- In the following model,
Y = β0 + β1 X1 + β2 X2 + β3 X3 + β4 X4 + u
suppose the error variance has the following structure:
E(ui2) = σ2 X3i4reg
How would you transform the model so as to achieve homoskedastic error variance? How would you estimate the transformed model? List the various steps.
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