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Managerial Economics Mini Paper Summer 2014




Question;Mini Paper;Managerial Economics;Summer 2014;This paper?s objective is to give;you an introduction into conducting an empirical research and presenting the;results of that research in a professionally written paper. To carry out this research, you will identify;an economic relationship (or a demand equation) between variables that are;interesting to you. In your paper, you;will describe this relationship and present a lucid argument for the importance;of a better understanding of this relationship.;And then, collecting appropriate data, you will empirically estimate;this relationship along with all of the appropriate goodness of fit tests and;statistics. Finally, you will analyze;and report the results of your empirical estimation with particular emphasis on;how these results are important and useful for a manager of a business;enterprise or an economic agent faced with a choice. Your final report must contain the following;sections;Brief Introduction and Literature Review ? Discuss and flesh;out the motivation for the economic relationship you are estimating in this paper. While you do not have to go into lengthy;discussions about the underlying economic theory, it should be sufficiently;detailed so the relationship you are estimating is made clear to the reader. In this section, you should include a short;discussion of the literature. While it;does not need to be exhaustive, pick three to five papers to frame your;research and place it in context.Data Description ? Give a brief discussion of the data;and how/where they were collected. At;the minimum, you should note the time range of the data, scales of the data;(i.e., data in millions of dollars or thousands of tons, etc.), and any notable;events that may be applicable to your data set (such as change in corporate;ownership or natural disasters, etc.).;Also, you should describe the institutional setting of your data. E.g., you should discuss the business;with an eye towards how some unique industry practices might have an impact on;the specific data that you had collected.;Also include a table of basic descriptive statistics for your data. Your description of the data would surely be;aided by carefully drawn charts of your data.Regression Model and Results ? Carefully develop your;regression model. You must support your;model with a ?story? of why the right hand side variables you include are;important and/or with the support of the relevant economic theory (including;your hypotheses). Report your regression;results in an equation form (see the textbook for how this is done) or a table;form. Be sure to report all relevant;statistics: coefficient estimates, standard error, R2, various test;statistics, etc.Discussion and Diagnostic Tests ? Carry out all;appropriate ?goodness of fit? tests and briefly discuss the ?fit? of your;regression equation. Which form is the;preferred: linear or log-linear? Explain;your conclusion. Finally, carefully;describe what your empirical results are telling you about your hypothesized;economic relationship that you had outlined in part a.Conclusion ? What does your regression tell you about;the demand in the industry? What more;can be done in the future?;While;there will not be a hard page limit for this paper, overall, this mini report;should be seven to ten double spaced pages long with 1? margins,not including tables and diagrams (plots;of your data, if you are including them).;Please;keep in mind that the objective of this mini project is to get your hands dirty;working with a data set that is interesting to you. As such, we are not looking to break new;theoretical ground ? just come up with a simple economic relationship and model;it using a simple yet robust regression.;Style;requirements: please use either APA or Chicago/Turabian citation styles.;Due Dates;May;30: One to two pageproposal. This will contain a rough description of what;you want to model along with what types of data will be required and how you;will obtain them. Note that it is not;necessary that you have the data in hand by this date.;June;9: One to two pageprogress;report. By this time, you should;have collected most, if not all, of your required data. Describe the data: means, variances;etc. Include a plot of the data.;Your report will, at;the minimum, include the following;Description;of the model (including modifications that were suggested from the proposal).Regression;Equation of the model.Table(s);that describes the data (means, variances, min, max, # of observations).Figures/plots;of the data.For;any data that has not been collected yet, a complete and detailed description;of when and where the data will be collected (must include documentation;website, and/or contact information of the (potential) source).June;27: Final papers are due by 5;pm. This report should contain the five sections;described on page 1 along with;Simple cover pageReferences (Three sources minimum, must be in proper;format)Appendix (at minimum include excel spreadsheet printout;of the regression(s), other possibilities include data description, data;sources, etc.)Grading: Only the Progress Report and the;Final Paper will be graded. Progress;Report will make up 25% of the total Mini Paper Grade while the Final Paper;will make up the remaining 75%. Please;note that late submissions without prior approval of the instructor will incur a;substantial late penalty. A grading;rubric follows.;Category;1;2;3;4;Insufficient;Partially Proficient;Proficient;Excellent;Weight (max %);Classif-ication;Novice;Apprentice;Practitioner;Expert;Progress Report;Progress report is;poorly written and missing multiple parts;Progress report;missing a section;Progress report;contains all parts but writing is difficult to read;Well written paper;includes description, regression equation, tables of data, figures and plots;and a description of remaining data to be collected;25%;Data Description;Student does not clearly;describe their data.;Data is poorly described;and lacking supporting tables and figures.;Data is described;and includes figures, plots and tables. Parts of explanation may be missing;Data is;well-written, and includes figures, plots and tables as well as well-written;descriptions;20%;Economic analysis;Displays clear lack;of knowledge and understanding of economic theories and their interpretation.;Uses appropriate;economic terminology to describe regression analysis, and diagnostic tests;but does not provide deep analysis.;Incomplete;discussion of theories and economic relevance.;Displays superior;knowledge of relevant economic theories as well as their interpretation;relative to question asked. Places paper into context of the literature. Discussion;is supported by regression results, and diagnostic tests.;40%;Grammar;5 or more errors;Several errors;(3-4);Few errors;(1-2);No errors in;grammar, spelling or punctuation;5%;Organization;Paper is poorly;organized and difficult to follow, missing multiple parts of assignment.;Paper is mostly;organized but difficult to follow at points. Paper is missing multiple parts.;Paper is organized;but missing one part.;Paper is well;organized with clear topic sentences and follows a cohesive train of thought;includes all parts outlined in assignment.;10%


Paper#56828 | Written in 18-Jul-2015

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