OECD and economic regulation model building, part 2. Exercise 29 raised some questions about the regression model
Question:
OECD and economic regulation model building, part 2.
Exercise 29 raised some questions about the regression model built to understand the effect of OECD regulation on GDP/Capita in 24 OECD countries. Let’s look more deeply.
Here’s a histogram of the Cook’s Distances for that model.
The country with high Cook’s Distance is Ireland.
a) What does the Cook’s Distance value suggest about Ireland in this model? Of the predictors available for this model, by far the best (highest predictor) is 1988 GDP/Capita. In a scatterplot of GDP/Capita vs. 1988 GDP/Capita, Ireland stands away from the overall linear trend.
b) Explain what the dummy variable for Ireland accomplishes in this model.
c) What do you conclude now about the effects of OECD regulation in these data?
Transcribed Image Text:
25 25 20 15 10 5 0.00 0.75 Cook's Distance 1.50
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