1. Stochastic Processes Specifications of a Stochastic Process, Markov chains, classification of states, limiting probabilities; stationary distribution; Random walk and Gambler’s ruin problem. Poisson process, Birth and death process; applications to Queues-M/M/I and M/M/C models. Branching Process.
1. Sampling Techniques: Census versus sample survey. Pilot and large scale sample surveys. Role of NSS organisation. Simple random sampling with and without replacement. Stratified sampling and sample allocations. Cos and Variance functions. Ratio and Regression methods of estimation. Sampling with probability proportional to size. Cluster, double, multiphase, multistage and systematic sampling. Interpenetrating sub-sampling. Nonsampling errors.
1. Linear Models Theory of linear estimation. Gauss-Markoff setup. Least square estimators. Use of ginverse. analysis of one-way and two way classified data-fixed, mixed and random effect models. Tests for regression coefficients.
1. History of Development and Planning: Alternative Development Strategies – goal of self reliance based on import substitution and protection, the post 1991 globalisation strategies based on stabilization and structural adjustment packages: fiscal reforms, financial sector reforms and trade reforms.
1. Public Finance: Theories of taxation: Optimal taxes and tax reforms, incidence of taxation; Theories of public expenditure: objectives and effects of public expenditure, public expenditure policy and social cost benefit analysis, criteria of public investment decisions social rate of discount, shadow prices of investment, unskilled labour and foreign exchange. Budgetary deficits. Theory of public debt management.
1. Economic Thought: Mercantilism Physiocrats, Clasical, Marxist, Neo-classical,Keynesian and Monetarist schools of thought.
2. Concept of National Income and Social Accounting: Measurement of NationalIncome, Inter relationship between three measures of national income in the presenceof the Government sector and International transactions. Environmental considerations,Green national income.
1. Theory of Consumer’s Demand: Cardinal utility Analysis; Marginal utility anddemand, Consumer’s surplus, Indifference curve Analysis and utility function, Priceincome and substitution effects, Slutsky theorem and derivation of demand curve,Revealed preference theory. Duality and indirect utility function and expenditurefunction, Choice under risk and uncertainty.
Candidates will be required to write an essay in English. Other questions will be designed to test their understanding of English and workmanlike use of words. Passages will usually be set for summary or precis.