Billy Foster, PhD

Billy Foster

Clinical Assistant Professor of Economics at

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If an error is possible, someone will make it. The designer must assume that all possible errors will occur and design so as to minimize the chance of the error in the first place, or its effects once it gets made. Errors should be easy to detect, they should have minimal consequences, and, if possible, their effects should be reversible. — Don Norman, The Design of Everyday Things (2013)

Introduction to Econometrics

Introduction to Econometrics
Course number:
UIC – ECON 346/300


“All models are wrong, but some models are useful”

- Statistician George E. P. Box


This course will develop the linear regression model and show how it can be used to analyze economic problems. We will consider the steps needed to perform econometric research, the assumptions required on our part in order to do so, and the consequences of violating these assumptions.

Upon completion of this course you will be able to:

  • Develop a model for empirical testing
  • Distinguish between various types of data
  • Test a model for Multicollinearity, Serial Correlation, and/or Heteroskedasticity
  • Read computer output and interpret the results
  • Use software to estimate a simple multiple regression model


Using Econometrics: A Practical Guide
A.H. Studenmund 6th Edition
ISBN: 0-13-136773-0

Fooled By Randomness
Nassim Nicholas Taleb
ISBN: 978-0-8129-7521-5


Numbers Rule Your World
Kaiser Fung
ISBN: 978-0-07-162653-8

The Drunkard’s Walk
Leonard Mlodinow
ISBN: 978-0-375-42404-5

Steven D. Levitt and Stephen J. Dubner
ISBN: 978-0-06-123400-2

The Signal and the Noise
Nate Silver
ISBN: 978-1-59420-411-1

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