Module overview
Building on the econometric content learned in the second year this module introduces students to advanced econometric methods and machine learning. The module will first introduce an empirical problem then it will introduce the classical econometric answer to that problem and discuss how that method can fail. Then we will introduce machine learning methods that address potential failures of the classical econometric method, learn how to implement them in statistical software to then look at applications. Finally, we also discuss potential problems of the machine learning method. We will repeat this procedure with multiple topics. The goal of the course will mainly be prediction accuracy of the methods but extensions to causal inference and meaningful policy evaluation will also be mentioned. Applications to economic problem will be used throughout to illustrate the methods.