Create any additional explanatory variables you want, and make sure any explanatory variable included in the model

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

1. Create any additional explanatory variables you want, and make sure any explanatory variable included in the model is in numerical format and is meaningful. For example, I want to create a dummy variable that is = 1 if the variable Transform is “Agree” or “Strongly Agree” and 0 otherwise. This is done by

(a) Inserting a blank column next to the variable you want to create a new variable from:

(b) Label the new variable, and write the formula in the cell next to the variable,

…. then drag this formula down the whole column to fill in the values for the new variable.

(c) Copy this new variable and and “paste special – values” to turn the variable into actual numbers rather than a formula

2. Once you’ve created/organized all of the explanatory variables you wish to use, copy and paste all of the variables you want to use for your model to a separate tap and organize them in a set of columns such as Y X1 X2 X2. Call this tab “Mod1_dat” to indicate this is the set of explanatory variables for Model 1.

3. Select Data / Data Analysis / Regression 

Select the single column for the dependent variable (i.e., Spending), including the column heading, for the “Input Y Range”. Select the full set of columns (a.k.a. the “array”) that are the explanatory variables, including the column headings, for the “Input X Range”. Select “Lables” so that the output has your variable names in it, and select “New Worksheet Ply” so that the output is put on a new tab.

4. You now have a new tab with the output of your regression. Label this tab “Mod1_out” so that you know it is linked to the selection of explanatory variables you’ve created.

5. Repeat as necessary.

As can be seen, this produces an adjusted R-squared of 0.15, with the intercept, Income_new, Female_d and Age all statistically significant at better than the 5% level. Now you can begin to fool around with different combinations of the explanatory variables, or create new ones, and repeat this process for a new “Model” with a new tab.

 

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