Original Specification and Drawing Inference From It
Two Related Models
This chapter begins our attempt at understanding how to specify a better econometric model. We will be using two types of data—cross-sectional data and panel data. The data were obtained from the World Bank’s, World Development Indicators Database, 2013 version, and is downloadable at http://data.worldbank.org/data-catalog/world-development-indicators. It covers 172 countries, and contains unbalanced panels with an average of 21.8 observations per country. These are the data sets that will be used for the remainder of this book; it would definitely behoove the reader to download these data and follow along. A brief word of caution, however. Keep in mind that you ...
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