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class3-06

# class3-06 - Econ 444 Wednesday September 27 class 3 Econ...

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Econ 444, Wednesday September 27, class 3 Econ 444, Wednesday September 27, class 3 Robert de Jong 1 1 Department of Economics Ohio State University Robert de Jong Econ 444, Wednesday September 27, class 3

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Econ 444, Wednesday September 27, class 3 Monday October 2: computer class in 318 Arps Hall No need to prepare Come at the time you specified last week (i.e. 10:30am or 11:24 am) If you didn’t list a preference, then please come at 11:24am The test (first 5 points for the class) will be a week later, on October 9 If you have not listed your Buck ID, please do so after class. Your Buck ID will give you access to the 305 and 318 Arps computer labs at any time. Robert de Jong Econ 444, Wednesday September 27, class 3
Econ 444, Wednesday September 27, class 3 Review of Monday’s class: Least Squares principle Minimizing n summationdisplay i = 1 ( Y i - ( β 0 + β 1 X i )) 2 over all possible values of β 0 and β 1 gives ˆ β 1 = n · n i = 1 X i Y i - n i = 1 X i · n i = 1 Y i n · n i = 1 X 2 i - ( n i = 1 X i ) 2 and ˆ β 0 = ¯ Y - ˆ β 1 ¯ X . Note ¯ Y = n - 1 n i = 1 Y i , the average of the Y i The mathematical calculation requires being able to find the minimum of a function of two variables using differentiation Robert de Jong Econ 444, Wednesday September 27, class 3

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Econ 444, Wednesday September 27, class 3
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