Task:
Key Pointers For The Project & Data Sites
Establish the goal of the project paper by selecting a very substantial topic
Determine the causal relationship in terms of the topic
1-Establishing the X and Y variables
The correlation coefficient determination
•The correlation is positive when y tends to increase and negative when y tends to decrease.
•The preciseness of the shift in y as x increases determines the strength of the linear correlation
2-The coefficient of linear correlation, r, is the numerical measure of the strength of the linear relationship between two variables.
Estimation of returns
Regression Analysis using data sets
Linear functional forms (Single/Multiple regression)
•Linear regression: Y = a + bX + u
•Multiple regression: Y = a + b1X1 + b2X2 + b3X3 + … + btXt + u
•Where:
•Y = the variable that you are trying to predict (dependent variable).
•X = the variable that you are using to predict Y (independent variable).
•a = the intercept.
•b = the slope.
•u = the regression residual.
3-ESTABLISHING THE LINE OF BEST FIT: Line of Best Fit- If a straight-line model seems appropriate, the best-fitting straight line is found by using the method of least squares or The Ordinary Least Squares Estimator (OLS)
4-The use of Descriptive statistics & Multi-Collinearity (coefficients of correlation)
For example, from the writing sample, you must have base regression model for estimating the rate of return on education takes the following form:
Ln(Wage)i=β0+β1Educi+β2Experi+β3Tenurei+β4Marriedi+β5Blacki+β6Southi+β7Urbani+β8Sibsi+β9Brthordi+β10Peduci+εi
The data must be your own, collected from the different sites /links you have used
5-Must use Inferential Statistics, making use of estimation, hypothesis testing and confidence interval.
6-Must Incorporate The Formulas From Slides Uploaded As Project Calculations Formulas .
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