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Model 1

The document presents the results of five OLS regression models analyzing the relationship between various independent variables (age, education, experience) and wage. Models 1 and 2 focus on wage and log wage as dependent variables, respectively, with education showing a significant positive effect. Models 3 and 4 explore different transformations of the dependent variable, while Model 5 examines a quadratic relationship with age, but none of the models show strong explanatory power as indicated by low R-squared values.

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3 views3 pages

Model 1

The document presents the results of five OLS regression models analyzing the relationship between various independent variables (age, education, experience) and wage. Models 1 and 2 focus on wage and log wage as dependent variables, respectively, with education showing a significant positive effect. Models 3 and 4 explore different transformations of the dependent variable, while Model 5 examines a quadratic relationship with age, but none of the models show strong explanatory power as indicated by low R-squared values.

Uploaded by

Hằng Phùng
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

Model 1: OLS, using observations 20-320 (n = 301)

Dependent variable: wage

Coefficient Std. Error t-ratio p-value

const 3453.22 100.624 34.32 <0.0001 ***

age −0.621296 2.99384 −0.2075 0.8357

educ 16.4082 4.29738 3.818 0.0002 ***

exper 0.162664 2.35350 0.06912 0.9449

Mean dependent var 3659.153 S.D. dependent var 136.3008

Sum squared resid 5220690 S.E. of regression 132.5824

R-squared 0.063279 Adjusted R-squared 0.053818

F(3, 297) 6.687857 P-value(F) 0.000221

Log-likelihood −1896.135 Akaike criterion 3800.271

Schwarz criterion 3815.099 Hannan-Quinn 3806.205

2. Log – Log

Model 2: OLS, using observations 20-320 (n = 301)

Dependent variable: l_wage

Coefficient Std. Error t-ratio p-value

const 8.06053 0.0893394 90.22 <0.0001 ***

l_age −0.00631609 0.0247091 −0.2556 0.7984

l_educ 0.0620652 0.0153297 4.049 <0.0001 ***

l_exper 0.00174847 0.00557364 0.3137 0.7540

Mean dependent var 8.204302 S.D. dependent var 0.036972

Sum squared resid 0.385093 S.E. of regression 0.036008


R-squared 0.060925 Adjusted R-squared 0.051440

F(3, 297) 6.422902 P-value(F) 0.000315

Log-likelihood 575.4374 Akaike criterion −1142.875

Schwarz criterion −1128.046 Hannan-Quinn −1136.941

3. Lin – Log

Model 3: OLS, using observations 20-320 (n = 301)

Dependent variable: wage

Coefficient Std. Error t-ratio p-value

const 3121.83 329.365 9.478 <0.0001 ***

l_age −21.6856 91.0945 −0.2381 0.8120

l_educ 229.172 56.5158 4.055 <0.0001 ***

l_exper 6.75951 20.5482 0.3290 0.7424

Mean dependent var 3659.153 S.D. dependent var 136.3008

Sum squared resid 5234022 S.E. of regression 132.7515

R-squared 0.060887 Adjusted R-squared 0.051401

F(3, 297) 6.418648 P-value(F) 0.000317

Log-likelihood −1896.519 Akaike criterion 3801.039

Schwarz criterion 3815.867 Hannan-Quinn 3806.972

4.

Model 4: OLS, using observations 20-320 (n = 301)

Dependent variable: l_wage

Coefficient Std. Error t-ratio p-value

const 8.14907 0.0272940 298.6 <0.0001 ***

age −0.00018154 0.000812067 −0.2236 0.8233


7

educ 0.00444326 0.00116565 3.812 0.0002 ***

exper 3.70333e-05 0.000638377 0.05801 0.9538

Mean dependent var 8.204302 S.D. dependent var 0.036972

Sum squared resid 0.384110 S.E. of regression 0.035962

R-squared 0.063322 Adjusted R-squared 0.053861

F(3, 297) 6.692696 P-value(F) 0.000219

Log-likelihood 575.8221 Akaike criterion −1143.644

Schwarz criterion −1128.816 Hannan-Quinn −1137.710

Model 5: OLS, using observations 20-320 (n = 301)

Dependent variable: wage

Coefficient Std. Error t-ratio p-value

const 2714.01 1059.34 2.562 0.0109 **

age 58.2571 64.0026 0.9102 0.3634

age2 −0.889728 0.960471 −0.9263 0.3550

Mean dependent var 3659.153 S.D. dependent var 136.3008

Sum squared resid 5554736 S.E. of regression 136.5286

R-squared 0.003343 Adjusted R-squared -0.003346

F(2, 298) 0.499820 P-value(F) 0.607148

Log-likelihood −1905.470 Akaike criterion 3816.939

Schwarz criterion 3828.061 Hannan-Quinn 3821.390

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