Your Task Is to Model Students' Choice for Taking an Additional

question 25

Essay

Your task is to model students' choice for taking an additional economics course after the first principles course. Describe how to formulate a model based on data for a large sample of students. Outline several estimation methods and their relative advantage over other methods in tackling this problem. How would you go about interpreting the resulting output? What summary statistics should be included?

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Definitions:

Physical And Mental Health

The overall condition of a person in terms of body health and psychological well-being.

Marriage Gradient

The sociological pattern in which men tend to marry women who are slightly below them in age, education, or social standing.

Socialized

Refers to behavior that is modified or learned based on social interactions and norms.

Societal Bias

The pervasive and systematic leaning or prejudice in a society that favors certain groups or ideas over others.