econ2P91_Assignment2_winter2011 (2)

econ2P91_Assignment2_winter2011 (2) - ECON 2P91 Business...

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ECON 2P91: Business Econometrics with Applications Winter 2011 Assignment 2 (Due Date: Friday March 18 th , 2011) In Assignment1, you investigated the relationship between residential housing price (PRICE, in thousands of dollars) and lot size (LOT, in acres) by constructing a simple hedonic price model for the City of Prince George, British Columbia, Canada. Do houses with bigger lot sizes command higher prices? It was obvious from the empirical results that including additional regressors might not be a bad idea. In this assignment, you will augment LOT, the sole regressor you used in Assignment 1, with five additional regressors, namely, the number of bedrooms (BDRM), the number of bathrooms (BTHRM), the number of garage spaces (GAR), the number of fireplaces (FPLACE), and a basement binary (dummy) variable (BSMT; BSMT=1 if the house has a basement and BSMT=0 if the house has no basement). You will run a regression of PRICE on all these variables using data for the 832 residential houses that were sold in the City of Prince George, British Columbia, Canada, during the period from the first quarter of 2001 to the fourth quarter of 2001. These data are provided in the Excel data file econ2p91_hedonicdata_2.xls , which is available on Sakai. As in Assignment 1, QT is the quarter in which each house was sold (QT=1 denotes the first quarter (winter); QT=2 denotes the second quarter (spring); QT=3 denotes the third quarter (summer); and QT=4 denotes the fourth quarter (fall)). The
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