Question 4Suppose you have been hired by the government as an econometrician and have beentasked with predicting whether or not individuals will choose to get inoculated with a newvaccine developed to fight the next global pandemic. You have individual-level data fromthe previous pandemic on the following variables:●●Whether or not the individual chose to get vaccinatedAge, gender, marital status, religion, education level and household income ofeach individual. A dummy for whether or not the individual was in the labor forceOccupation, sector/industry and wage/earnings of each individual●Develop an econometric model the government can use to predict whether or not anindividual will choose to get vaccinated in the next global pandemic. State anyassumptions you are relying on in constructing your model and justify the design of yourmodel in the context of the problem faced. Specify the model mathematically, explain howyou will estimate it (i.e. which estimation framework will you use and how the estimationprocedure works), how will results be interpreted, etc. Be as specific and as detailed aspossible and use mathematical notations/formulae wherever necessary. And remember,the model you develop should be worthy of a properly trained econometrician - you donot want your model to predict that the probability of any given individual's vaccination isgreater than one, for instance!

An econometric model is a mathematical and statistical portrayal utilized in economics to depict and…

Question 4 Suppose you have been hired by the government as an econometrician and have been tasked with predicting whether or not individuals will choose to get inoculated with a new vaccine developed to fight the next global pandemic. You have individual-level data from the previous pandemic on the following variables: . Whether or not the individual chose to get vaccinated • Age, gender, marital status, religion, education level and household income of each individual • A dummy for whether or not the individual was in the labor force Occupation, sector/industry and wage/earnings of each individual

Question 4 Suppose you have been hired by the government as an econometrician and have been tasked with predicting whether or not individuals will choose to get inoculated with a new vaccine developed to fight the next global pandemic. You have individual-level data from the previous pandemic on the following variables: . Whether or not the individual chose to get vaccinated • Age, gender, marital status, religion, education level and household income of each individual • A dummy for whether or not the individual was in the labor force Occupation, sector/industry and wage/earnings of each individual

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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