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Using a random sample of 670 individuals for the population of people in the workforce in 1976, we want to estimate the impact of education on wages. Let wage denote hourly wage in 1976 U.S. dollars and let educ denote years of schooling. We obtain the following OLS regression line: wage = -0.54 + 0.54educ. How do you interpret the slope of this regression line? What is the expected difference in the hourly wage between a worker that finished four years of college and a worker with finished high school? What is the predicted wage for a person with one year of education? Does that make sense? If it is not, what is the name of this problem in econometrics? How do we deal with it?
Suppose you are interested in the effect of skipping classes on college GPA, and collect a sample of economic variables from 400 college students to analyze the problem. Included in your data are college GPA on a four-point scale (COLGPA), high school GPA on a four-point scale (HSGPA), achievement test score (ATS), and the average number of Economics 122B lectures missed per week (SKIP). Running a regression of the dependent variable COLGPA on the other explanatory variables including a constant (and homoskedastic errors) yields:
Different analyses of recurrent events data: The bladder cancer data listed in Wei, Lin, and Weissfeld (1989) is used in Example 54.8/49.8 of SAS to illustrate different anal
You are given the differential equation dy/dx = y' = f(x, y) with initial condition y(0 ) 1 = . The following numerical method is also given: where f n = f( x n , y n )
Risk of Portfolios So far, we have seen the application of standard deviation in the context of risk in single investment. But usually most investors hold portfolios of securi
Education seems to be a very difficult field in which to use quality methods. One possible outcome measures for colleges is the graduation rate (the percentage of the students matr
(a) Average rainfall during the month of January is found to be 58 mm. A Class A pan evaporation recorded an average of 8.12 mm/day near an irrigation reservoir. The average
Factor analysis (FA) explains variability among observed random variables in terms of fewer unobserved random variables called factors. The observed variables are expressed in
Read the following data on the economy of Angoia and answer/respond to the questions/instructions that follow. Unless otherwise stated, the monetary figures are in real billions o
Harmonic Mean The harmonic mean also called harmonic average, in the total numbers of items of variable divided by the sum of r reciprocals of the values of the variable. In
You were recently hired by E&T Boats, Inc. to assist the company with its financial planning and to evaluate the company's performance. E&T Boats, Inc. builds and sells boats to o
Use the given information to find the P-value. The test statistic in a two-tailed test is z = 1.49 P-value = (round to four decimal places as needed)
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