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26 Cards in this Set

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Definition of Wald Test

Joint Significance test for non-metric variables with more than 1 group

What test do you use when there are non-metric variables with 2 variables

t-test

What test do you use when there are non-metric variables with more than 2 variables?

Wald-test

What assumption does Homoskedasticity have?

Equal variance with groups

From the output, what needs to be read to check for Homoskedasticity?

Standard Error & p-value

What is the Wald-test used for?

Correction for Wald-test

How do you interpret this equation?

How do you interpret this equation?

One unit in x1 means, holding the other variables in the model constant, an expected increase of B1 units in y

Factors are interval scales, therefore?

No absolute zero

What does 1 unit (standard deviation) increase mean in a factor?

A Standard deviation is a "typical deviation of an observation from its mean"

How can the coefficients be interpreted

if B1 > B2, then x1 is more important than x2

What are the three steps to interpreting coefficients?

Significance


Direction


Magnitude

What is moderation?

The interaction

What does a negative significance suggest? e.g. Log(starpower)*log(Adspend)

Advertising is less effective for movies with more powerful stars

How can 0/1 variables be explained?

Either yes or no. Bankrupt or not

What are the problems with the Linear Probability Model?

Fitted probabilities can be >1 or <0. Non linear relationships

What is the formula?

What is the formula?

Odds Ratio

How is this interpreted?

How is this interpreted?

For every newspaper that someone reads, the odds of being in favor of legalizing abortion increases by a factor of 1.497

How is this interpreted?

How is this interpreted?

The odds of a republican being in favor is only 0.004 times the odd of a democratic being in favor of legalizing abortion - holding media consumption through newspapers constant

How is this interpreted?

How is this interpreted?

The odds of a republican being in favor is only 0.003 the odds of a democratic being in favor of legalizing abortion - holding gender and media consumption through TV and Newspaper constant

What methods can be used for Model Fit?

AIC.


Hit Rate

How is the AIC interpreted
The probability that we observe what we observe together with the number of parameters in the model (penalized for more parameters)

What value is desired for AIC

the lower the better

What needs to be considered when using the AIC?

AIC can only be interpreted relatively in comparison to other models

How is the Hit-rate computed?

Compute Fitted Probabilities


Create Best Guess (Assign 1 for >0.5, 0 for <0.5)


Compare best guesses data

What is the True Positive Rate?

Sum of positives matching the 1

What is the True Negative Rate?

Sum of positives matching the 0