Parameter Estimation, Dummies, & Model Fit. We know mechanically how to “run a regression”…but how are the parameters actually estimated? How can we handle “categorical” explanatory (independent) variables? What is a measure of “goodness of fit” of a statistical model to data?.
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Value Std.Error t value Pr(>|t|)
(Intercept) -0.0184 0.0859 -0.2141 0.8326
Island 0.0623 0.0821 0.7588 0.4564
Pop.dens 0.0010 0.0002 6.2330 0.0000
GDP 0.0000 0.0000 3.3249 0.0032
Agr -0.0014 0.0015 -0.9039 0.3763