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Unformatted text preview: he ideas to populations where observed and unobserved variables are related to each other in an Econometric Model The regression model is the workhorse of that course. 9 Examples: Economics What is the return in earnings of obtaining a college degree? Business What is the effect of advertising on sales? Sociology Do harsher sentences lower crime rates? Medical Does taking vitamins reduce the risk of catching cold? Psychology Does higher income make people happier? 10 ECONOMIC DATA Unit of Observation – members of population we are interested in.. Variable – a characteristic of the unit of observation Data ‐‐ quantitative or qualitative measure of the characteristic on units of observation. Data set – a collection of data. Statistic ‐‐ function of the data. 11 ECONOMIC DATA TYPES Cross‐sectional Observations on different observational units (countries, firms, households, persons)...
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This note was uploaded on 03/25/2014 for the course ECO 329 taught by Professor K during the Spring '08 term at University of Texas at Austin.
- Spring '08