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On successful completion of the module, students should be able to:
- Distinguish between finite sample and asymptotic properties when evaluating estimators.
- Discuss the motivation behind the least squares estimator.
- Describe the relationship between the least squares estimator, the maximum likelihood estimator and the GMM estimator.
- Illustrate the conditions needed for a model to be identified using the least squares, the maximum likelihood and the GMM estimators.
- Compare the properties of the least squares estimator, the maximum likelihood estimator and the GMM estimator.
- Estimate and interpret economic models using least squares, maximum likelihood and GMM.
- Conduct both linear and non-linear hypothesis tests on economic models using the Wald Test, LM Test & the Likelihood Ratio Test.