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ARE 106 HW 3

# ARE 106 HW 3 - Jeff Phang ARE 106 HW#3#1 a Summary...

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Jeff Phang January 24, 2009 ARE 106 HW #3 #1 a) Summary Statistics, using the observations 1 - 14 Variable MEAN MEDIAN MIN MAX price 317.49 291.50 199.90 505.00 sqft 1910.9 1835.0 1065.0 3000.0 Variable S.D. C.V. SKEW EXCSKURT price 88.498 0.27874 0.65346 -0.52983 sqft 577.76 0.30234 0.48526 -0.67212 This is a cross section data set because the observations occur in a specific time period, 1990, over a series of 14 different homes. We don’t have measurements of the same variable for different points in time. The mean price is 317.49 thousand dollars and the standard deviation is 88.498 thousand dollars. The mean square footage is 1910.9 sq feet with a standard deviation of 577.76 sq feet. b) OLS model. Model 1: OLS estimates using the 14 observations 1-14 Dependent variable: price coefficient std. error t-ratio p-value -------------------------------------------------------- const 317.493 23.6521 13.42 5.39E-09 *** Mean of dependent variable = 317.493 Standard deviation of dep. var. = 88.4982 Sum of squared residuals = 101815 Standard error of the regression = 88.4982 Unadjusted R-squared = 0.00000 Adjusted R-squared = 0.00000 Degrees of freedom = 13 Log-likelihood = -82.1081 Akaike information criterion (AIC) = 166.216 Schwarz Bayesian criterion (BIC) = 166.855 Hannan-Quinn criterion (HQC) = 166.157

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