Binary Outcome Model & Linear Probability Model - Economics Assignment Help

Assignment Task

Question : Binary Outcome Model 

We aim to investigate the effects of various determinants on the probability of labour force participation of individuals in a village (in rural area). The data file labour.csv has been placed on Moodle. You need to import the data file into R/Rstudio. The binary variable to be explained is work, which is equal to one if an individual worked at least 20 hours in the last week prior to the survey. (Note that hvalue is measured in thousand dollars) 
Variable Description 

• work 1 if i is working, 0 otherwise 
• educ years of education 
• male 1 if male 
• age age 
• vilnative 1 if village native 
• hvalue house value 

1. Estimate the linear probability model 
worki = β0 + β1educi + β2malei + β3agei + ui. 
(a) Using R/Rstudio, report the estimated model (estimated parameters, their standard errors, and R-squared) for example using rockchalk::outreg (Hint: SElist argument in outreg). Use robust standard errors. (4 marks) 
(b) Provide the estimated probability of working for a 31-year old woman with 23 years of education (e.g. two doctoral degrees and one master’s degree) in an equation form with a detailed explanation and calculate it in R/Rstudio. (It will be insufficient if you provide the calculated value only.) In addition, briefly comment on the result and provide your interpretation of the result. 

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