Topic 1 Flashcards
What is stochastic data?
random data
What is the name of analysis with one explanatory and one dependent variable? With more then one explanatory?
Two-Variable regression analysis
Multi-Variable regression analysis
What is correlation analysis?
Analysis where the objective is to measure the degree of the association between two variables
What is cross-section data?
Data collected at the same time - denoted with i
What is time-series data
Data collected over a period of time, denoted with t
What is a common assumption used for empirical work on time series data
The underlying time series is stationary -0 mean and variance do not change
What affect must be countered with cross-sectional data
The scale effect (heteroscedacity?)
What is Pooled Data
Data is both time series and cross sectional, ie cross section observations overtime.
What is Pnael/Longtitudanal/Micropanal data?
A sepcial type of pooled data where the cross-section unit (familiy or whatever) is the same family, tracked over every year (or time unit)
What is balanced / unbalanced panel data
Where the number of observations in a panel is equal, and not equal for all panels respectively
What types of variable data is there?
Ratio scale, Interval Scale, Ordinal Scale, Nominal Scale
Define Ratio Scale
Variables where the ratio and distance between them are meaningful, where once can be twice the other, ect
Define Interval Scale
Where the difference between variables is meaningful, but no their ratio
Define Ordinal Scale
Where the variables difference & ratio have no meaning, but there is a natural order (one can be said to be more then the other)
Define Nominal Scale
The differences, ratio and order of the variables are meaningless.
