Hi all,
what indicates the parameter theta in the summary of a random effect
panel model estimated with the plm function?
example:
data("Produc", package = "plm")
zz <- plm(log(gsp) ~ log(pcap) + log(pc) + log(emp) + unemp,
model="random", data = Produc, index = c("state","year"))
summary(zz)
Effects:
var std.dev share
idiosyncratic 0.001454 0.038137 0.175
individual 0.006838 0.082691 0.825
theta: 0.8888
Thanks
Alfonso
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