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321_F11_slides2 - Review of Econ 221 Part I Econ 321 Click...

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Click to edit Master subtitle style Econ 321-Stéphanie Review of Econ 221 Part I Econ 321 Introduction to Econometrics Wooldridge: appendices A & B & C 11

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Econ 321-Stéphanie Main Steps in Statistical Analysis Population and Samples Population and Sample Distribution Estimation Central Limit Theorem 22
Econ 321-Stéphanie Populations and Samples What is a population? The group or collection of all possible entities of interest (populations are infinitely large) What type of population would you be concerned with in your life? Population parameter What is a sample? Why use a sample rather than populations? 33

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Econ 321-Stéphanie Example for the use of Samples We are interested in a training program which is supposed to improve productivity. It would be very expensive to implement throughout a firm, particularly if it doesn’t work. Instead, we set up an experiment in which we try the program on a sample of employees at a single location (a pilot 44
Econ 321-Stéphanie Example for the use of Samples We experiment with a pilot program and find that productivity rose by 2% Our problem in using the pilot (sample): if we replicate the pilot throughout the firm is it reasonable to believe that we will get a 2% boost in productivity? could this just be the result of getting a “good” sample (those who happened to respond favorably to the program)? Our core problem in using samples is distinguishing between systematic effects of programs and chance outcomes 55

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Econ 321-Stéphanie Sampling Variability Samples are affected by randomness Samples are not an exact reproduction of the population 2 samples drawn from a population are unlikely to be identical The sample mean is likely to be different from (but close to) the population mean 66
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321_F11_slides2 - Review of Econ 221 Part I Econ 321 Click...

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