Statistics, Finance and Actuarial sciences

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Curriculum(s) for 2024 - Statistics, Economics, Finance and Insurance (29926)

Single curriculum

1st year

Lesson	Semester	CFU	SSD	Language
97786 \| LINEAR ALGEBRA	1st	9	MAT/03	ITA
Educational objectives Learning goals Knowledge and comprehension of the basic concepts and techniques of linear algebra and of analytic geometry of the plane and the space and ability to apply them to the study and resolution of simple problems also in the context of other courses. Knowledge and understanding Good theoretical and practical knowledge of matrices, linear systems and other fundamental notions of linear algebra and ability to understand these issues also in the context of other courses. Applying knowledge and understanding Ability to use the acquired skills for solving simple problems on matrices, linear systems and other fundamental notions of linear algebra, also for their use required in other courses. Making judgements Good ability to recognize, frame and set out the resolution of simple problems on matrices, linear systems and other fundamental notions of linear algebra, possibly selecting appropriately among the methods learned. Communication skills Good presentation skills of basic concepts and techniques of linear algebra as well as solution methods to simple problems. Learning skills Good learning ability of mathematical issues in other courses, by virtue of the comprehension of the logical-deductive character of the discipline.
1017589 \| BASIC STATISTICS	1st	9	SECS-S/01	ITA
Educational objectives Learning goals. The main educational goal of this course is that students learn the fundamental concepts of exploratory statistics, both from a theoretical point of view and for what concerns practical applications. Knowledge and understanding. After attending this course students know and understand the main concepts of exploratory statistics (e.g. characteristics of a simple distribution, relationships between variables) and the main methods to summarize and quantitatively evaluate them (graphical representations, tables, statistical indices). Applying knowledge and understanding. At the end of the course students are able to use the technical tools for building the most important statistical indices and for studying their properties. Consequently they can deal with the practical issues involved in the application of these methods for exploratory data analysis and they can provide the interpretation of the results. Making judgements. Students develop their critical sense by applying methods of exploratory data analysis to real data sets, especially through the choice and the comparison of alternative solutions to the same problem. They are able to discriminate and critically interpret the results of the analysis. Communication skills. Students acquire the technical language of statistics, that has to be used conveniently in the examinations and that constitutes a solid base for the whole course of their studies. Communications skills are stimulated during the lectures and developed also through homeworks and other group activities. Learning skills. Students that pass the exam are familiar with theoretical and practical tools for exploratory data analysis and therefore they have acquired a technical language and a method that allow them to tackle with the future steps of their educations, starting from the more advanced courses in statistics until the construction of their professional profile.
1017587 \| INFORMATICS	1st	9	INF/01	ITA
Educational objectives Learning goals. The main goal of the course is to give basic knowledge of computer science, to provide the tools for understanding what a computational problem is and which kind of logical reasoning may lead to its solution. In the meantime we want to work on programming skills (e.g. Python programming) and on querying relational databases. Knowledge and understanding. At the end of the course the students will know what an algorithm is, what difference exists between data and its representation, how to reason using abstraction techniques. They will be able to code in Python to solve new problems, using as well the theoretical knowledge of algorithm analysis. They will know how relational databases are organized, and will learn the SQL language, useful to query them. Applying knowledge and understanding. Learing about the theory of algorithms and a programming language allows the students to solve new computational problems in a flexible way. Making judgements. Algorithmic thinking (also called computational thinking), which is trained by the students during this course, gives tools and techniques for rigorous and non-ambiguous analysis of problems, using only relevant information. Communication skills. Students learn the technical and scientific language of computer science, which must be appropriately used in written and viva exams. Moreover writing code documentation trains the students to explain their work with clarity. Learning skills The course show the students new concepts (e.g. programming, theory of algorithms). The effort required to understand and apply these concepts allows them to study and evaluate new techniques and programming languages.
10612162 \| MATHEMATICAL ANALYSIS I COURSE	2nd	9	MAT/05	ITA
Educational objectives Knowledge and understanding. Good theoretical and practical knowledge of differential calculus, integration, power series (real functions of one real variable). Ability to understand these issues also in the context of other courses. Applying knowledge and understanding. Ability to use the acquired skills for solving simple problems and for their use required in other courses. Making judgements. Good ability to recognize, frame and set out the resolution of simple problems, selecting appropriately among the methods learned. Communication skills. Good presentation skills of basic concepts and techniques of Calculus. Learning skills. Good learning ability of mathematical issues in other courses, by virtue of the comprehension of the logical-deductive character of the discipline.
1017588 \| Political Economics I	2nd	9	SECS-P/01	ITA
Educational objectives Learning goals Aim of the course is to offer a general introduction to economics, considered both as a social discipline which helps us to understand the economic events of the society we live in and as a “technical” discipline, required to a larger or lesser extent in many work activities. Knowledge and understanding Knowledge of the basic concepts and of the main theories elaborated in the economic field .Historical perspective and awareness of the existence of different interpretative positions for what concerns economics. Applying knowledge and understanding At the end of the course students are able to formalize real economic problems and to apply the specific methods of the discipline to solve them. They are also able to deal with the most important economic models (both microeconomic and macroeconomic) and to apply the learned methods to models to be developed in the future. Finally, they are able to link methods to short-term data. Making judgements Students develop critical skills through the application of the same methodology to a wide range of economic models, which are affected by different theoretical approaches. Communication skills Students, through the study, acquire the technical-scientific language of the discipline, which must be appropriately used both in written and oral exams. Learning skills Students who pass the exam have learned a method of analysis that allows them to tackle the study of more complex models (both microeconomic and macroeconomic) in advanced courses in economics.
98457 \| ECONOMIC STATISTICS	2nd	9	SECS-S/03	ITA
Educational objectives Learning goals. An introduction to the basic skills of empirical economic analysis Knowledge and understanding. After taking the course the students know and understand the main problems in measuring economic variables and the methods to be used to solve them. Applying knowledge and understanding. After taking the course the students know how to solve the main problems in measuring economic variables. Making judgements. Students develop their critical skills through the analysis of real datasets. Communication skills. Students acquire the technical language, which must be used both in the written exam and in the individual project. Learning skills. Students passing the exam have acquired the ability to read and realise basic empirical economic studies.
AAF1101 \| English language	2nd	3	ENG
Educational objectives Objectives This course aims to give students a solid grounding in statistical terminology and to acquaint them with the typical linguistic features and characteristics of standard statistical presentations and publications. Skills studied Proceeding from the elementary skills of interpreting and describing tables and graphs, the course will focus on expository texts ,so as to enable the students gain facility in describing the statistical methods underlying reported data. It is hoped that by the end of the course, the students, with reference to the publications of the Istitutonazionale di statistica , will be able to make competent statistical presentations in English on the economic and social realities of Italy and to respond to questions and requests for clarification thereon.
Optional group F for 9 CFU/ ECTS
Optional group C1 for 9 CFU/ ECTS

2nd year

Lesson	Semester	CFU	SSD	Language
10612163 \| MATHEMATICAL ANALYSIS II COURSE	1st	6	MAT/05	ITA
Educational objectives Knowledge and understanding. Good theoretical and practical knowledge of differential calculus and integration for functions of several real variables. Ability to understand these issues also in the context of other courses. Applying knowledge and understanding. Ability to use the acquired skills for solving simple problems and for their use required in other courses. Making judgements. Good ability to recognize, frame and set out the resolution of simple problems, selecting appropriately among the methods learned. Communication skills. Good presentation skills of basic concepts and techniques of Mathematical analysis. Learning skills. Good learning ability of mathematical issues in other courses, by virtue of the comprehension of the logical-deductive character of the discipline.
1017164 \| FINANCIAL MATHEMATICS	1st	9	SECS-S/06	ITA
Educational objectives Learning Goals The course tackles the subjects and problems of the classical Financial Mathematics and aims at providing theoretical notions and operational capacities that enable to solve the main financial problems in certainty conditions that arise in business and financial markets. Knowledge and understanding The student will learn, from a theoretical and operational point of view, the main financial schemes, tools for the assessment of income and for amortization schedules, the main criteria for financial decisions under certainty and, the tools to estimate the term structure of interest rates and financial immunization. Applying knowledge and understanding Each theoretical concept will be applied to real cases. Students will be assessed according to their ability to solve specific problems Making Judgements Each student will be required to download real market data and build the term structure of interest rates or a repayment of loan plan in order to be able to validate his/her ability to do so Communication Sklls Each student will be required to present the application of studied methodologies to solve a real problem Learning Skills The learned concepts will be tested having each student to undertake a final exam
1022736 \| Probability and laboratory of probability	1st	12	MAT/06	ITA
Educational objectives Learning goals General goals. The primary educational goal of teaching is to learn the main concepts and methods of probability. Students must also be able to apply the above methods and be able to interpret the results that derive from their solution. Knowledge and understanding. After attending the course the students know and understand the main probabilistic concepts (events, random variables, probability distributions) Applying knowledge and understanding. At the end of the course the students are able to formalize real problems and to solve them by applying the specific methods of the discipline. Making judgements. Students develop critical skills through the application of probabilistic theory. Communication skills. Students, through the study and performance of practical exercises, acquire the technical-scientific language of the discipline, which must be used appropriately in both the intermediate and final written tests and in the oral tests. Learning skills. Students who pass the exam have learned a method of analysis that allows them to tackle the subsequent teachings of statistical-probabilistic area.
THREE-DIMENSIONAL MODELING	1st	9	MAT/06	ITA
Educational objectives Learning goals General goals. The primary educational goal of teaching is to learn the main concepts and methods of probability. Students must also be able to apply the above methods and be able to interpret the results that derive from their solution. Knowledge and understanding. After attending the course the students know and understand the main probabilistic concepts (events, random variables, probability distributions) Applying knowledge and understanding. At the end of the course the students are able to formalize real problems and to solve them by applying the specific methods of the discipline. Making judgements. Students develop critical skills through the application of probabilistic theory. Communication skills. Students, through the study and performance of practical exercises, acquire the technical-scientific language of the discipline, which must be used appropriately in both the intermediate and final written tests and in the oral tests. Learning skills. Students who pass the exam have learned a method of analysis that allows them to tackle the subsequent teachings of statistical-probabilistic area.
THREE-DIMENSIONAL MODELING	1st	3	MAT/06	ITA
Educational objectives Learning goals General goals. The primary educational goal of teaching is to learn the main concepts and methods of probability. Students must also be able to apply the above methods and be able to interpret the results that derive from their solution. Knowledge and understanding. After attending the course the students know and understand the main probabilistic concepts (events, random variables, probability distributions) Applying knowledge and understanding. At the end of the course the students are able to formalize real problems and to solve them by applying the specific methods of the discipline. Making judgements. Students develop critical skills through the application of probabilistic theory. Communication skills. Students, through the study and performance of practical exercises, acquire the technical-scientific language of the discipline, which must be used appropriately in both the intermediate and final written tests and in the oral tests. Learning skills. Students who pass the exam have learned a method of analysis that allows them to tackle the subsequent teachings of statistical-probabilistic area.
1022846 \| Statistical inference	2nd	9	SECS-S/01	ITA
Educational objectives Learning goals. The main learning goal for students is the knowledge of principles and methods of Statistical inference. Students must be able to apply the main inferential techniques and to interpret the results of their use on real data. Knowledge and understanding. Students acquire knowledge and understanding of the most important inferential problems (point estimation, interval estimation, hypothesis testing) and of the main methods for solving these problems (maximum likelihood estimates, confidence intervals, parametric tests). Applying knowledge and understanding. After the attendance of this course, students will be able to formalize real problems into inferential problems and to apply appropriate inferential methods. They will be able to use the main parametric models and to apply methods to models not considered in classwork. They will also be able to apply inferential techniques ti real data and to interpret them. Making judgements. Students improve judgements skills by applying inferential methods to a wide range of statistical models. Their skills will be improved by using and comparing different methods to the same problems and by applying these methods to real data. Communication skills Students will acquire the scientific language of Statistics, that will be used in written and oral tests. Communication skills will be enhanced also by group work. Learning skills. Students will acquire the fundamental knowledge needed to study formal inferential properties of more complex models in more advanced classes.
1022859 \| Actuarial mathematics	2nd	9	SECS-S/06	ITA
Educational objectives Learning goals. The main learning goal for students is the knowledge of principles and methods of actuarial mathematics, both of life and non life insurance. Students must be able to apply the main actuarial models and to interpret the results of their use on real data. Knowledge and understanding. Students acquire knowledge and understanding of the most important problems of actuarial mathematics (probabilistic models, premium principles, reserves, ecc.) and of the main methods for solving these problems (variance principle, chain ladder method, Homans formula, ecc.). Applying knowledge and understanding. After the attendance of this course, students will be able to formalize real problems and to apply appropriate actuarial models. They will also be able to apply actuarial models to real data and to interpret them. Making judgements. Students improve judgements skills by applying actuarial models to a wide range of insurance products. Their skills will be improved by using and comparing different methods to the same problems and by applying these methods to real data. Communication skills Students will acquire the scientific language of Actuarial mathematics, that will be used in written and oral tests. Communication skills will be enhanced also by group work. Learning skills. Students will acquire the fundamental knowledge needed to study formal actuarial properties of more complex models in more advanced classes.
1017126 \| MONETARY ECONOMICS	2nd	6	SECS-P/01	ITA
Educational objectives 1. General goals The course aims to provide students with a deep understanding of monetary policies, financial system mechanisms, and their interactions between monetary and financial markets and the real economy. General educational objectives include: • Acquiring a solid understanding of basic concepts in monetary economics, including the role of financial institutions and central banks. • Critically analyzing monetary policies, their motivations, and implications for both economic activity and financial and monetary markets. • Stimulating students' interest in global financial dynamics and their relationship with the real economy. 2. Knowledge and understanding Students will learn to: • Understand key concepts of monetary economics, such as inflation, interest rate determinants, and monetary policy. • Interpret and analyze financial data and relevant economic indicators for monetary analysis. • Evaluate the role of financial institutions and monetary policies in the economy. 3. Applying knowledge and understanding Upon completion of the course, students will be able to: • Apply theoretical models and statistical tools learned in previous exams in the context of monetary and financial analysis. • Interpret and forecast the effects of monetary policies on economic variables such as employment and economic growth, as well as financial variables such as securities prices and interest rates. • Use financial data and macroeconomic indicators to assess monetary and financial conditions. 4. Making judgements Upon completion of the course, students will be able to: • Critically evaluate existing monetary policies and their consequences on the economy. • Develop informed and reasoned opinions on national and international monetary and financial issues. • Integrate theoretical and empirical knowledge to form autonomous judgments on the effectiveness of monetary policies and their impact on income and wealth distribution. 5. Communication skills Upon completion of the course, students will be able to: • Communicate complex concepts related to monetary economics clearly and precisely, both verbally and in writing. • Actively participate in class discussions and presentations on topics related to monetary economics. • Understand and use the language and formal models of the discipline. 6. Learning skills Upon completion of the course, students will be able to: • Demonstrate autonomous learning skills by deepening their understanding of complex topics in the discipline. • Understand the reasons and importance of pluralism in economics and the existence of alternative theories and schools of thought. • Flexibly adapt to new theories and developments in the field of monetary and financial economics.
Elective course	2nd	12	ITA
Educational objectives This course can be chosen by the student within the Sapienza courses as long as consistent with the curriculum.
Optional group C1 for 9 CFU/ ECTS
Optional group C2 for 6 CFU/ ECTS
Optional group F for 9 CFU/ ECTS

3rd year

Lesson	Semester	CFU	SSD	Language
1022894 \| MULTI-VARIED STATISTICS	1st	9	SECS-S/01	ITA
Educational objectives Learning goals. The main goal of the course is the acquisition of the fundamental statistical tools for the analysis of multivariate data and their use in real applications. At the end of the course, the student should be able to formalize the statistical goal of a real case study, to develop a strategy of analysis by selecting appropriate methods, to apply the methodology and derive the correct conclusions by producing a (short) technical report which selects and collects the main the results. Knowledge and understanding. When completing the course, students will have learnt the main issues and essential concepts of multivariate and multidimensional analysis (for example, dependence, dimension reduction, classification) and the standard methodologies to face and handle such problems (such as, linear regression, PCA and cluster analysis). Applying knowledge and understanding. When completing the course, students will be able to formalize a multivariate statistical problem and select the appropriate methodologies to face such a problem. Moreover, they will have the basic skills to explain possible choices, to make comparisons and to assess assumptions and applicability. Finally, they will be able to apply the methods to real data and interpret the results. Making judgements. Students develop the critical thinking by applying the methodologies learnt which they will be able to use in autonomy by means of statistical software. The capability to process data and produce the output by themselves reveals the autonomy in analyzing, making judgements necessary to make choices and comparisons taking into considerations theoretical criteria. In addition, students will learn to critically interpret the results obtained in real applications. Communication skills. By processing data and making short technical reports, 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: a) the theoretical background in advanced statistics to possibly pass to a Second Cycle Degree in either Statistics or Applied Statistics; b) the tools to develop and build a strategy of analysis in autonomy when analyzing data which are necessary either to tackle a job or to continue the Programme of Study.
1017270 \| THEORY OF RISK	2nd	6	SECS-S/06	ITA
Educational objectives Learning goals. The main objective of this course is to provide the knowledge a life actuary requires to operate accordingly to the Solvency II directive. It will teach students to understand valuation techniques for with profit, unit linked, and index linked policies; methods of life best-estimate, SCR, and cost-of-capital calculation according to the Solvency II directive. Knowledge and understanding At the end of the course, students will know and understand the principles of life market-consistent evaluation (best estimate). They will be able to comprehend the standard formula SCR calculation criteria. They will be familiar with the main validation tests. They will understand profit test reports. Applying knowledge and understanding At the end of the course, students will have acquired the ability to apply best estimate and SCR calculation methods to real cases. Additionally, they will be able to evaluate with profit policies, in an Asset Liabilities Management setting, using segregated fund accounting rules. They will know how to realize the accuracy, robustness, market consistency, and "martingale" tests required by regulation for the economic scenarios generator. Using these abilities, they will plan profit test reports. Making judgements Students will be able to critically interpret the outcomes of models, by varying the contractual parameters and/or the model parameters. Communication skills. The students acquire the knowledge of industry jargon and of the relevant linguistic correspondences (Italian-English). Learning skills. Students who pass the final exam will have acquired the methods and knowledge necessary to operate as life actuaries, with a special regard for life technical provition and SCR according to the Solvency II directive. These skills will allow them access to the State Examination to the Actuarial Profession.
1025613 \| MODELS OF FINANCIAL MARKETS	2nd	6	SECS-S/06	ITA
Educational objectives Learning goals aims and objectives Critical understanding of capital market modeling, of pricing models and related financial problems; proficiency in the use of quantitative techniques and evaluation criteria for financial choices; ability to collect, interpret and select data characterising financial contracts and markets, knowledge of financial jargon and relevant linguistic correspondences (Italian-English). Knowledge and understanding. Base elements of Calculus, Probability, and Statistics. Applying knowledge and understanding. Ability to apply quantitative methods to portfolio selection, to the valuation of derivatives and financial contracts, to the analysis of financial markets; critical tools for reading and interpreting contracts and financial market conditions. Making judgements Critical tools for the evaluation of literature of the field. Communication skills. The studens will have to be able to talk - with knowledge and insights- on the problem of portfolio selection and on base elements of financial markets. Learning skills. The student will be able to apply mathematical and software tools to Portfolio selection problem and base financial markets.
AAF1004 \| Final exam	2nd	6	ITA
Educational objectives The final exams consists of writing, presenting and discussing a thesis, developed autonomously by the students, which illustrates in a coherent and detailed manner the problem tackled during the practical training and all the activities carried out to develop its solution.
Optional group C1 for 9 CFU/ ECTS
Optional group C2 for 6 CFU/ ECTS
Optional group F for 9 CFU/ ECTS

Optional groups

The student must acquire 9 CFU from the following exams

Lesson	Year	Semester	CFU	SSD
AAF2347 \| Preparatory Mathematics	1st	1st	3	ITA
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.
AAF1531 \| Laboratory of financial mathematics	2nd	2nd	3	ITA
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.
AAF1577 \| Laboratorio di inferenza statistica	2nd	2nd	3	ITA
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.
AAF2040 \| Soft skills	2nd	2nd	3	ITA
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.
AAF1532 \| Laboratory of actuarial mathematics	3rd	1st	3	ITA
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.
AAF1454 \| Statistical Software Lab	3rd	2nd	3	ITA
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.
AAF2438 \| Economics of Risk- Lab	3rd	2nd	3	ITA
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.

The student must acquire 18 CFU from the following exams

Lesson	Year	Semester	CFU	SSD	Language
1017592 \| LAW AND ECONOMICS	1st	2nd	9	IUS/05	ITA
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. Knowledge and understanding Applying knowledge and understanding Making judgements Communication skills Learning skills
1023608 \| DATABASES	2nd	1st	9	INF/01	ITA
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.
1018628 \| Stochastic processes	3rd	1st	9	MAT/06	ITA
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.
10616529 \| Time series for economics and finance	3rd	1st	9	SECS-S/03	ITA
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.
1024082 \| Portfolio theory	3rd	2nd	9	SECS-S/06	ITA
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.
1018133 \| ECONOMETRICS	3rd	2nd	9	SECS-P/05	ITA
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.

The student must acquire 6 CFU from the following exams

Lesson	Year	Semester	CFU	SSD	Language
1041733 \| Economics of Risk	2nd	2nd	6	SECS-P/01	ITA
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.
10616530 \| Banking and Insurance Financial Management	3rd	1st	6	SECS-S/06	ITA
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.
10616541 \| Pension funds	3rd	1st	6	SECS-S/06	ITA
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.
10589748 \| Financial markets economy	3rd	1st	6	SECS-P/01	ITA
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.