illustrated with real-world examples. 

This course investigates the actions that firms in an industry might take to preserve their profit in that industry, and the implications that this has for competition policy and regulation. We take an analytical approach to the issues which will be supported by examining case studies and current events. 

In third year, you will have learned about regression in both a cross-sectional data and time series data context. This class extends that knowledge to two core topics: causal inference and forecasting. Both are highly relevant topics to real-word economics. Understanding the effects of economic policies and decision-making requires careful empirical analysis and understanding of what the data can and cannot tell us. Topics on causal inference build skill in this area. Furthermore, policymakers and economist often want to know something about what to expect, for example of unemployment, given what has happened recently and in the past. Topics in forecasting build skills in this area.

In causal inference, we begin with foundations on how to think about correlation vs. causation and threats to interpreting regression model coefficients as causal effects. We then introduce two methodological approaches. These are instrumental variables and difference-in-differences. Under both we develop the intuition and key assumptions that will allow interpreting statistical results from a regression model as a causal effect from a variable or policy change of interest. We further work with example cases in labs and learn how to implement the methods with data in R, and we use tutorials to think about these methods in action and continue developing the intuition.

In forecasting, we will introduce you to basic tools needed to become a forecaster, such as understanding what a loss function and forecast horizon is. In addition, you will learn various forecasting evaluation techniques to compare competing models.

This class gives a balanced view of the role of finance in promoting long-run economic growth, but also booms and busts. The nature and role of financial intermediaries will be introduced, and, afterwards, formally addressed in a simple aggregate growth model. Empirical evidence will be examined, before turning to the specifics of micro-finance. The importance of financial globalisation will also be investigated. Finally, the rest of the class will be devoted to deciphering the causes and consequences of the current financial crisis.

Behavioural Economics offers alternative theories that merge psychological insights with economic theory and are based on experimental and other evidence, that attempt to provide a better explanation of real-world behaviour.

This class is concerned with exploring these behavioural theories with the aim of providing you with an expanded toolkit with which to approach ‘real-world Economics’ that is based on the burgeoning Behavioural Economics literature that has emerged over the past two or three decades.

After studying this, you should be able to extend much of your previously-learned knowledge in Microeconomics in various directions that take into account more realistic ways of modelling how individuals behave.

The class provides you with an introduction to Natural Resource Economics, Environmental Economics and Energy Economics, establishing connections between the economics and the policy aspects of the class topics. It focuses on the contributions of Economics to understanding environmental, energy and natural resource problems, their causes, and the design of effective public policies to counteract them.

This class provides you with experience of the skills required to undertake project work, and to communicate the findings in written and oral form using a variety of sources, such as books, journals and the internet.

Here you'll get an introduction to ideas in mathematics and statistics that can be used to model real systems, with an emphasis on the valuation of financial derivatives. This module places equal emphasis on deterministic analysis (calculus, differential equations) and stochastic analysis (Brownian motion, birth and death processes). In both cases, in addition to theoretical analysis, appropriate computational algorithms are introduced. The first half of the class introduces general modelling and simulation tools, and the second half focuses on the specific application of valuing financial derivatives, including the celebrated Black-Scholes theory.

This class will provide you with a range of applied statistical techniques that can be used in professional life.

You'll be introduced to a range of modern statistical methods and practices used in industry, commerce and research, and will develop skills in your application and presentation.

This class will present the main results in Functional Analysis, give an introduction to linear operators on Banach and Hilbert spaces and study applications to integral and differential equations.

You'll be introduced to the theory of Newtonian fluids and its application to flow problems and the dynamics of waves on water and in other contexts.

You'll be presented with the basic theory and practice of finite element methods and polynomial and piecewise polynomial approximation theory.

Here you'll learn the application of mathematical models to a variety of problems in biology, medicine, and ecology. It'll show the application of ordinary differential equations to simple biological and medical problems, the use of mathematical modelling in biochemical reactions, the application of partial differential equations in describing spatial processes such as cancer growth and pattern formation in embryonic development, and the use of delay-differential equations in physiological processes. The marine population modelling element will introduce the use of difference models to represent population processes through applications to fisheries, and the use of coupled ODE system to represent ecosystems. Practical work will include example class case studies that will explore a real-world application of an ecosystem model.

We'll introduce you to general continuum theory with applications to Newtonian and non-Newtonian fluids and elastic materials.

We'll provide you with a basic mathematical understanding of modern approaches to optimisation and the calculus of variations.

Here you'll develop approaches to understanding complex or random systems in or out of equilibrium, based on ideas from statistical mechanics that incorporate familiar concepts and methods from neighbouring subjects like classical mechanics and probability and statistics.

You'll also be able to describe, through various examples and techniques, how macroscopic properties of systems arise from the ensemble action of many microscopic ingredients, and, specifically, how deterministic 'laws' may arise from basic randomness of a system with many variables or degrees of freedom. Fundamental examples include Brownian motion and the ideal gas.

We'll introduce mathematical models which arise in epidemiology and population dynamics, and help you develop techniques for analysing the qualitative behaviour of the associated dynamical systems.