Summary And Conclusions

1. The key idea behind regression analysis is the statistical dependence of one variable, the dependent variable, on one or more other variables, the explanatory variables.

2. The objective of such analysis is to estimate and/or predict the mean or average value of the dependent variable on the basis of the known or fixed values of the explanatory variables.

3. In practice the success of regression analysis depends on the availability of the appropriate data. This chapter discussed the nature, sources, and limitations of the data that are generally available for research, especially in the social sciences.

4. In any research, the researcher should clearly state the sources of the data used in the analysis, their definitions, their methods of collection, and any gaps or omissions in the data as well as any revisions in the data. Keep in mind that the macroeconomic data published by the government are often revised.

32 PART ONE: SINGLE-EQUATION REGRESSION MODELS

5. Since the reader may not have the time, energy, or resources to track down the data, the reader has the right to presume that the data used by the researcher are properly gathered and that the computations and analysis are correct.

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