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# Reconsider the sugar cane supply response model that was discussed in lecture: Consider the following specification of the model:Ln (AREA:) = B +Bz (PRICE): + â‚...

## Question

###### Reconsider the sugar cane supply response model that was discussed in lecture: Consider the following specification of the model:Ln (AREA:) = B +Bz (PRICE): + â‚¬tYou are given three sets of output: (1) OLS output which utilizes the OLS standard errors: (2) OLS output which utilizes the OLS output with HAC standard errors; and output under the assumption that the error is an AR (1) process. You are also given correlogram for the OLS output: (35 points)Given the correlogram the OLS output; determ

Reconsider the sugar cane supply response model that was discussed in lecture: Consider the following specification of the model: Ln (AREA:) = B +Bz (PRICE): + â‚¬t You are given three sets of output: (1) OLS output which utilizes the OLS standard errors: (2) OLS output which utilizes the OLS output with HAC standard errors; and output under the assumption that the error is an AR (1) process. You are also given correlogram for the OLS output: (35 points) Given the correlogram the OLS output; determine what autocorrelalions are significantly different from zero_ Conduct form test (e.g calculate significant bounds and compare correlogram) Interpret results: [5 points] Conduct formal test for autocorrelalion using OLS results utilizing Durbin Watson Statistic at a=.05. [15 points] Set up null hypothesis and alternative hypothesis for conducting Durbin-Watson Test If results indicate evidence of significant auto correlation, examine the output for the AR (1) model to examine if the model has been corrected for autocorrelation: Conduct second Durbin Watson test utilizing output from AR(L) model Find 95% confidence intervals for Lhe elasticity of supply for the (1) OLS model, (2) OLS model using HAC standard errors, and (3) the ARI model Compare and contrast the ARI interval estimates with the other 2. [10 points] Would ignoring autocorrelation (if present) lead unreliable estimates and tests of statistical inference Explain thoroughly. points) [5 points]  #### Similar Solved Questions

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