Summary: Statistical Modeling
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Read the summary and the most important questions on Statistical Modeling
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1 Econometrics - Linear Regression
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What is a log(dependentvariable)?
Says something about the percentage change -
Why can linear models contain squares?
Linear model means linear in the parameters -
What does OLS stand for?
Ordinary Leas Squares -
Intepret the zero conditional mean
The data doesn't provide systematic information about error term u -
What are exogenous variables?
Explanatory variables uncorrelated with error term -
When can you omit a variable in the simple regression?
- If x2 is superfluous (partial effect of x2 on y is 0) : b2 = 0 or
- If x1 and x2 are uncorrelated
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1.1 Hypothesis Testing
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What is a nested model?
A model in a model -
What does it mean when null hypothesis is overwhelmingly rejected for F-test?
Three variables are jointly significant
Werent significant individually
Multicollinearity between them -
What package to use homoskedasticity?
Eicker-Huber-White -
1.2 Reporting Statistics and Results
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What shouldn't you do when reporting regressions?
Don't report multiple statistics that say roughly the same thing. t-statistic and standard errors = superfluous
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