Econometrics Tutor Columbia New York, NY

Econometrics Tutor Columbia University New York, NY

Best 1-on-1 Econometrics tutors for Columbia, NYU, Yale, Princeton, Brown.

Available in-person and online in New York. Our econometrics tutors are experts in topics such as classical linear regression model, multiple regression, Gauss Markov assumptions, dummy variables, fixed effects, random effects, instrumental variables, logit and probit models.

The linear regression model is given by $Consumption_i=\alpha + \beta Income+\epsilon_i, i=1, 2, 3, ..., n$

$Consumption_i$ is the dependent variable,
$Income_i$ is the independent variable,
$\alpha$ is the intercept,
$\beta$ is the slope,
$\epsilon_i$ is the error term
$n$ is the sample size

The resulting estimators for $\alpha$ and $\beta$ , denoted by $\hat{\alpha}$ and $\hat{\beta}$ are derived using the OLS technique.

Econometrics Tutor Columbia New York OLS estimators — OLS Estimators

OLS predicted values $\hat{Y_i}=\hat{\beta_0} + \hat{\beta_1}X_i, \hat{\epsilon_i}= Y_i + \hat{Y_i}$

Question: what is the difference between $\hat{\epsilon_i}$ and $\epsilon_i$

R-Squared is the ratio of ESS to TSS

R-squared explains the proportion of variation in data explained by the model. Higher R-squared implies that our model is able to explain a higher proportion of variation in the dependent variable.

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