Example 1:
using different data sources, the authors test the hypothesis that the number of children in the family affects the hours worked by the male head of household.
The dependent variable is average weekly hours worked in principal job including overtime.
The independent variables are given in Table 1
Table 1:
Independent Variables
Variable
| Description
|
AGE
| Age in years
|
EDUCLOW
| Nine or fewer years of schooling
|
EDUCMED
| Less than university degree but more than nine years of schooling
|
NETWAGE
| Marginal after-tax wage
|
WEALTH
| Household wealth in 1983/100,000
|
CHILD1
| Number of children aged 0-3
|
CHILD2
| Number of children aged 4-7
|
CHILD3
| Number of children aged 8-12
|
CHILD4
| Number of children aged 13-18
|
HHMEM
| Number of household members
|
HOMEOWN
| Home ownership (1 = owns house or apartment) zero else.
|
MARITAL
| 1 = married or cohabiting;2 = single
|
The parameter estimates along with the usual t ratios are given in Table 2.
The critical t score at the 5% significance level is 1.96.
Table 2:
Tobit Model Estimates
Variable Name
| Description
| t ratio
|
INTERCEPT
| 39.3721
| 6.8429
|
AGE
| 0.4093
| 1.6195
|
AGE2
| -0.5763
| -1.9841
|
EDUCLOW
| 0.4627
| 0.5867
|
EDUCMED
| -0.1720
| -0.2098
|
NETWAGE
| -0.2359
| -4.7952
|
WEALTH
| 0.2156
| 1.8027
|
CHILD1
| -0.4228
| -0.4660
|
CHILD2
| -0.7802
| -1.0085
|
CHILD3
| 0.5743
| 0.7817
|
CHILD4
| 0.1676
| 0.2217
|
HHMEM
| 0.2218
| 0.4119
|
HOMEOWN
| 0.7091
| 0.9804
|
MARITAL
| -0.6676
| -0.5907
|
a.
Explain why the authors estimated this as a Tobit model.
b.
Comment on the results relative to the hypothesis tested.
c. Explain in detail other statistics and estimates you would like to see reported.”
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