Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use dataset k401ksubs from wooldridge package for this problem. After loading the dataset, type ?k401ksubs in console to familiarize yourself with the dataset. This dataset

Use dataset k401ksubs from wooldridge package for this problem. After loading the dataset, type ?k401ksubs in console to familiarize yourself with the dataset. This dataset contains information on net financial wealth (nettfa), age of the survey respondent (age), annual family income (inc), family size (fsize), and participation in 401k retirement plans.

a. What share of respondents in the sample are eligible to participate in a 401k plan?

b. In a sub-sample of eligible respondents, what share of respondents are participating in 401k plans?

c. In a sub-sample of those participating in a 401k program who are also single (not married), calculate and compare the means, medians, standard deviations, and IQRs of the net total financial assets of men and women. Describe your findings.

d. Plot the distribution of net total financial assets (in the sub-sample of participating singles) by gender. Have color determine whether the distribution is of male of female participants. Hint: in ggplot aes() call, specify that color = as.factor(male). Use theme_bw().

e. Given the distribution you've just plotted, which from the pair of summary statistics (mean/median, SD/IQR) are more appropriate? Why?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions