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Econometrics I: Microeconometrics
Econometric Analysis of Cross-section and Panel data Models
and some extensions 12
1
Ùë Econometrics I: Microeconometrics 2013-12-04 1 / 93
Major issues
Is the unobserved unit effect correlated with independent variables?
Fixed Effects (Within Effects)
Y = β x + µ
it i kit it
◮ Allows for arbitrary correlation between α and the independent variable(s)
◮ Unobserved unit effect can correlate; allows for arbitrary correlation between unobserved unit
effect and independent variable
◮ Within dimension of data
Random Effects
Y = α + β k + µ
it i kit it
◮ Assume unobserved unit effect α is uncorrelated with independent variable(s)
◮ Is not allowed to be correlated; use when unobserved unit effect is not correlated with inde-
pendent variable
◮ Combines between and within dimensions of data
Between Group Effects
◮ Ignores any information within individuals
Ùë (SIB,SUIBE neotaoism@) Econometri
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