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Using Spreadsheets to Conduct Monte Carlo Experiments for Teaching Introductory Econometrics
R. Kim Craft
Southern Economic Journal
Vol. 69, No. 3 (Jan., 2003), pp. 726-735
Published by: Southern Economic Association
Stable URL: http://www.jstor.org/stable/1061705
Page Count: 10
You can always find the topics here!Topics: Spreadsheets, Monte Carlo methods, Economics education, Econometrics, Students, Experimental economics, Sampling distributions, Economic models, Simulations, Economic statistics
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The Monte Carlo experiment can be a valuable pedagogical tool for introductory econometrics courses. In the past, however, the practicality of having students perform Monte Carlo simulations was limited because of the high opportunity cost involved in learning to program. This paper argues that spreadsheets offer a means for beginning students to conduct meaningful Monte Carlo experiments at a relatively low opportunity cost and provides instructions on how to do so with Microsoft Excel. Suggestions are offered for using spreadsheet-based Monte Carlo experiments effectively in teaching basic econometric concepts.
Southern Economic Journal © 2003 Southern Economic Association