ECON 113 Lecture Notes - Lecture 3: Stata, Dependent And Independent Variables, Ordinary Least Squares
Document Summary
Median = the value separating the higher half of the data from the lower half/ found by sorting the data and identifying the middle observation/ if there are an even number of observations, then average the middle two. Mode = the value that appears most often in the data. Usually used to calculate children, cars, years of education. Variance = measures how spread out the data are. Computed by taking the difference between each number and the mean, squaring it, and then taking the mean of these squared values (larger values correspond to wider spread) Standard deviation = a measure of the spread of the data from the mean. It is the square root of the variance. (larger variance correspond to a wider spread) Bessel"s correction = dividing by n-1 rather than by n (used for small data sets) The sample mean tends to be too close to the elements in the sample.
