{"id":64315,"date":"2024-12-10T08:18:49","date_gmt":"2024-12-10T13:18:49","guid":{"rendered":"https:\/\/blogarchive.utc.edu\/news\/?p=64315"},"modified":"2024-12-10T08:18:54","modified_gmt":"2024-12-10T13:18:54","slug":"inaugural-econometrics-research-symposium-shows-a-new-way-to-better-make-observations-of-your-world","status":"publish","type":"post","link":"https:\/\/blogarchive.utc.edu\/news\/2024\/12\/inaugural-econometrics-research-symposium-shows-a-new-way-to-better-make-observations-of-your-world\/","title":{"rendered":"Inaugural Econometrics Research Symposium shows a new way to ‘better make observations of your world’"},"content":{"rendered":"
\"Justin

Justin Jackson, discusses his project with Center for Regional Economic Research Director Howard Wall at the Econometrics Research Symposium. Photo by Omar Yasin.<\/p><\/div>\n

The University of Tennessee at Chattanooga Gary W. Rollins College of Business hosted its inaugural Econometrics Research Symposium on Thursday, Dec. 5, where students examined data sets of real-world issues and trends.<\/p>\n

Dr. Howard Wall, the director and chief economist of the newly founded UTC Center for Regional Economic Research<\/strong><\/a> and a professor of practice in the Department of Finance and Economics, hosted the symposium.<\/p>\n

Attendees viewed various poster presentations on topics ranging from racial discrimination in fast food prices to infant birth rates to the determinants of salaries in the National Basketball Association.<\/p>\n

\u201cEconometrics is the application of statistics to economic questions,\u201d Wall explained. \u201cYou use data and try to figure out relationships between variables. It\u2019s a lot of techniques and ways to best put together a model to figure things out.\u201d<\/p>\n

Before joining UTC, Wall was a professor of economics and director of the Center for Applied Economics at Lindenwood University in Missouri. Prior to his time there, he spent 12 years at the Federal Reserve Bank of St. Louis, where he was a vice president and regional economics adviser.<\/p>\n

Wall said that the econometrics poster boards highlighted the students\u2019 ability to understand the world around them using data and trial and error.<\/p>\n

\u201cThis is the most important class of your life because you\u2019re learning how to understand the world, not just with data,\u201d Wall said. \u201cYou\u2019ll observe something, you\u2019ll try to understand it and you might think, well, maybe this and that happened\u2014but maybe there\u2019s something else explaining both, which is what you\u2019re always constantly doing in econometrics. So you really learn how to better make observations of your world just by this.\u201d<\/p>\n

Stella Buselli, a senior at UTC majoring in economics with a minor in anthropology, examined racial discrimination in the fast food industry. She found in her research that in impoverished areas, fast food chains will lower their prices of entrees below their base rate to take advantage of communities with fewer options.<\/p>\n

\u201cI think (the data) definitely highlights some issues that we have going on, especially based on socioeconomic factors,\u201d Buselli said. \u201cIt helps us go further by trying to eliminate those issues that we have based on the data.<\/p>\n

\u201cThere\u2019s lots of data out there, lots of different stories, and to have the skill to be able to use data to figure out the actual story\u2014I think that\u2019s super important.\u201d<\/p>\n

Trevor Lewis, a senior majoring in mathematics: actuarial science, said he enjoyed learning from Wall about how these data sets apply to the real world and how to build these models.<\/p>\n

\u201cHe did a good job of giving an overview of the model and the process of how you go about building one of these models,\u201d said Lewis, whose project was titled \u201cHow Data Drives Insurance: Does Seniority Predict Claim Cost?\u201d<\/p>\n

\u201cI think it\u2019s really applicable to the real world,\u201d Lewis continued. \u201cHe did a really good job of making that well-known. We looked at different questions that are related to the real world and data sets that were just really interesting.\u201d<\/p>\n

Wall said he wants his students to learn more than just applying statistics to economics, which is what econometrics examines. He wants to change the way his students look at the world.<\/p>\n

\u201cI want the students to learn something,\u201d Wall said. \u201cYou\u2019re going to be amazed at how much you know at the end.\u201d<\/p>\n

Learn more<\/h4>\n

Visit UTC<\/a><\/p>\n

Gary W. Rollins College of Business<\/a><\/p>\n

Center for Regional Economic Research<\/a><\/p>\n

How to apply<\/a><\/p>\n

Econometrics Research Symposium photo gallery by Omar Yasin<\/h4>\n
\"Stella

Stella Buselli, talking to Dr. Michael Jones, examined racial discrimination in the fast food industry.<\/p><\/div>\n

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The University of Tennessee at Chattanooga Gary W. Rollins College of Business hosted its inaugural Econometrics Research Symposium on Thursday, Dec. 5, where students examined data sets of real-world issues and trends.<\/p>\n

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