TABLE 3 Truncated Regression Pooled Data (dependent variable time in seconds) 10
ID: 3376253 • Letter: T
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TABLE 3 Truncated Regression Pooled Data (dependent variable time in seconds) 10 Ha Kilometer Kilometer Kilometer Kilometer Mile Marathon Marathon Linear specification Gender 105.1*** 222.5*277.7*355.9**459.3546.9*1289** (5.917 (5.824) 24.39) 3.309 39.06 (0.251 106) 0.06265-0.7049 (0.267) (1.106) (4.020 (6.889) 2.53) (18.44) -51.16*22.57.7 -27.12 383.2* Age (5.962 2166 .043 0.926 5.377) 0.92762.2751.095 0.6053 6.793 (5.872 2.206 .083) (.198) (5.710) ge Prize difference/ 1,000 33.14*496.424.54 -81.08-107.887.27-22.03 2.099) 2.221) (2.386) (2.462 2.049) .612 (4.103) p value LR test of 004103 03265 00088 00000 00000 00000 251 race dummies 154 104 629 145 107 526 Quadratic specification Prize difference/1,000-64.78 91.5 71.97171. 98.0 -272.690.83* 191 0.546) (2.877 546 0.807 1.647) 3.791) Prize difference 77.65 1.852 -8.397 (0.612 (0.006) 1,000,000 17.88 13.79* 19.79-259.4 (2.014) (0.865 .026 80 2.949) NOTE: Figures in parentheses are t statistics. Consider the linear specification, and the 5 kilometer race (i.e. column 1 only) a. What is the coefficient on the variable (prize difference/1000)? b. Interpret the sign of this coefficient. C. Is this coefficient significant at 5% level? why? d. What does it mean for this coefficient to be (or not to be) significant? (Explain in terms of the given variables.)Explanation / Answer
(a)
The coefficient on the variable (prize difference/1000) is -33.14
(b)
The sign on the coefficient is negative. This can be interpreted as the variable (prize difference/1000) increases, time to finish the race decreases.
That is there is negative correlation between the variable (prize difference/1000) and time to finish the race.
(c)
t statistics for the coefficent = 2.099
Degree of freedom = n - k - 1 where k is number of predictors
= 154 - 4 - 1 = 149
P-value for t = 2.099 and DF = 149 is
2 * P[t > 2.099] = 2 * 0.01875 = 0.0375
As, p-value is less than the significance level of 0.05, the coefficient on the variable (prize difference/1000) is significant.
(d)
The coefficient is significant means that the variable prize difference/1000 is a significant variable in predicting time to finish the race in the regression model.
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