01 STAT intro-SD S14 all(2)

12 iinatureofeconomicdata

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Unformatted text preview: , measured at the same point in time or time interval. Time‐series data set Observations on the same unit measured at different points in time (or over different intervals of time). Panel data set A data set with a cross‐section dimension and a time‐series dimension. 12 II. NATURE OF ECONOMIC DATA Discrete vs. Continuous vs. Categorical Variables 13 CATEGORICAL VS NUMERICAL VARIABLES A variable is numerical if there is a number associated with the characteristic. Examples: • Height of an individual • Wealth of an individual • No. of customers entering a stor • No. of cars owned 14 CATEGORICAL VS NUMERICAL VARIABLES A variable is categorical if there is no obvious number associated with the characteristic. Examples: • Gender of an individual • Race of an individual • Type of cell phone owned 15 CATEGORICAL VS NUMERICAL VARIABLES Data sets often contain a combination of numerical and categorical varia...
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