Panel analysis
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Panel (data) analysis is statistical method, widely used in social science, epidemiology and econometrics, which deals with two-dimensional panel data. The data are usually collected over time and over the same individuals and then a regression is run over these two dimensions. Multidimensional analysis is an econometric method in which data are collected over more than two dimensions (typically, time, individuals, and some third dimension).
A common panel data regression model looks like yit = a + bxit + εit, where y is the dependent variable, x is the independent variable, a and b are coefficients, i and t are indices for individuals and time. The error εit is very important in this analysis. Assumptions about the error term determine whether we speak of fixed effects or random effects.
Panel data analysis has three more-or-less independent approaches:
- independently pooled panels;
- random effects models;
- fixed effects models or first differenced models.
The selection between these methods depends upon the objective of our analysis, and the problems concerning the exogeneity of the explanatory variables.
Independently pooled panels
Key Assumption: There are no unique attributes of individuals within the measurement set, and no universal effects across time.
Fixed effect models
Key Assumption: There are unique attributes of individuals that are not the results of random variation and that do not vary across time. Adequate, if we want to draw inferences only about the examined individuals.
Random effect models
Key Assumption: There are unique, time constant attributes of individuals that are the results of random variation and do not correlate with the individual regressors. This model is adequate, if we want to draw inferences about the whole population, not only the examined sample.
See also
Acknowledgement and Attribution Regarding Sources of Content
Some of the initial content on this page may be incorporated in part from copyleft sources in the public domain including wikis such as Wikipedia and AskDrWiki. Drug information for patients came from the The National Library of Medicine. Infectious disease information may have come from the Centers for Disease Control (CDC). Differential Diagnoses are drawn from clinicians as well as an amalgamation of 3 sources: 1.The Disease Database; 2. Kahan, Scott, Smith, Ellen G. In A Page: Signs and Symptoms. Malden, Massachusetts: Blackwell Publishing, 2004:3; 3. Sailer, Christian, Wasner, Susanne. Differential Diagnosis Pocket. Hermosa Beach, CA: Borm Bruckmeir Publishing LLC, 2002:7 .
