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Probability is the mathematics of uncertainty and randomness. The module begins with classical notions of probability associated with the analysis of games of chance using cards, dice, etc. It then moves to the axiomatic treatment of the probability of random events. This leads to the definitions of statistical independence and conditional probability. The remainder of the module is concerned with a systematic study of discrete and continuous, univariate and bivariate, random variables, covering expectation, variance, covariance and the moment generating function.
The theory is applied to a wide range of theoretical and applied problems.
This module develops the following Keele Graduate attributes:
1. An open and questioning approach to ideas, demonstrating curiosity and independence of thought.
4. The ability to solve problems creatively using a range of different approaches and techniques, and to determine which techniques are appropriate for the issue at hand.
6. The ability to communicate clearly and effectively in written and verbal form. |
| Semester 2 |
C/O |
TYP |
ECTS | CATS |
|
|
ECO-20037 |
Open Economy Macroeconomics |
C |
M
|
7.5 |
15 |
|
|
This module examines the role and capability of government demand management policies in an open economy. The module systematically develops an open economy variant of the established closed economy macroeconomic models (IS/LM and AS/AD model). It examines the efficacy of monetary, fiscal and exchange rate policy for stabilizing output, employment and inflation. The role of capital mobility and the exchange rate in the transmission mechanism of policy is studied. |
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ECO-20044 |
Portfolio Choice |
C |
M
|
7.5 |
15 |
|
|
The aim of this module is to provide you with a sound understanding
of the economic theories that are used to make well-founded portfolio recommendations to investors. The module builds on the earlier module Eco-20011 Asset Pricing. Students are assessed at the end of the year in a final unseen exam. During the semester students are expected to collect a portfolio on the investment strategies they will implement using a financial market simulation. |
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MAT-20006 |
Stochastic Processes |
C |
M
|
7.5 |
15 |
|
|
This module examines the mathematics of random processes with particular reference to biological and social sciences. The course will include: revision of probability and distribution theory, difference equations, Markov chains, branching and Poisson processes, birth and death processes, queues, reliability and lifetime distributions.
2 hours lectures & 1 hour examples class |
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MAT-20027 |
Linear Statistical Models |
C |
M
|
7.5 |
15 |
|
|
This module presents an introduction to statistical inference and illustrates the theory with practical applications to real life data sets.
The first half of the module will encorporate hypothesis testing, confidence interval and parameter estimation. The second half of the module considers regression and anova methods, and demonstrates how statistical models can be used to draw conclusions from observations and experimental data collected in the physical and social sciences.
This module develops the following Keele Graduate attributes:
1. An open and questioning approach to ideas, demonstrating curiosity and independence of thought.
4. The ability to solve problems creatively using a range of different approaches and techniques, and to determine which techniques are appropriate for the issue at hand.
6. The ability to communicate clearly and effectively in written and verbal form. |
| Semester 1 |
C/O |
TYP |
ECTS | CATS |
|
|
ECO-30027 |
Insurance Theory |
C |
M
|
7.5 |
15 |
|
|
This module develops the theoretical study and practical calculation of insurance premia. Students engage with the calculation of insurance premia by examining individual and collective risk theories as well as ruin theory. The application of these theoretical concepts is practised through calculating insurance premiums using software packages. |
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ECO-30031 |
Insurance Statistics |
C |
M
|
7.5 |
15 |
|
|
The module enables students to study modern econometric models and statistical techniques necessary to model and measure individual risks (dichotomous risks, claim counts, and duration to loss). |
|
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ECO-30038 |
Corporate Finance |
EP |
M
|
7.5 |
15 |
|
|
The aim of this module to introduce the necessary theoretical and practical background in finance that is used to assess financial decisions within corporations.
The module will explain what defines a corporation and how they are financed. It covers investment decisions and techniques for capital budgeting and examines risk management techniques and their applications. The impact of taxation of corporations and dividend payout policies are also examined. |
|
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ECO-30040 |
Options and Futures |
C |
M
|
7.5 |
15 |
|
|
This course deals with the valuation and hedging of options, forward contracts, swaps and other derivatives. The pricing of options and other derivatives depends on three key factors:
1. the volatility of the underlying assets;
2. the extensive use of arbitrage arguments to price assets as discussed in ECO-20041 (Asset Pricing) and
3. the present value and discounting procedures to value streams of returns as analysed in ECO-10017 (Economics of Financial Markets) and ECO-20044 (Portfolio Choice).
Bringing these three elements together and deepening the understanding of each, it will be shown how complex derivatives, like index options, swaps and forward contracts can be analysed. Derivatives type securities such as warrants, convertibles and rights issues are used by companies and are part of the analysis of Corporate Finance. |
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MAT-30002 |
Non-linear Differential Equations |
EP |
M
|
7.5 |
15 |
|
|
Systems that evolve in time can often be modelled by differential equations. There are countless examples of such systems from the physical world including the weather, climate change, stock markets, the economy, population dynamics, mechanical systems, etc. The great variety of behaviours exhibited by these systems is reflected in the solutions to the corresponding differential equations. This module introduces a number of methods for identifying and classifying various types of behaviour in various types of differential equation. While linear differential equations model some processes, the majority are described by nonlinear equations, and it is these that display the greatest diversity of behaviour. However, very few nonlinear differential equations have exact solutions. Nevertheless, a great deal of insight can be obtained from qualitative methods. This module focuses on geometric methods for constructing phase plane representations of dynamics and perturbation methods for obtaining approximate solutions. With these tools it is then possible to examine the changes in behaviour that can occur when a parameter is varied, and bifurcation theory is introduced to describe this. The relation between the evolution of differential equations and the evolution of maps is explained, and more exotic behaviour, like period doubling and chaos, are then studied in terms of the dynamics of maps. |
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MAT-30003 |
Partial Differential Equations |
EP |
M
|
7.5 |
15 |
|
|
This module provides an introduction to analytical methods for solving partial differential equations (PDEs). Throughout the module focuses on PDEs in two independent variables, although generalisation to three, or more, independent variables is briefly discussed. The module begins by introducing the method of characteristics for solving first order linear and quasi-linear PDEs. This is followed by the classification of linear second order PDEs into hyperbolic, parabolic or elliptic type, with a detailed treatment of the reduction to canonical form in each case. Thereafter, the module introduces the separation of variables technique and transform methods to solve the wave, diffusion, Laplace and Poisson equations. These PDEs are frequently encountered in many branches of applied mathematics, including fluid dynamics, mathematical biology, financial mathematics and electromagnetism. Finally the module introduces the technique of eigenfunction expansions for solving inhomogeneous PDEs, and the powerful technique of Green&İs functions. |
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MAT-30021 |
Numerical Analysis |
EP |
C
|
7.5 |
15 |
|
|
This module is concerned with the analysis of numerical methods, concentrating on how to select a suitable method and analyse the results produced, rather than on programming the methods themselves. Substantial use is made of technology in terms of existing teaching packages, computer algebra and hand held technologies, all of which provide transferable skills. There are regular computer laboratory sessions at which students will be expected to use any and all of the methods introduced in lectures. |
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MAT-30026 |
Probability Models |
EP |
M
|
7.5 |
15 |
|
|
Probability models are widely used in natural, social and financial sciences for the purposes of understanding, predicting and controlling random phenomena.
The module builds on the earlier study of probability and stochastic processes. It aims to:
(a) provide students with knowledge of some more advanced concepts in probability theory, in particular: conditional expectation, convergence of random variables, martingale sequences, and brownian motion;
(b) apply probabilistic techniques to a wide range of stochastic models and processes.
This module develops the following Keele Graduate attributes:
1. An open and questioning approach to ideas, demonstrating curiosity and independence of thought.
4. The ability to solve problems creatively using a range of different approaches and techniques, and to determine which techniques are appropriate for the issue at hand.
6. The ability to communicate clearly and effectively in written and verbal form. |
| Semester 1-2 |
C/O |
TYP |
ECTS | CATS |
|
|
ENL-90003 |
Academic English for Business Students (Part 1) |
EA |
C
|
7.5 |
15 |
|
|
Drawing on business-related themes, these sessions will help students to develop and refine the specific writing, reading and verbal communication skills they need to succeed in their studies. Through a series of workshops, lectures, assignments, online and practical tasks and projects, students will improve their ability to:
extract key information from academic texts
summarise, paraphrase and synthesise information from a variety of sources
identify authorial stance, interpret data and read critically
cite sources appropriately and write a bibliography
write in an accepted academic style
engage in academic discussion
prepare and deliver academic presentations
|
|
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ENL-90004 |
Academic English for Business Students ( 2) |
EA |
C
|
7.5 |
15 |
|
|
Drawing on academic business themes and materials, these sessions will provide opportunities for students to further develop their writing, reading and verbal communication skills. Through a series of lectures, workshops, assignments, on-line and practical tasks, students will improve their ability to:
Summarise, paraphrase and synthesise information from a variety of sources
Cite sources accurately and write a bibliography
Gather, interpret and report on data
Identify authorial stance and read critically
Write in an appropriate academic style
Engage in academic discussion
Prepare and deliver academic presentations
|
| Semester 2 |
C/O |
TYP |
ECTS | CATS |
|
|
ECO-30026 |
Game Theory |
EP |
M
|
7.5 |
15 |
|
|
The module introduces students to the methods of game theory, enabling them to gain an understanding of strategic interaction, knowledge of which is fundamental in understanding modern literature in a variety of disciplines, including Economics, Politics and Biology.
Although the subject will cover some elements of abstract modelling, topics will be introduced on an examples-led basis, with the emphasis on applicability of the theory to real life.
|
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ECO-30030 |
Topics in Theoretical and Applied Actuarial Science |
C |
C
|
7.5 |
15 |
|
|
This module develops students' knowledge of the latest research in Actuarial Science and encourages them to critically analyse current themes. The teaching includes talks by practitioners and academics. |
|
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ECO-30037 |
International Finance |
EP |
M
|
7.5 |
15 |
|
|
This module is designed to familiarize students with the structure and operation of the foreign exchange market, the determinants of the foreign exchange rate and the characteristics of international financial markets. The module will introduce the principle international parity conditions and consider the question of whether international markets are efficient or not. |
|
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ECO-30041 |
Contingencies |
C |
M
|
7.5 |
15 |
|
|
The objective of this module is to extend the deterministic analysis of Contingencies presented in Fundamentals of Actuarial Science (Eco10018) to the stochastic case. |
|
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ECO-30043 |
Economic and Business Forecasting - ISP |
EA |
C
|
7.5 |
15 |
|
|
The ability to analyse quantitative information and produce and evaluatate forecasts is a highly prized skill in business and industry. This module is designed to familiarize you with a variety of methods and techniques used for forecasting economic and business data and their use in economic and business decision-making.
The module will consider, in turn, applications and merits of various smoothing methods, time series decomposition, univariate time series and structural modelling forecasting methods. Methods of forecast evaluation will also be examined. The module is hands-on and students will learn how to apply the various forecasting techniques using real data. The module will develop further IT skills associated with the use of Stata and other software packages.
Module assessment is based upon completion of a report comprising of three forecasts produced independently. |
|
|
ECO-30044 |
Health Economics |
EP |
M
|
7.5 |
15 |
|
|
This module will enable students to analyse issues and problems associated with the funding, provision, utilization and evaluation of health services from an economic perspective. The course also introduces students to theories upon the determinants of health. Understanding how economics can be applied to this field is central to the analysis of policies addressing health and health care with respect to the goals of efficient use of resources and equity. The module involves a mixture of theory and as well as applied/empirical economics with an emphasis throughout on policy.
|
|
|
ENL-90005 |
Advanced Business English Communication |
EA |
C
|
7.5 |
15 |
|
|
In this highly competitive climate you need something to set you apart from others. This module will provide you with the specialist language and professional communication skills you will require if you wish to pursue a career in business.
This highly practical module will build upon and complement your existing language skills by working on themes such as negotiating strategies and presenting visual information. Revision of essential grammatical structures and functional areas of language as well as building a subject-specific bank of key words will provide you with the confidence to engage fluently and competently in a variety of business contexts.
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MAT-30014 |
Medical Statistics |
EP |
M
|
7.5 |
15 |
|
|
This module illustrates the application of statistical techniques to health related research. Methods are applied using data from real-life studies, with particular emphasis placed on cancer studies. No prior knowledge of medicine or biology is required. The module commences with a revision of hypothesis testing procedures. This is followed by three main topics: clinical trials, survival analysis and epidemiology. Clinical trials are immensely important for evaluating the relative effectiveness of different treatments, and their design and analysis are considered in-depth. Survival analysis looks at the features and analysis of data from studies of patients with a potentially fatal disease. Epidemiology explores the distribution of disease in a population and discusses studies for assessing whether there is a possible association between a factor (such as, smoking, eating beef, using a mobile phone) and the subsequent development of a disease. |
