Lecture 10

Lecture 10 - Variables used AGE WAGE LNWAGE Individuals age...

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1 Variables used AGE Individual’s age WAGE Hourly wage (in $) LNWAGE Log of wage OCC1 Categorical variable for occupational category (see below) IND1 Categorical variable for industrial category (see below) UNION 1 if union member, 0 otherwise GRADE highest educational grade completed (1-12 are high school grades) MARRIED 1 if married, 0 otherwise PARTT 1 if part-time worker, 0 otherwise POTEXP Years of potential experience EXPSQ POTEXP squared Variables used WEIGHT Sampling weight GRADESQ GRADE squared FINHIGH 1 if graduated from high school, 0 otherwise (implies GRADE >= 12) STCOL 1 if started college, 0 otherwise (implies GRADE > 12) FINCOL 1 if completed college, 0 otherwise (implies GRADE >= 16) DROPOUT 1 if dropped out of college, 0 otherwise (implies STCOL = 1, FINCOL = 0) HSGRADE GRADE for those who did not complete high school, 0 otherwise HPOCC 1 if in high-paid occupation, 0 otherwise LPIND 1 if in low-paid industry, 0 otherwise Chart 1: distribution of wage 0 40 80 120 160 200 240 10 20 30 40 50 60 Series: WAGE Sample 1 1000 Observations 1000 Mean 11.41696 Median 9.999999 Maximum 64.99998 Minimum 2.600000 Std. Dev. 6.970761 Skewness 1.938640 Kurtosis 9.790304 Jarque-Bera 2547.564 Probability 0.000000 Histogram for wage
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2 Chart 2: distribution of log wage 0 20 40 60 80 100 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Series: LNWAGE Sample 1 1000 Observations 1000 Mean 2.275496 Median 2.302585 Maximum 4.174387 Minimum 0.955511 Std. Dev. 0.563464 Skewness 0.077570 Kurtosis 2.640649 Jarque-Bera 6.383398 Probability 0.041102 Histogram for log wage Dependent Variable: LNWAGE Method: Least Squares Date: 07/19/05 Time: 11:39 Sample: 1 1000 Included observations: 1000 Variable Coef icient Std. Error t-Statistic Prob. C 0.600963 0.086381 6.957150 0.0000 GRADE 0.101660 0.005895 17.24648 0.0000 POTEXP 0.018615 0.001201 15.50227 0.0000 R-squared 0.303209 Mean dependent var 2.275496 Adjusted R-squared 0.301811 S.D. dependent var 0.563464 S.E. of regression 0.470818 Akaike info criterion 1.334304 Sum squared resid 221.0043 Schwarz criterion 1.349027
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This note was uploaded on 03/07/2012 for the course ECON 201 taught by Professor Cowell during the Spring '10 term at LSE.

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Lecture 10 - Variables used AGE WAGE LNWAGE Individuals age...

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