Q1: Discuss whether or not the estimated slope coefficient,-0.954, has a direct economic interpretation?

A study investigated the impact of house price appreciation on household mobility. The underlying idea was that if a house were viewed as one part of the household's portfolio, then changes in the value of the house, relative to other portfolio items, should result in investment decisions altering the current portfolio. Using 5,162 observations, the logit equation was estimated as shown in the table, where the limited dependent variable is one if the household moved in 1978 and is zero if the household did not move: Regression model Logit Estimates Standard Error constant -3.323 (0.180) Male -0.567 (0.421) Black -0.954 (0.515) Married 0.054 (0.412) A7983-0257 (0.921) PURN -4.545 (3.354) Pseudo-R2 0.016 where male, black, married are binary variables. They indicate, respectively, if the entity was a male-headed household, a black household, was married, A7983 is the appreciation rate for each house from 1979 to 1983 minus the average appreciation rate for the same time period, and PNRN is a predicted appreciation rate for the unit minus the national average rate. The mean values for the regressors are as shown in the accompanying table Variable Mean male 0.820 black 0.090 married 0.780 A7983 0.003 PNRN 0.007 A study investigated the impact of house price appreciation on household mobility. The underlying idea was that if a house were viewed as one part of the household's portfolio, then changes in the value of the house, relative to other portfolio items, should result in investment decisions altering the current portfolio. Using 5,162 observations, the logit equation was estimated as shown in the table, where the limited dependent variable is one if the household moved in 1978 and is zero if the household did not move: Regression model Logit Estimates Standard Error constant -3.323 (0.180) Male -0.567 (0.421) Black -0.954 (0.515) Married 0.054 (0.412) A7983-0257 (0.921) PURN -4.545 (3.354) Pseudo-R2 0.016 where male, black, married are binary variables. They indicate, respectively, if the entity was a male-headed household, a black household, was married, A7983 is the appreciation rate for each house from 1979 to 1983 minus the average appreciation rate for the same time period, and PNRN is a predicted appreciation rate for the unit minus the national average rate. The mean values for the regressors are as shown in the accompanying table Variable Mean male 0.820 black 0.090 married 0.780 A7983 0.003 PNRN 0.007