T2 2021 MAE256 – Assignment Details
Word Limit: 1500 words excluding appendices, figures and tables.
Weight: 20% of overall final grade.
General Details
- This is an INDIVIDUAL Assignment. We strongly discourage plagiarism, as it will be penalized as much as possible. However, it is not collusion if you discuss the questions with other students, but you need to submit your own original work. Note that we may request you come in and explain your assignment in person if we feel your assignment is too similar to another students’ work.
- This assignment in total has 30 marks that correspond to 20% of your final grade.
- Once completed, you will need to submit your ‘Microsoft Word’ document via CloudDeakin. You must submit a single file only that contains a cover page with your name and student ID.
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Please ensure the Word document is self-contained (i.e. all your tables and figures should be in the word document). You will not need to submit a hardcopy.
- Penalties for late submission: The following marking penalties will apply if you submit an assessment task after the due date without an approved extension: 5% will be deducted from available marks for each day up to five days, and work that is submitted more than five days after the due date will not be marked. You will receive 0% for the task. ‘Day’ means working day for paper submissions and calendar day for electronic submissions. The Unit Chair may refuse to accept a late submission where it is unreasonable or impracticable to assess the task after the due date.
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- Specific Requirements: Please provide your answers in a Word Document where the page format will be single spaced, 1-inch margins everywhere (top, bottom, left, right) and 12-point Times New Roman font. If you would like to provide references, please use the APA style
[https://www.deakin.edu.au/students/studying/studysupport/referencing/apa].
References, graphs, figures and tables are not subject to word limit. You are expected to provide at least 4 digits in your answers. You are expected to provide the computer outputs along with your word submissions. You can do this either by adding your excel file as another attachment or simply by copying and pasting the computer outputs in the word file. For the second method, you can either include the computer outputs in the word file directly in each answer or you can create an appendix of computer outputs at the end of your word file and refer to the appendix while answering the questions.
Regression Models using Cross Section Data
Use the data set in DATA_ASSIGNMENT, which includes information on number of medals won by each country in 2012 and 2016 in the Olympic Games held in London and Rio de Janeiro, respectively, and the characteristics of each country. Country ID is the country identifier. Year denotes the year when the Olympics games were held. Real GDP is the Real Gross Domestic Product of country in billions of dollars. Population is the number of people living in country in millions of people. Total Medals in the sum of gold, silver and bronze medals won by country. Host Country is a dummy variable that takes the value 1 if the country is hosting the Olympic Games and takes the value 0 if the country is not hosting the games. Planned Economy is a dummy variable that takes the value 1 if the country is a planned economy (or was a planned economy in the past), and 0 otherwise.
- Present the descriptive statistics of the variables RealGDP, Population, Total Medals. Comment on the means and measures of dispersion (standard deviation, skewness, and kurtosis) of the variables.
- Estimate the following simple regression model of total medals and real GDP.
TotalMedals=β0+ β1RealGDP+u
Write down the estimated sample regression function and interpret both coefficient estimates.
- Now estimate the following simple regression model with a level-log specification.
TotalMedals=β0+ β1log(realGDP)+u
Report your regression results in a sample regression function. Interpret the estimated coefficient of log(realGDP). Provide an explanation of the sign of the slope coefficient.
- Now estimate a model that relates the total number of medals to the real GDP and population:
TotalMedals=β0+ β1realGDP+ β2population+u
Report your results in a sample regression function. Everything else constant, what happens to the total medals if a country’s population increases by 10 million (ignore statistical significance for now)? What can you conclude regarding the comparison of the goodness of fit of this regression model versus the regression model in part (ii)?
- Now re-estimate the equation in (iv) but using the log of independent variables. That is, estimate the model,
TotalMedals=β0+ β1log(realGDP)+ β2log(population)+u
Interpret the coefficient of log(population). Test whether log(population) is statistically significant at 1% level.
- Using the estimated model in (v), test whether the coefficient of log(realGDP) is greater than 3 at 5% level of significance.
- Add the variable planned economy to the level-log equation in (v) and estimate the following model.
TotalMedals=β0+ β1log(realGDP)+ β2log(population)+ β3plannedeconomy+ u
Interpret the coefficient of planned economy variable. Test whether the coefficient of plannedeconomy is less than 20 at 1% level of significance.
- Test the overall significance of the model you estimated in part (vii) at 5% level of significance.
- Suppose you want to test whether Host countries win more medals than other countries. Specify a regression model that will enable you to test such a hypothesis using the model in (vii) as a base. Test whether Host countries win more medals than non-host countries at the 5% level of significance.
- Using the estimated model in (ix), test whether planned economy and host country variables are jointly significant at the 1% level of significance.
[3 + 3 + 3 + 4 + 3 + 2 + 4 + 3 + 2 + 3 = 30 Marks]
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