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In this exercise, we study how effective various government policies designed to discourage drunk driving actually are in reducing traffic deaths. The panel data set contains variables related to traffic fatalities and alcohol, including the number of traffic fatalities in each state in each year, the type of drunk driving laws in each state in each year, and the tax on beer in each state. The measure of traffic deaths we use is the fatality rate, which is the number of annual traffic deaths per 10,000 people in the population in the state. The measure of alcohol taxes we use is the "real" tax on a case of beer, which is the beer tax, put into 1988 dollars by adjusting for inflation. The panel data set also includes information regarding the minimum legal drinking age, represented by three binary variables for a minimum legal drinking age of 18, 19, and 20 (so the omitted group is a minimum legal drinking age of 21, or older). The three measures of driving and economic conditions are average vehicle miles per driver, the unemployment rate, and the logarithm of real (1988 dollars) personal income per capita (using the logarithm of income permits the coefficient to be interpreted in terms of percentage changes of income). -0.93 (0.08) TABLE 10.1 Regression Analysis of the Effect of Drunk Driving Laws on Traffic Deaths Dependent variable: traffic fatality rate (deaths per 10,000). Regressor (1) (2) (3) (4) (5) (6) (7) Beer tax 0.36 -0.66 -0.64 -0.45 -0.69 -0.46 (0.05) (0.29) (0.36) (0.30) (0.35) (0.31) [0.26, 0.46] (0.34) 1-1.23. -0,09 [-135, 0.07] [-1.04.0.14 [138,000 1.02,0.15] [160, 0.26] Drinking age 18 0.10 0.03 -0.01 0.04 (0.07) (0.10) (-0.11,0.17 0.17.0.151 [-0.16.0.24 Drinking age 19 -0.02 -0.08 -0.07 (0.05) (0.07) (0.10) [-0.12.0.081 [ 0.21,0.061 (-0.26.0.13) Drinking age 20 0.03 -0.10 -0.11 (0.05) (0.06) (0.13) (-0.02 0.13] [-0.21,0.01] 1-0.36.0.14 Drinking age 0.00 (0.02) [-005,004) Mandatory jail or 0.04 0.09 0.04 0.09 community service? (0.10) (0.11) (0.10) (0.16) 10120.25] (0.14,0,31] (0.12,0.25 1-0.24.042) Average vehicle miles 0.008 0.012 0.009 0.124 per driver (0.007) (0.011) (0.007) (0.049) Unemployment rate -0.063 -0.063 -0.091 (0.013) (0.013) (0.021) Real income per capita (logarithm) Years 1.82 (0.64) 1982-88 1.79 (0.64) 1.00 (0.68) 1982 & 1988 only 1982-88 1982-88 1982-88 1982-88 1982-88 no yes yes yes yes no no yes yes yes yes no yes yes yes yes yes State effects? yes yes Time effects? yes Clustered standard yes errors? F-Statistics and p-Values Testing Exclusion of Groups of Variables Time effects=0 4.22 (0.002) Drinking age coefficients = 0 Unemployment rate, income per capita = 0 R 0.091 0.889 0.891 10.28 (