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Statistical Foundations of EITM

James Lo (University of Southern California)

June 26 - June 28

The Foundations seminar aims to provide tools with which students can develop their own statistical models to test predictions derived from formal theories.  Although most participants in the Summer Institute know the basics of rational choice theory and statistical analysis, it will be helpful to construct those techniques in a manner that facilitates statistical testing of rational choice models. 

Basic courses in statistical methods often give scant coverage to techniques especially suited to the testing of predictions generated from formal models.  Accordingly, Foundations covers techniques fundamental to the Summer Institute's advanced seminars: maximum likelihood estimation, Bayesian inference, model specification for comparative statics predictions, model comparison, and simulation.  In addition, we provide a brief overview of statistical models dealing with selection issues in data.