The measure of standard error can also be applied to the parameter estimates resulting from linear regressions. For example, consider the following linear regression equation that describes the relationship between education and wage: WAGE = Bo + B1 EDUC; +e; where WAGE, is the hourly wage of person i (i.e., any specific person) and EDUC; is the number of years of education for that same person. The residual e; encompasses other factors that influence wage, and is assumed to be uncorrelated with education and have a mean of zero. Suppose that after collecting a cross-sectional data set, you run an OLS regression to obtain the following parameter estimates: WAGE = -11.1+6.2 EDUC; and As the number of observations in a data set If the standard error of the estimate of B, is 1.34, then the true value of B, lies between VOU Would expect this range to in size.
The measure of standard error can also be applied to the parameter estimates resulting from linear regressions. For example, consider the following linear regression equation that describes the relationship between education and wage: WAGE = Bo + B1 EDUC; +e; where WAGE, is the hourly wage of person i (i.e., any specific person) and EDUC; is the number of years of education for that same person. The residual e; encompasses other factors that influence wage, and is assumed to be uncorrelated with education and have a mean of zero. Suppose that after collecting a cross-sectional data set, you run an OLS regression to obtain the following parameter estimates: WAGE = -11.1+6.2 EDUC; and As the number of observations in a data set If the standard error of the estimate of B, is 1.34, then the true value of B, lies between VOU Would expect this range to in size.
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section: Chapter Questions
Problem 10T: Olympic Pole Vault The graph in Figure 7 indicates that in recent years the winning Olympic men’s...
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