You are concerned about omitted variable bias in the regressions of Question 1

You are concerned about omitted variable bias in the regressions of Question 1. For that reason, you decide to regress In(wage) on all other variables in the dataset and use this model as a benchmark. (a) (11 points) Report a 95% confidence interval for the estimated slope parameter of educ (3 points), explain the relationship between the confidence interval and hypothesis testing (4 points), and test the hypothesis that one year of additional education would increase hourly wage by 12% (4 points). (b) (7 points) Assuming there is no omitted variable bias, discuss the estimated coefficient on female in the benchmark model. In particular, explain what the estimated coefficient on female means on hourly wage (3 points), compare the effect of being female and the effect of one year of additional education (2 points), and discuss whether it is statistically significant or not (2 points). © (5 points) Using the estimation results of the benchmark model, test the hypothesis that the hourly wage is not affected by the geographic location. Explain how you reach your conclusion. (Hint: use package car.) (d) (5 points) Using the estimation results of the benchmark model, test the hypothesis that the wage differential associated with African American is equal to the wage differential associated with Asian American. Explain how you reach your conclusion. (Hint: use package car.) (e) (7 points) How would you modify the benchmark model to estimate the effects on hourly wage of one additional year of education separately for each gender (4 points). How do the effects of education differ between the genders and is the difference statistically significant? (3 points) (f) (5 point) Keoka is an African American woman, working in a metropolitan area. After she obtained her high school diploma, she got a job and started working instead of getting a higher education. Now she has a five-year of experience in the industry and is working full time (40 hours a week). Using the benchmark model, predict her hourly wage. Be careful: the left-hand side variable is ln(wage), but you should predict Jane’s wage.

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SOLUTION :-3

A regresssion of bad behavior on police force will encounter the evil impacts of disposed of variable inclination in light of the fact that there are many determinates of bad behavior at the country level - money related ,section and others - and a segment of these will without a doubt be releted to dicisions about the size of the influence .

a) * since the slop represends to changes in the x-regard ,we will calculate a 95% assurance stretch for the grade, and assess whether it evades 0.if it does ,by then we can block the likelihood thet the inclination is 0.thus ,we wrap up thet there is a basic linearrelationship among x and y.

• while declaring assurance extends ,use the formate 95%cl(LL,UL) where LLis the lower farthest reaches of the conviction length and UL is beyond what many would consider possible .for examble ,one may report;95%cl.

• A more unobtrusive samble size or a higher capriciousness will achieve a more broad sureness range with a greater margine of goof …in case you need a more huge degree of conviction ,thet stretch will not be as tight.A tight range at 95% or higher assurance is ideal.

• A discretionary use of sureness extends is to help decitions in principle testing especially when the test is followed ,. the epitome of this strategy is to balance the speculated regard with the assurance length if the haypothesized regard falls outside the interval,we reject the invalid hypothesis .

• to use a sureness range ,fundamentally make the going with observations;if our conviction stretch containes the value ensured by the invalid theory ,by then our samble resalt it close enought to the declared value,and we there front don’t rejecth0

• he assurance length uncovers to you more than jest the possible stretch around the measure .it furthermore tels you about how stable the check is .it in like manner educates you concerning how stable the check is.A stable check is one thet would be close to a comparable worth if the servey were reiterated.

• most examinations measure thet the re-appearance of one year of coaching is,on avarege ,some place in the scope of 8 and 13 percent.2 toward the day’s end ,

*each additional time of guidance is connected with a 8-13 percent development in hourly pay

• first,rates of return to uncompleted courses.(dropouts)…to wage s will rise faster with extra significant stretches of guidance when the extra year .

• generally speaking ,occupations that require certain levels of guidance and skill pay higher wages than occupations that require relatively few skils and little tutoring

b) * The coefficient for a term tends to the change of the mean response .

• related with a change in thet ter, while the othe terms in the model .

• the coefficient uncovers to you how much the dependedent variable additions by one

• hollding the wide scope of different self-governing variables steady.

c) * vehicle pakege procedure ; this covers disaster/mischief to the vehicle defended (own damage ) close by outcast danger cover which ingludes genuine injury or potentially passing and property hurt

• individual accidend cover for owner driver and explorers

d) * among 23 select sub get-togethers of AAPI women working the entire day year - round pay

• the greatest pay openings ampng these get-together are for burmese women

• the greatest social occasions of asian americans in the US ,considering self - uncovered parentage or ethinicity

• asian and american women inside manegement and money related occupations are paide 88cents .

e) A teacher’s sexual direction impacts how understudies learn dee tracked down that youngsters improved when taught by femaile instructors and male understudies improved when instructed by male instructors.

• paying little heed to the disclosures ,dee says he isn’t maintaining single-sex guidance.

f) * The least compensation allowed by law is the most negligible pay that a business is allowed to pay an employee,according to a law or comprehension

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Anonymous’s AvatarAnonymous posted 7 months ago
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Could you do the answers in the R studio steps?