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Answers to 2008Final exams
ECON2206 - Introductory Econometrics
12 Found helpful • 5 Pages • Essays / Projects • Year: Pre-2021
–––––––––––––––––––––––––––––––––––––––––––––– Question 1. (i) With panel data observational units (or individuals) are followed over time, and so panel data are distinctive in: (a) allowing study of dynamics for individual units (rather than aggregative) - i.e. have a time-series dimension compared to cross-sectional data, (b) allow us to control for unobserved individual effects (or omitted variables) that are constant through time (i.e. fixed effects), but (c) cannot treat the set of observations in each time period as an independent random sample (unlike when you pool independent cross-sections). (ii) In the model price = β0 +β1 area+β2bdrms+β3 area×bdrms
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