Thank you this is well-explained! I got a question: isn't there a multicollinearity issue when you add married, divorced, separated and widowed? since they are correlated.
At what degree of change would you decide that your coefficient has converged and you have removed sufficient bias? Incidentally, although this is nitpicking, I can't resist pointing out that the columns don't technically have to be adjacent if you hold down Ctrl while selecting them.
You can never know for sure if you removed all bias. You should think through the possible omitted variables and determine if you've addressed all the problems. There are no hard and fast rules for this. While you can certainly select non-continuous columns in Excel, Data Analysis ToolPak throws an error when you do that for a regression (at least it did for me).
@@sebastianwaiecon Yes, and Excel did the same for me earlier this week when I was making a bar graph. Has it always been like that? I could have sworn I used to be able to select non-contiguous ranges of data.
@@RodrigoTechador I'm not sure. Outside of classes where I give a brief introduction to regression, I actually rarely use Excel for regression and graphs. It's okay for smaller tasks, but it's not the best tool if you want to do anything more sophisticated.
It sounds like you're looking for a fixed effects model. These models usually get too complex for Excel to handle but I have videos on that using Stata and R.
@@sebastianwaiecon but, my lecturer ask me to use eviews. Idk how to handle the indutry dummy control variable. Some reference uses industry dummy on regression but idk how to use in regression. And i used gls and ols on model which chosen. I read journal which use gls and gmm also use it
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Thank you for such a straight-forward explanation accompined with great examples! It was very easy to follow you at each step. Great job!
Greetings
In case of dummy variables are used as control variable if they come out to be significant what does it mean?
Thank you this is well-explained! I got a question: isn't there a multicollinearity issue when you add married, divorced, separated and widowed? since they are correlated.
At what degree of change would you decide that your coefficient has converged and you have removed sufficient bias?
Incidentally, although this is nitpicking, I can't resist pointing out that the columns don't technically have to be adjacent if you hold down Ctrl while selecting them.
You can never know for sure if you removed all bias. You should think through the possible omitted variables and determine if you've addressed all the problems. There are no hard and fast rules for this.
While you can certainly select non-continuous columns in Excel, Data Analysis ToolPak throws an error when you do that for a regression (at least it did for me).
@@sebastianwaiecon Yes, and Excel did the same for me earlier this week when I was making a bar graph. Has it always been like that? I could have sworn I used to be able to select non-contiguous ranges of data.
@@RodrigoTechador I'm not sure. Outside of classes where I give a brief introduction to regression, I actually rarely use Excel for regression and graphs. It's okay for smaller tasks, but it's not the best tool if you want to do anything more sophisticated.
Hello, can you give me explain if there is control about industry or year?? I cant understand in the context of econometrics thank you.
It sounds like you're looking for a fixed effects model. These models usually get too complex for Excel to handle but I have videos on that using Stata and R.
@@sebastianwaiecon but, my lecturer ask me to use eviews. Idk how to handle the indutry dummy control variable. Some reference uses industry dummy on regression but idk how to use in regression. And i used gls and ols on model which chosen. I read journal which use gls and gmm also use it
@@lalisajane7308 Sorry, I haven't used eViews in 13 years. You should probably ask your instructor.