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Introductory EconometricsIntuition, Proof, and Practice$
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Jeffrey Zax

Print publication date: 2011

Print ISBN-13: 9780804772624

Published to Stanford Scholarship Online: June 2013

DOI: 10.11126/stanford/9780804772624.001.0001

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Fitting a Line

Fitting a Line

Chapter:
(p.88) Chapter 4 Fitting a Line
Source:
Introductory Econometrics
Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804772624.003.0004

This chapter develops a simple method to measure the magnitude of the association between two variables in a sample. The generic name for this method is regression analysis. The precise name, in the case of only two variables, is bivariate regression. It assumes that the variable X causes the variable Y. It identifies the best-fitting line as that which minimizes the sum of squared errors in the Y dimension. The quality of this fit is measured informally by the proportion of the variance in Y that is explained by the variance in X.

Keywords:   regression analysis, variables, best fitting line, sum of squared errors, variance

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