Prague, Czech Republic

Probability and Statistics, Econometrics and Financial Mathematics

Pravděpodobnost a statistika, ekonometrie a finanční matematika

Language: Czech Studies in Czech
Subject area: mathematics and statistics
University website: www.cuni.cz
Years of study: 4
Econometrics
Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships". The first known use of the term "econometrics" (in cognate form) was by Polish economist Paweł Ciompa in 1910. Jan Tinbergen is considered by many to be one of the founding fathers of econometrics. Ragnar Frisch is credited with coining the term in the sense in which it is used today.
Mathematics
Mathematics (from Greek μάθημα máthēma, "knowledge, study, learning") is the study of such topics as quantity, structure, space, and change. It has no generally accepted definition.
Probability
Probability is the measure of the likelihood that an event will occur. See glossary of probability and statistics. Probability is quantified as a number between 0 and 1, where, loosely speaking, 0 indicates impossibility and 1 indicates certainty. The higher the probability of an event, the more likely it is that the event will occur. A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written as 0.5 or 50%).
Statistics
Statistics is a branch of mathematics dealing with the collection, analysis, interpretation, presentation, and organization of data. In applying statistics to, for example, a scientific, industrial, or social problem, it is conventional to begin with a statistical population or a statistical model process to be studied. Populations can be diverse topics such as "all people living in a country" or "every atom composing a crystal". Statistics deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments. See glossary of probability and statistics.
Probability
How often have I said to you that when you have eliminated the impossible, whatever remains, however improbable, must be the truth?
Sherlock Holmes Sign of the Four Chap. 6, p. 111, written by Arthur Conan Doyle
Mathematics
Mathematical development in England was at a low ebb in the early decades of the nineteenth century, with Cambridge stagnating in the shadow of Newton, who had produced his mathematics nearly a century and a half earlier. This dead hand of tradition, which stifled much initiative and originality, was in sharp contrast to the situation in France.
D. Mary Cannell, "George Green Mathematician and Physicist 1793-1841: The background to his life and work" p. xxviii (second edition, 2001).
Econometrics
The successes of modern control theory in the design of highly accurate space navigation systems have stimulated its use in the theoretical analyses of economic and biological systems. Similarly, the effectiveness of computer simulation techniques in the macroscopic analyses of physical systems has brought into vogue the use of computer-based econometric models for purposes of forecasting, economic planning, and management.
Lotfi A. Zadeh Outline of a new approach to the analysis of complex systems and decision processes (1973) p. 28
An EU funded PAGE21 project aims to understand the interactions between the global climate system and the frozen ground. It quantifies the permafrost thaw, measures the carbon and nitrogen emissions from permafrost zones and investigates emissions’ effects on climate change.
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