Statistics, Finance and Actuarial sciences

Educational objectives

Learning goals:
Eliminate possible gaps in the basic mathematical knowledge normally expected from students with upper secondary school diplomas and to establish a uniform language and a basic preparation so that they can follow the curriculum courses more beneficially.

Knowledge and understanding:
Good theoretical and practical knowledge of basic mathematical notions normally included in upper secondary school programs and ability to understand these issues also in the context of institutional courses.

Applying knowledge and understanding:
Ability to use the acquired skills for solving simple problems on the basic mathematical notions normally included in upper secondary school programs also for applications required in institutional courses.

Making judgements:
Good ability to recognise, frame and set out the resolution of simple problems on the basic mathematical notions normally included in upper secondary school programs, possibly selecting appropriately among the methods learned.

Communication skills:
Good presentation skills of basic concepts and techniques normally included in upper secondary school programs as well as solution methods to simple problems.

Learning skills:
Good learning ability of mathematical issues in institutional courses, by virtue of the comprehension of the logical-deductive character of the discipline.

Educational objectives

Learning goals
The course aims, first, to achieve the student the basics of business law in the context of the broader relationship between the concepts of economics and law, particularly as regards the discipline of the company, controls and the internal market.The terms provided are intended to make students able to cope independently and detailed issues, including whether in contract, connected to action of the company, whe1ther publicly or privately, in a free market.It is expected that the student demonstrates the ability to use the knowledge gained to solve specific problems that characterize the economic and legal context in which the company is to operate.

Educational objectives

===================
General objectives
The main objectives are: acquire the ability to identify the conceptual structure of a database
and learn how to interact with a database management system (DBMS).
Specific objectives
a) Knowledge and ability to understand
After attending the course the students know and understand the relational data model, they are

able to cover all the phases of the design of a database (in particular the conceptual design)
and are able to write and understand SQL commands for defining and querying a relational DB.
They also know the basic DBMS administration tools.
b) Ability to apply knowledge and understanding
At the end of the course the students are able to derive the relational schema of a DB starting
from the requirements of a database-based application.

They are able to translate the informal description of the structure of data into an Entity-
Relationship diagram that correctly represents the data and define the integrity constraints on

the data object of the design. They are able to realize a relational DB using the SQL language,
they are able to perform complex queries using the SQL language.
c) Autonomy of judgment
The students are able to apply the formalism of the ER diagrams in order to obtain an accurate
description of the structure of the data that make up a database.
They can distinguish the role of data definition language, data manipulation language and query
language to interact with a DBMS. They manage to evaluate how different implementation
choices can lead to more or less adequate solutions to represent the integrity constraints
existing between the data.
Through the articulated laboratory activities they acquire the ability to evaluate the efficiency of
commands that define queries of various complexity levels.
d) Communication skills
Students acquire the formal rigor necessary to read and produce a conceptual scheme. They
can understand the meaning of a query expressed in a formal language.
e) Learning ability

Students who pass the exam can easily understand formalisms for the definition of DB in non-
relational models, they are able to understand how to use query languages embedded in

general-purpose programming languages.

Educational objectives

Learning goals.
The course is meant to expose students to a number of major topics in Economics of Risk and Ambiguity, linking theory with some empirical regularities.

Knowledge and understanding.
The course is supposed to broaden students' knowledge of the various theories, both classical and behavioural, their implication and the way these are empirically and/or experimentally verified.

Applying knowledge and understanding.
Upon successful completion of the course, students will be able to understand the main classic theories of choice under risk and ambiguity, the rationale behind the alternative theories, their implication and relevance in explaining the empirical regularities, which are not captured by standard approaches.

Making judgements.
The course develops in a way to spurs students on inferring theories from empirical evidence.
Such an approach is supposed to provide them with instruments to analyse critically situations, both theoretical and empirical, that involve judgement under risk and ambiguity.

Communication skills.
Through study and hands-on sessions, students will acquire the terminology characterising the discipline, which they are required to use in both written and oral examinations.

Learning skills.
Students who complete the course successfully will be acquainted with a method of analysis enabling them to tackle the main economic issues concerning judgment under risk and ambiguity, both in subsequent economic courses and in the fruition and participation to the public debate.

Educational objectives

Learning goals.
Practical exercises to becarried out in a computer room of the problems in the financial sector covered in the lessons of the financial mathematic, in particular the calculation of the internal rate of return and measuring the term structure of interest rates.

Knowledge and understanding.
Ability to implement algorithms for solving problems in the financial sector covered in the course of financial mathematic.

Applying knowledge and understanding.
Software implementation of theoretical subjects.

Making judgements.
Critical tools for the evaluation of literature of the field.

Communication skills.
Skill to explain software output.

Learning skills.
Manage data typical of Financial Mathematics.

Educational objectives

Learning goals.
Students must acquire the ability of solving inferential problems using both analityc and computational (using the software R) skills.
Knowledge and understanding Knowledge and understanding of frequentist methods for: point and interva estimation, testing. Use of the software R.

Applying knowledge and understanding.
Ability in solving inferential problems/exercises for a wide range of parametric models and to use the software R to study properties of inferential methods.

Making judgements.
Students acquire ability in making judgements by:
- applying inferential methods to different models
- comparing alternative methods
- using the methods on real data and interpreting the results.

Communication skills.
Communication skills are acquired by using the specific scientific lexicon/language in written and oral exams.

Learning skills.
The course provide students with fundamental learning skills necessary to approach more advances classes in Statistics.

Educational objectives

The aims is to provide students with tools to apply what they have studied in their curricula courses. Stages and seminars attending will be recognized.

Educational objectives

Knowledge and understanding.
Students who have attended the course of stochastic processes will have a general understanding of the modern theory of stochastic processes including point processes, martingales, stochastic calculus with respect to the Brownian motion. Some parts of the program have an advanced character and involve fractional Brownian motion and the interplay between partial differential equations and diffusion processes.

Ability of applying knowledge and understanding.
The part of the course concerning stochastic calculus make the students capable of applying the concepts and techniques to the main models of finance (Black and Scholes, Vasichek and others). The Feynman-Kac functional permits the students to have at hand a flexible and powerful tool for many specific situations.

Autonomous judgement.
The course is presented with the aim of inserting the subject in the framework of modelling random phenomena in finance, economics and physics. Each part of the program is presented both on an intuitive and rigorous basis letting the student foresee further developments.

Communication skills.
The study of many probabilistic concepts and techniques gives the possibility of acquiring a rigorous terminology and a method of proving results according to the scheme assumption, proof, conclusion, interpretation of the results.

Learning skills.
The style of lesson is such that the student must learn to learn new concepts and acquire new knowledge and it aims at stimulating the curiosity about all possible applications and interactions between scientific fields.

Educational objectives

Learning goals.

The main objective of the course is to provide students with the main tools to analyse time series in economics and finance, to make forecasts and to evaluate them.

Knowledge and understanding.

After attending the course, students will be able to describe, interpret and forecast economic time series, distinguishing seasonal, short-term, and long-term fluctuations.

Applying knowledge and understanding.

After attending the course, the students will know the main statistical tools to analyse temporal dependent data and will be able to implement the analysis on real time series through statistical software.

Making judgements.

Students will increase not only their theoretical skills but also their critical curiosity in reading real recent economic phenomena.

Communication skills.

Students, through discussions in the classroom and exercises, will acquire tools for critical analysis of empirical evidence and communication skills.

Learning skills.

Students learn methods of analysis that will allow them to critically read an economic report.

Educational objectives

Learning goals
The course aims to provide the bases for the understanding of asset-liability management schemes and for the principal portfolio management strategies.

Knowledge and understanding
After attending the course the students have learned the principles of semi-deterministic and stochastic financial immunization, and the main portfolio management strategies, including those of "portfolio insurance". They are able to verify the role of financial assumptions in the management strategies.

Applying knowledge and understanding
After attending the course the students are able to formalize the problems of asset-liability and investment strategies in a stochastic environment.

Making judgements
Students develop critical skills by comparing different financial hypotheses applied to the same problem, also with the help of numerical examples.

Communication skills
Students, through the study of theory and practical exercises, acquire the technical-scientific language of the discipline, which must be used appropriately in the oral examination.

Learning skills
Students passing the exam have learned a method of analysis that allows them to tackle investment problems involving more complex financial instruments and a broader sets of risks.

Educational objectives

Learning goals.
The aim of the lectures is to provide an exhaustive discussion of the main topics concerning the linear model (OLS, MLE, IV, asymptotic theory and inference) for cross-section analysis and a brief introduction to the analysis of discrete data.
Students must understand the analytical problems of these methods and be able to apply them to concrete situations.

Knowledge and understanding.
After attending the course the students know and understand the main problems related to the linear regression model (for example: absence of exogeneity) and the main methods to be used to solve such problems (for example: IV estimator).

Applying knowledge and understanding.
At the end of the course the students are able to formalize real problems in terms of linear regression models and to apply the methods specific to the discipline to solve them.
They are also able to apply the methods to concrete situations and to interpret the results.

Making judgements.
Students develop a knowledge of the analytical properties of the presented methodologies and the ability to build programs for their implementation.
They also learn to critically interpret the results obtained by applying the procedures to concrete situations.

Communication skills.
Students acquire the technical-scientific language of the discipline, which it must be used appropriately in both the intermediate and final written tests and in the oral tests.
Communication skills are also developed through group activities.

Learning skills.
Students who pass the exam have learned a method of analysis that allows them to tackle the study of analytical properties in more complex modeling contexts in subsequent quantitative area teachings.

Educational objectives

General goals
The primary learning outcomes of the teaching is for students the learning of knowledge related to
the management and strategies of banks and insurance companies (life and non-life), the logic of the
banking and insurance market, and sector regulation and supervision.

Knowledge and understanding
After attending the course, students know and understand the main problems concerning the
dynamics of the banking and insurance market, sector regulation and the financial, equity and
income characteristics of banks and insurance companies.

Applying knowledge and understanding
At the end of the course, students are able to apply the theoretical knowledge acquired and the skills
acquired in solving problems relating to the management and finance of banks and insurance
companies.
Making judgements
Students develop critical skills through the application of methodologies that allow them to
formulate independent assessments on the topics covered. They learn to critically interpret the
results obtained by applying the procedures to real data sets.
Communication skills
Through the study and carrying out of practical exercises, students acquire the technical-scientific
language of the discipline, the ability to communicate, in a clear and unambiguous way,
information, knowledge, ideas, problems and solutions to specialist and non-specialist interlocutors.
Learning skills
Students who pass the exam have learned an analysis method that allows them to interact with a
considerable level of autonomy in work, study and research contexts.

Educational objectives

General goals
The primary learning outcomes of the teaching is for students to learn about the characteristics, functioning, regulation, and management of pension funds, as well as their role within the context of the pension system.

Knowledge and understanding
After attending the course, students know and understand the main topics concerning pension funds: types of pension funds, regulatory framework, risk management, structure, and functioning.

Applying knowledge and understanding
At the end of the course, students are able to apply the theoretical knowledge acquired and the skills developed to critically evaluate different types of pension funds, understand and interpret regulations, and assess the related financial and actuarial risks.

Making judgements
Students develop critical skills through the application of methodologies that allow them to formulate independent assessments on the topics covered. They learn to critically interpret the results obtained by applying the procedures to real data sets.

Communication skills
Through the study and carrying out of practical exercises, students acquire the technical-scientific language of the discipline, the ability to communicate, in a clear and unambiguous way, information, knowledge, ideas, problems and solutions to specialist and non-specialist interlocutors.

Learning skills
Students who pass the exam have learned an analysis method that allows them to interact with a considerable level of autonomy in work, study and research contexts.

Educational objectives

Learning goals:

The course aims at providing knowledge on financial markets, in order to illustrate, through different approaches, the importance of these markets for the determination of the real variables of the economy, such as consumption, income, investment, development and inequalities.

The financial balances of the economy and the national accounting principles will be analyzed in detail, such as: financial constraints on economic activity in conditions of certainty and uncertainty; diversification; asset allocation; portfolio optimization; behavioral finance. Further topics will include market efficiency, the efficiency and stability of the banking systems and the financial globalization and global financialization of modern society.

The course aims to understand the role of financial markets and the institutions operating in them, in particular banks.

a) Knowledge and understanding

The students who complete this course will learn to read the dependence between financial markets and the functioning of the real economy, developing theoretical and practical skills useful for a career or further studies in finance.

b) Applying knowledge and understanding

Thanks to a detailed overview of many aspects of the financial markets and the current financial globalization and the use of real examples, at the end of the course, the students will be able to formalize the real economic problems and to apply the methods specific to the discipline to solve them. Students will acquire theoretical preparation and, thanks to the analysis of numerous practical cases, the ability to critically study national and international financial markets and to evaluate efficient portfolio combinations in different contexts.

c) Making judgments

The students will increase not only their theoretical skills but also their critical curiosity in reading economic and financial phenomena and the global financialisation that characterizes the current economic context.

d) Communication skills

Students, through discussions, drawn from reading newspapers such as the Financial Times, and classroom exercises, will acquire tools for market analysis and financial tools and communication skills. They will also learn how to structure and present a research report.

e) Learning skills

The students who have passed the exam have learned methods of analysis that will allow them to face other economic courses.

Educational objectives

Learning goals
The primary educational objective of the course is the students' learning of some actuarial models in the context of both non-life and life insurance mathematics (in particular, those regarding premium calculation and the estimation of the technical reserves) through the use of dedicated or ad hoc implemented software.

Knowledge and understanding
After attending the course the students know theoretically and know how to deal with topics of particular interest in the actuarial mathematics of life and non life insurance.

Applying knowledge and understanding
At the end of the course, students are able to construct and apply some evaluation models typical of the actuarial mathematics of life and non life insurance, using specific software as well as to interpret the results.

Making judgements
Students develop critical skills through the application of different typical actuarial models in life and non life insurance, also using experience data.
From the analysis of the results, the students learn a critical vision of the applied evaluation models.

Communication skills
The students, through the study and practical application, acquire the technical language of the discipline, which must be used appropriately in the final test. Communication skills are also developed through group activities.

Learning skills
Students passing the exam have learned knowledge and method of analysis that allows them to deal with more advances actuarial models.

Educational objectives

Learning goals.
The main goal of this lab course is the acquisition of the logic and the fundamentals of one statistical package for the analysis of real data.
Moreover, at the end of the course students should be able to formalize simple questions on real practical problems using standard statistical tools.
The focus is also on the theoretical framework together with the computational details related to real applications, giving special attention to the interpretation of the results from the statistical software output.

Knowledge and understanding.
When completing the course, students will have learnt the logic and basics of programming to import and manipulate data, perform standard statistical analyses on real data.
Moreover, they will have learnt the basics of empirical checking of statistical laws and inferential theoretical properties by simulation.

Applying knowledge and understanding.
When completing the course, students will be able to formalize a selected statistical problem, make standard statistical analyses in autonomy, interpret and explain the results.
Moreover, they will be able to carry on simple simulations.

Making judgements.
Students develop the critical thinking by applying standard methodologies learnt in their curricula which they are able to use in autonomy by means of a statistical software.
The skill to process data and produce the output by themselves helps to learn how to interpret the results taking into considerations theoretical criteria.

Communication skills.
By processing data and interpreting the results, students will learn the correct use of the technical language which is required in both coursework and final exam.
Special attention is given to the skill of communicating results to non-specialists by using a rigorous but understandable language.

Learning skills.
Students passing the exam have learnt how to perform standard statistical analyses in autonomy and the logic to study and apply different methodologies in other applicative cases which are the premises to continue their studies in a Second Cycle Degree in either Statistics or Applied Statistics.

Educational objectives

General goals
The primary objective of this laboratory is to provide students with a comprehensive understanding of the practical aspects of the Economics of Risk. This involves not only refreshing the theoretical knowledge acquired during the Economics of Risk course but also applying this knowledge to data from sample surveys or lab experiments designed to measure phenomena related to the subject. The laboratory will equip students with the skills necessary to analyse and interpret such a data.

Knowledge and Understanding
The laboratory aims to introduce and deepen students' understanding of key concepts, definitions, and analytical frameworks relevant to the Economics of Risk. This includes an exploration of the statistical tools useful for testing alternative theories and estimating models from related data, as well as the interpretative instruments needed to evaluate their implications for the Economics of Risk.

Applying Knowledge and Understanding
By the end of the course, students will be adept at applying theoretical knowledge to practical situations. They will learn how to conduct empirical analyses of sample data and experimental data to measure phenomena related to risk, ambiguity, and strategic ambiguity. This includes proficiency in statistical software and quantitative methods used in the analysis of behaviour under risk and uncertainty. Students will engage in hands-on projects and case studies that require them to analyse real data sets, interpret the results, and make informed decisions based on their findings. This practical experience is crucial for developing the ability to apply knowledge in professional settings.

Making Judgments
The course is structured to foster independent judgment and critical thinking. Students will be trained to evaluate empirical evidence rigorously and draw their conclusions about phenomena involving decisions under risk and uncertainty. They will learn to question assumptions, assess the validity of different data sources, and consider the implications of their analyses. By the end of the course, students should be capable of conducting independent research and presenting their findings confidently. This skill is essential for professionals who need to make informed decisions under risk and uncertainty .

Communication Skills
Through study and practical exercises, students will acquire the terminology characteristic of the discipline. They will be equipped to effectively communicate complex concepts and findings related to the Economics of Risk.

Learning Skills
Students who successfully complete the course will have learned an analytical method that allows them to formally describe, represent, and analyse data. They will be able to present results clearly, enabling them to read and interpret phenomena connected to the Economics of Risk effectively. This skill set is essential for ongoing learning and professional development in the field.