By Gujarati, Damodar N
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On the other hand, the mean value computed from a sample of values from ¯ read as Y bar. the Y population is denoted as Y, 37 Gujarati: Basic Econometrics, Fourth Edition PART ONE: © The McGraw−Hill Companies, 2004 2. 1 WEEKLY FAMILY INCOME X, $ X→ Y ↓ Weekly family consumption expenditure Y, $ Total Conditional means of Y, E(Y |X ) 80 100 120 140 160 180 200 220 240 260 55 60 65 70 75 – – 65 70 74 80 85 88 – 79 84 90 94 98 – – 80 93 95 103 108 113 115 102 107 110 116 118 125 – 110 115 120 130 135 140 – 120 136 140 144 145 – – 135 137 140 152 157 160 162 137 145 155 165 175 189 – 150 152 175 178 180 185 191 325 462 445 707 678 750 685 1043 966 1211 65 77 89 101 113 125 137 149 161 173 in the table refer to a total population of 60 families in a hypothetical community and their weekly income (X) and weekly consumption expenditure (Y ), both in dollars.
In the pooled data we have 175 observations—25 annual observations for each of the seven countries. Panel, Longitudinal, or Micropanel Data This is a special type of pooled data in which the same cross-sectional unit (say, a family or a ﬁrm) is surveyed over time. S. Department of Commerce carries out a census of housing at periodic intervals. At each periodic survey the same household (or the people living at the same address) is interviewed to ﬁnd out if there has been any change in the housing and ﬁnancial conditions of that household since the last survey.
For example, in principle we could introduce family wealth as an explanatory variable in addition to the income variable to explain family consumption expenditure. But unfortunately, information on family wealth generally is not available. Therefore, we may be forced to omit the wealth variable from our model despite its great theoretical relevance in explaining consumption expenditure. 3. Core variables versus peripheral variables: Assume in our consumptionincome example that besides income X1, the number of children per family X2, sex X3, religion X4, education X5, and geographical region X6 also affect consumption expenditure.