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mincer's equation -log

R Software Module: esteq.wasp (opens new window with default values)

Title produced by software: Estimate Equation

Date of computation: Thu, 13 Mar 2008 16:59:23 -0600

Cite this page as follows:

Statistical Computations at FreeStatistics.org, Office for Research Development and Education, URL http://www.freestatistics.org/blog/date/2008/Mar/14/t12054496826a8cift7ssmr45x.htm/, Retrieved Fri, 14 Mar 2008 00:08:02 +0100

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Text written by user:

Output produced by software:

This free online calculator computes equations with the following options: constant, linear deterministic trend, first differences, hyperbolic, exponential, geometric, quadratic, cubic, quartic, seasonal dummies, predetermination (lagged endogenous variables), Ordinary Least Squares, Bootstrap, Jackknife.

Econometric Regression Equation

Multiple Linear Regression - Estimated Regression Equation

ln(incwage[t]) = +0.088577332312901 school[t] +0.072846046324836 workexp[t] -0.00076969626073926 work2[t] +7.6307365818243 + e[t]

Multiple Linear Regression - Ordinary Least Squares
Variable	Parameter	S.E.	T-STAT H0: parameter = 0	2-tail p-value	1-tail p-value
school[t]	0.088577	0.030609	2.89387	0.004429	0.002214
workexp[t]	0.072846	0.017353	4.197986	4.8E-5	2.4E-5
work2[t]	-0.00077	0.00035	-2.197368	0.029674	0.014837
Constant	7.630737	0.432844	17.629305	0	0

Variable	Elasticity	S.E.^*	T-STAT H0: \|elast\| = 1	2-tail p-value	1-tail p-value
%school[t]	0.121326	0.041925	-20.958152	0	0
%workexp[t]	0.156273	0.037226	-22.665218	0	0
%work2[t]	-0.048779	0.022199	-42.849782	0	0
%Constant	0.771181	0.043744	-5.230847	1.0E-6	0
Variable	Stand. Coeff.	S.E.^*	T-STAT H0: coeff = 0	2-tail p-value	1-tail p-value
S-school[t]	0.210718	0.072815	2.89387	0.004429	0.002214
S-workexp[t]	0.861561	0.205232	4.197986	4.8E-5	2.4E-5
S-work2[t]	-0.449191	0.204422	-2.197368	0.029674	0.014837
S-Constant	0	0	0	1	0.5
^*Note	computed against deterministic endogenous series
Variable	Partial Correlation
school[t]	0.240013
workexp[t]	0.337601
work2[t]	-0.184511
Constant	0.833099
Critical Values (alpha = 5%)
1-tail CV at 5%	1.65
2-tail CV at 5%	1.96

Multiple Linear Regression - Regression Statistics
Multiple R	0.540472
R-squared	0.29211
Adjusted R-squared	0.276609
F-TEST	18.844296
Observations	141
Degrees of Freedom	137
Multiple Linear Regression - Residual Statistics
Standard Error	0.958797
Sum Squared Errors	125.942868
Log Likelihood	-192.108662
Durbin-Watson	2.134577
Von Neumann Ratio	2.149824
# e[t] > 0	76
# e[t] < 0	65
# Runs	77
Stand. Normal Runs Statistic	1.008404

Multiple Linear Regression - Ad Hoc Selection Test Statistics
Akaike (1969) Final Prediction Error	0.94537
Akaike (1973) Log Information Criterion	-0.056194
Akaike (1974) Information Criterion	0.945356
Schwarz (1978) Log Criterion	0.027459
Schwarz (1978) Criterion	1.027839
Craven-Wahba (1979) Generalized Cross Validation	0.946132
Hannan-Quinn (1979) Criterion	0.978044
Rice (1984) Criterion	0.946939
Shibata (1981) Criterion	0.943891

Multiple Linear Regression - Analysis of Variance
ANOVA	DF	Sum of Squares	Mean Square
Regression	3	51.970176	17.323392
Residual	137	125.942868	0.919291
Total	140	177.913045	1.27080746112
F-TEST	18.844296
p-value	0

Ramsey RESET test for Misspecification

Multiple Linear Regression - Help Regression
Variable	Parameter	S.E.	T-STAT H0: parameter = 0	2-tail p-value	1-tail p-value
school[t]	0.293926	0.08277	3.551115	0.00053	0.000265
workexp[t]	0.24458	0.057321	4.266865	3.7E-5	1.9E-5
work2[t]	-0.002374	0.000618	-3.841448	0.000188	9.4E-5
@F[t]^2	-0	0	-3.725487	0.000286	0.000143
@F[t]^3	0	0	3.971693	0.000116	5.8E-5
@F[t]^4	-0	0	-4.140676	6.1E-5	3.0E-5
Constant	5.343001	1.046866	5.103806	1.0E-6	1.0E-6

Multiple Linear Regression - Help Regression Statistics
Multiple R	0.615409
R-squared	0.378728
F-TEST	13.614419
p-value	0
Standard Error	0.908223
Observations	141
Degrees of Freedom	134

Ramsey RESET Test for Misspecification - Reduction F-test
SSR Ramsey Model	110.532401
SSR Reduced Model	125.942868
# Reduced Parameters	3
Degrees of Freedom	134
Reduction F-test	6.3669
p-value	0.000456

Charts produced by software:

Parameters (Session):

Parameters (R input):

R code (references can be found in the software module):

This work is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 License.

Software written by Ed van Stee & Patrick Wessa

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