INSTANT DOWNLOAD COMPLETE TEST BANK WITH ANSWERS ISBN-10: ISBN-13: 733 Principles of Econometrics 4th Edition by R. Carter Hill – Test Bank Sample Questions File: Ch01, Chapter 1, An Introduction to Econometrics Multiple Choice Which of the following is NOT. Econometrics Stock Watson 3rd Edition Test Bank PDF books, here is alsoavailable. Introduction To Econometrics, 4th Edition: 124.
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- Step 1 of 5
(a)
The median price of the house MDHOUSE is positively affected bythe family income and percentage of state population living inurban area, among other factors which has not been taken intoaccount in the given OLS model. As the result of this, the errorterms of this model account for these unaccounted variables of themodel, which in turn would exhibit a positive correlation with themedian price of the house. In presence of such positive correlationbetween error terms and MDHOUSE, the coefficient of MEDHOUSE isinconsistent, biased and overstated. So, that the MDHOUSE isendogenous in this regression is of concern.
- Step 2 of 5
(b)
In order to test if the instruments such as are weak, it is necessary to test if the coefficients of theseinstrumental variables are jointly insignificant.
The coefficients of the instrumental variables are jointly insignificant
Against the alternative hypothesis:
The coefficients of the instrumental variables are jointly significant
Under null hypothesis,
Since, F-test statistics is greater than critical F-statistics,the null hypothesis is rejected. It is concluded that theinstrumental variables are jointly significant and there is atleast one instrumental variable significant at 5% level.
- Step 3 of 5
(c)
When the least squares residuals from (VHAT) from the regressionin column (2) are added as regressor to the basic regression, thecolumn (4) is obtained.
The usefulness of the regression in column (4) is that itprovides a way for the test of significance of endogeneity of thesuspect endogenous variable MDHOUSE. Also, this regression takesinto account the endogeneity of the explanatory variable MDHOUSE.The coefficients of this regression are expected to converge to thetrue parameter value.
When compared to the regression in column (1), it can be saidthat the least square estimates of column (1) are biased andinconsistent; where as that of column (4) is better than that incolumn (1). Even the squared-R has significantly improved in column(4) vis-à-vis column (1). The result in column (4) also indicatesthat a unit increase in MDHOUSE contributes to 2.24 units increasein Rent vis-à-vis only 1.521 units increase in Rent in column(1)
- Step 4 of 5
(d)
In column (5) the IV/2SLS estimates has been produced using theinstrumental variables.
Yes, there is the difference in the least squares estimates ofcolumn (1) and of column (5). The squared-R is 0.599 in column (5)vis-à-vis in column (1). The result in column (5) also indicatesthat a unit increase in MDHOUSE contributes to 2.24 units increasein Rent vis-à-vis only 1.521 units increase in Rent in column(1).
The estimates in column (4) and column (5) are the same but nottheir respective standard errors. There is no mistake as such. Theestimates in column (4) have been obtained by the method oftwo-stage least squares, and the estimates in column (5) have beenobtained using IV/2SLS methodology.
- Step 5 of 5
(e)
In column (6) the residuals from the estimation in column (5)are regressed upon the variables such as PCTURBAN, FAMINC, REG1,REG2 and REG3. This is “Artificial Regression”. The N*SquaredR,where N is the sample size and SquaredR is the goodness-of-fitmeasure, is computed and its value is compared to the criticalvalue of chi-squared distribution at degree of freedom equal to thedifference between the number of instrumental variables and numberof endogenous variables in the original model.
If the N*SquaredR is greater than the critical chi-squared valueat the given degree of freedom, it can be concluded that there isat least one surplus instrumental variable that is invalid.
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Test Bank for Hematology Clinical Principles and Applications, 4th Edition: Rodak
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Hematology Clinical Principles and Applications
Hematology Clinical Principles and Applications Rodak
Hematology Clinical Principles and Applications Rodak 4th
Hematology Clinical Principles and Applications Rodak 4th Test Bank
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Hematology Clinical Principles and Applications
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