EC9100 Quantitative Methods: Econometrics B 2021/22
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EC9100
May Examinations 2021/22
Quantitative Methods: Econometrics B
SECTION A: Answer the ONE question |
||
1. |
The following is a set of results from analyses performed by a researcher, using the data used by Mroz, T. (1987) “The sensitivity of an empirical model of married women’s hours of work to economic and statistical assumptions. Econometrica, (55:4), pp. 765- 799. The variables used are as follows: |
|
inlf hours kidslt6 kidsge6 age educ wage faminc exper nwifeinc lwage expersq |
=1 if in lab frce, 1975 # of hours worked, 1975 # kids < 6 years # kids 6- 18 woman's age in yrs years of schooling hourly wage rate family income, 1975 actual labour market experience family income excluding the woman’s income log(wage) experience-squared |
Out of a sample of 753 women, 428 had worked during the year 1975. i.e., 428 women had reported positive number of hours.
VARIABLES |
[1]
Hours |
[2] lwage |
[3] Labour force Participation |
[4] lwage |
[5] Labour force Participation |
Estimator |
Tobit |
2-step Heckman |
Heckman 1st step |
MLE |
MLE |
nwifeinc |
-8.814** (4.459) |
|
-0.012** (0.005) |
|
-0.012** (0.005) |
educ |
80.645*** |
0.109*** |
0.131*** |
0.108*** |
0.131*** |
|
(21.583) |
(0 .016) |
(0 .025) |
(0 .015) |
(0.025) |
exper |
131.564*** |
0.044*** |
0.123*** |
0.043*** |
0.123*** |
|
(17.279) |
(0.016) |
(0.019) |
(0.015) |
(0.019) |
expersq |
-1.864*** |
-0.001* |
-0.002*** |
-0.001** |
-0.002*** |
|
(0.538) |
(0.000) |
(0.001) |
(0.000) |
(0.001) |
age |
-54.405*** (7.418) |
|
-0.053*** (0.008) |
|
-0.053*** (0.008) |
kidslt6 |
-894.020*** (111.878) |
|
-0.868*** (0.119) |
|
-0.867*** (0.119) |
kidsge6 |
-16.218 -8.814** |
|
0.036 (0.043) |
|
0.036 (0.043) |
Inverse Mill’s 0.032
Ratio (0.134)
/athrho /lnsigma |
0.027 (0.147) -0.410*** (0.034) |
|
Rho |
0.027 (0.147) |
|
Sigma
Inverse |
0.663*** (0.023) 0.018 |
|
Mill’s Ratio |
(0.100) |
|
Constant 965.307** -0.578* |
0.270 -0.553** |
0.266 |
(446.435) (0.305) |
(0.509) (0.260) |
(0.509) |
Ln likelihood |
-832.9 |
|
R-squared |
Standard errors in parentheses. *** p<0.01, ** p<0.05, *p<0.1
LR test for Rho=0 in [4] & [5] : chi2(1)=0.03 with Prob>chi2=0.958
2022-08-16