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Explain the relationship between selection bias and volunteers and explain its impacts on statistical analysis
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- Meta-analysis helps researchers do which of the following: a. Investigate the effects of minimum wage increases through controlled laboratory experiments b. Infer the effects of increases in the minimum wage by averaging the results of other studies c. Generally find elasticity estimates for labor demand to be highly elastic d. Examine changes in the minimum wage in multiple countriesSuppose that I am willing to pay $400 for anti-lock brakes that reduce my chance of dying in a car accident from 9 in 10,000 (0.0009) to 5 in 10,000, (0.0005). Based on this choice, what would be an estimate of the minimum value that I place on a statistical life? Show your workChoice of a neighbourhood is a function of economic parameters like income, wealth, and occupation. Social factors such as religion, caste, other group identity etc. also influence the decision of where to live. Demographic factors such as constituents of the family and number of dependent members are also important. Family with more number of kids is likely to prefer housing in an area with educational institutions. Similarly, family with more number of elderly will prefer a place where medical assistance can be quickly reached. Choice of neighbourhood becomes extremely important, as it affects the quality of life in a large way. There are external effects of neighbour’s behaviour on one’s life style. If the neighbours are very social and of high moral values, there are no clashes and disturbances. However, if one is not lucky enough to have a good and understanding neighbour, things can come to a level, where there can be fights and legal suites. One such example happened in my…
- the similarity between the correlation research method and experimental research methodWhat are the consequences for including a proxy for an omitted variable?Case study 1.6: Factor substitution in the National Health Service The National Health Service (NHS) in the UK was founded in 1948 and was the first state-run free health service in the world. It originated at a time of national euphoria following victory in World War II, which generated a sense of confidence and solidarity among politicians and public. In particular it was felt that class distinctions were finally disappearing. The extensive rationing of products, both during and after the war, played a big part. Not only did this result in queuing for goods by rich and poor alike, but it gave the government a sense that state control of distribution was not only possible but in many cases desirable. The basic objective was to provide all people with free medical, dental and nursing care. It was a highly ambitious scheme that rested on various premises that have since proved flawed. These were: 1 The demand for health care was finite; it was assumed that some given amount of…
- What is the difference between Pareto efficiency and Hicks-Kaldor efficiency, and why is it relevant to benefit cost analysis?Am. 113.We talked in class about practice performance being a poor predictor of learning. Some types of practice and instruction lead to underestimating the the amount learning that is taking place, while other practice and instruction leads to overestimating learning learning. Describe the practice and instruction conditions that tend to lead to overestimating and underestimating learning.
- A U.S. emergency relief agency is considering sending a team of experts to another country to treat a severely contagious disease outbreak. Each team costs $100,000 for this one-week-long job. The agency estimates effectiveness as follows: 0 teams = 1000 deaths;1 team = 500 deaths;2 teams = 250 deaths,3 teams = 50 deaths;4 teams = 50 deaths Number of Teams Number of Deaths 0 1,000 1 500 2 250 3 50 4 50 If the Agency is considering sending 3 teams vs. 2 teams, what is the marginal cost (in dollar terms) of sending the third team? If saving a life is valued at $200,000 then the optimal number of teams to send is _____.Economist Michael Nieswiadomy of the University of North Texas collected data on Law School Admittance Test (LSAT) scores for the 12 undergraduate majors listed most often by students hoping to enter law school in the class of 2008-9. The table below gives the scores, as well as the ranking for each of these majors in 2008. Economics majors tied philosophy majors for the highest average score. 333. Table 1.1 LSAT Scores for Students Taking the Exam in 2008 Rank 1 1 3 4 5 6 7 8 9 10 11 12 Major Economics Philosophy Engineering History English Finance Political science Psychology Sociology Communications Business administration Criminal justice Average LSAT Score # of Students 157.4 157.4 156.2 155.9 154.7 153.4 153.0 152.5 150.7 150.5 149.1 145.5 3,047 2,184 2,197 4,166 5,120 2,267 14,964 4,355 1,902 2,230 1,971 3,306 Source: Michael Nieswiadomy, "LSAT Scores of Economics Majors: The 2008-09 Class Update Journal of Economic Education, 41:3 (Summer 2010): 331- Use the scientific method…Determine which model is to selected.... Without plagiarism