Professional Documents
Culture Documents
lect2_part2
lect2_part2
Part 2
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 1 / 73
Fundamentals of Regression Analysis The OLS estimator assumptions
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 2 / 73
Fundamentals of Regression Analysis The OLS estimator assumptions
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 3 / 73
Fundamentals of Regression Analysis The OLS estimator assumptions
Least-Squares assumptions
Yi = β0 + β1 Xi + ui , i = 1, ..., n
In order for the OLS estimators, βˆ0 and βˆ1 , to be appropriate estimators of the
true parameters β0 and β1 , the following three assumptions need to be true:
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 4 / 73
Fundamentals of Regression Analysis The OLS estimator assumptions
Assumption 1: E(ui | Xi ) = 0
E(ui |Xi ) = 0
• All the "other factors" captured in the error term ui (those that
explain Yi but have not been included in the model) are (linearly)
unrelated to Xi : Cov(X, u) = 0 (See Appendix)
• The conditional distribution of Yi is centered in the population
regression line: That is, on average, the prediction of Yi is right (See
Appendix)
• We will frequently come back to this assumption during the course
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 5 / 73
Fundamentals of Regression Analysis The OLS estimator assumptions
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 6 / 73
Fundamentals of Regression Analysis The OLS estimator assumptions
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 7 / 73
Fundamentals of Regression Analysis The OLS estimator assumptions
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 8 / 73
Fundamentals of Regression Analysis The OLS estimator assumptions
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 9 / 73
Fundamentals of Regression Analysis The OLS estimator assumptions
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 10 / 73
Fundamentals of Regression Analysis The sampling distribution of the OLS estimator
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 11 / 73
Fundamentals of Regression Analysis The sampling distribution of the OLS estimator
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 12 / 73
Fundamentals of Regression Analysis The sampling distribution of the OLS estimator
Unbiasedness of βˆ1
P
(Xi − X)(Yi − Y)
β̂1 = P
(Xi − X)2
• This is one of the most important formulas we will see during this course
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 13 / 73
Fundamentals of Regression Analysis The sampling distribution of the OLS estimator
Unbiasedness of βˆ1
P
(Xi − X)ui
β̂1 = β1 + P
(Xi − X)2
• The intuitive idea is that our estimator is equal to the true parameter plus
’something’ else
• If the expected value of that ’something’ else is zero, our estimator is
unbiased; otherwise it is biased
• If the error term is uncorrelated with our X (if assumption #1 holds), then
the second term will be zero and thus our estimator will be unbiased
(E(β̂1 ) = β1 )
• However, if our model has left in the error term something relevant
(explains Y and therefore belongs to the error term and is correlated with
X), the second term will not be zero and our estimator will be biased
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 14 / 73
Fundamentals of Regression Analysis The sampling distribution of the OLS estimator
1 var[(Xi − µX )ui ]
N (β1 , σβ2ˆ ) where σβ2ˆ =
1 1 n [var(Xi )]2
1 var(Hi ui )
N (β0 , σβ2ˆ ) where σβ2ˆ =
0 0 n [E(Hi )2 ]2
h µ i
X
and Hi = 1 − Xi
E(Xi2 )
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 15 / 73
Fundamentals of Regression Analysis The sampling distribution of the OLS estimator
From the variance formula of the OLS estimators we can see several things:
1. Other things equal, the larger the variance of Xi , the smaller the variance
of βˆ1
▶ Intuitively, the wider the range of X, the ’better’ information to draw
the the regression line.
2. Other things equal, the smaller the variance of ui , the smaller the
variance of βˆ1
▶ Intuitively, if we have a very good model (the errors are smaller), the
data will have a tighter scatter around the population regression
line, so its slope will be estimated more precisely.
3. Other things equal, a larger the sample size (n), the smaller the variance
βˆ1
▶ Intuitively, larger n means more dots (information) to draw the
regression line
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 16 / 73
Fundamentals of Regression Analysis The sampling distribution of the OLS estimator
From the variance formula of the OLS estimators we can see several things:
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 17 / 73
Fundamentals of Regression Analysis The sampling distribution of the OLS estimator
1
Pn 2 2 1
Pn 2 2
1 n−2 i=1 (Xi − X̄) ûi 1 n−2 i=1 Ĥi ûi
σ̂β̂2 = n h P i2 and σ̂β̂2 = n h P 2 2
1 0
i
1 n 2 1 n
n i=1 (X i − X̄) n i=1 Ĥ i
1 Pn
where Ĥi = 1 − (X/ X 2 )Xi
n i=1 i
And the standard errors of βˆ1 and βˆ0 are estimators of the standard deviation
of βˆ1 and βˆ0 , σβˆ1 and σβˆ0 :
q q
se(βˆ1 ) = σ̂β2ˆ and se(βˆ0 ) = σ̂β2ˆ
1 0
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 18 / 73
Fundamentals of Regression Analysis Homoskedasticity and heteroskedasticity
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 19 / 73
Fundamentals of Regression Analysis Homoskedasticity and heteroskedasticity
Homoskedasticity
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 20 / 73
Fundamentals of Regression Analysis Homoskedasticity and heteroskedasticity
Graphically:
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 21 / 73
Fundamentals of Regression Analysis Homoskedasticity and heteroskedasticity
If the three least square assumptions hold and the errors are homoskedastic:
1. The OLS estimators remain unbiased, consistent and asymptotically
normal
▶ Note that unbiasedness and consistency do not depend on whether
errors are heteroskedastic or homoskedastic
▶ For these properties to be true, we only need the
first 3 least square assumptions to hold
2. The OLS estimators βˆ0 and βˆ1 are efficient among all estimators that are
a linear combination of Y1 , ..., Yn and are unbiased (Gauss-Markov
theorem).
▶ This is, the OLS estimators are the more efficient linear
conditionally unbiased estimators (are BLUE)
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 22 / 73
Fundamentals of Regression Analysis Homoskedasticity and heteroskedasticity
σu2 E(Xi2 ) 2
σβ2ˆ = and σβ2ˆ = σ
1 nσX2 0 nσX2 u
1 P
n
i=1 Xi2 s2û
σ̃β2ˆ = Pnn
q
se(βˆ0 ) = σ̃β2ˆ where
0 0
i=1 (Xi − X)2
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 23 / 73
Fundamentals of Regression Analysis Homoskedasticity and heteroskedasticity
Warning
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 24 / 73
Fundamentals of Regression Analysis Homoskedasticity and heteroskedasticity
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 25 / 73
Fundamentals of Regression Analysis Homoskedasticity and heteroskedasticity
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 26 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 27 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Steps:
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 28 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Empirical question:
Does the size of an apartment affects its sale’s price?
Price = β0 + β1 Size
Concretely, we want to know if this relation exists at all. Therefore, our null
and alternative hypotheses are:
• H0 : β 1 = 0 (NO relation between Size and Price in the population)
• H1 : β1 ̸= 0 (Relation between Size and Price in the population)
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 29 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Empirical question:
Does the size of an apartment affects its price of sale?
1 var[(Xi − µX )ui ]
N(β1 , σβ2ˆ ) where σβ2ˆ =
1 1 n [var(Xi )]2
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 30 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Empirical question:
Does the size of an apartment affects its price of sale?
Or in our example:
P
(Sizei − Size)(Pricei − Price) sSize,Price
β̂1act = =
s2Size
P 2
(Sizei − Size)
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 31 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Alternative 1: Calculate the t-statistic using β̂ act and compare it to the critical
value t* (for α = 0.05, t*=1.96)
act
βˆ1 − β1,0 βˆ1 − 0 βˆ1
t= = −→ tact =
se(βˆ1 ) se(βˆ1 ) se(βˆ1 )
where se(βˆ1 ) is the standard error of βˆ1 , which is the estimator of the standard
deviation of βˆ1 , σβˆ1 :
1
Pn 2 2
i=1 (Xi − X̄) ûi
q
ˆ
se(β1 ) = σ̂βˆ 2 where 2 1 n−2
σ̂β̂ = n h i2
1 1 Pn
1 2
n i=1 (X i − X̄)
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 32 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 33 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 35 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Alternative 3: Calculate the confidence interval for β1 and check if β1,0 is in it.
95% confidence interval (CI) of β1 : an interval that contains the true value
of β1 with 95% probability. Or equivalently, the set of values of β1 that cannot
be rejected by a 5% two-sided hypothesis test.
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 36 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 37 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
The 95% confidence interval for β1 can be used to construct a 95% interval
for the predicted effect of a general change in Size (∆Size) on Price (∆Price).
According to our model, the predicted change in Price will be:
∆Price = β1 ∆Size
For example, the confidence interval for the predicted change in price for a
15m2 increase in house size will be:
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 38 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Empirical question:
Does the size of an apartment affects its price of sale?
Price = β0 + β1 Size
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 39 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Empirical question:
Is the increase in the price of sale for an additional square meter greater
than 1600 euros?
Price = β0 + β1 Size
But now we want to know if this slope is greater than 1600. Therefore, now
our null and alternative hypotheses are:
• H0 : β1 = 1600
• H1 : β1 > 1600
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 40 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Alternative 1: Calculate the t-statistic using β̂ act and compare it to the critical
value t*
When using a one-tailed test, we are testing for the possibility of the
relationship in one direction and completely disregarding the possibility of a
relationship in the other direction. Therefore, we will concentrate on only one
side of the standard normal distribution and critical value for the CDF at 5%
changes (t∗). Concretely, in a one-sided test, for significance level of
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 42 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
So in our example:
act
act
βˆ1 − 1600 1641.24 − 1600
t = = = 0.56
se(βˆ1 ) 73.43
So, with the evidence at hand, we conclude that the increase in price for an
additional square meter is not different from 1600.
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 43 / 73
Fundamentals of Regression Analysis Hypothesis test and confidence intervals
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 44 / 73
Fundamentals of Regression Analysis Appendix
Appendix
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 45 / 73
Fundamentals of Regression Analysis Appendix
E(ui |Xi ) = 0
E(ui |Xi ) = 0
(3) E(Yi | Xi ) = β0 + β1 Xi
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 47 / 73
Fundamentals of Regression Analysis Appendix
▶ That is, the correlation only captures the linear relationship between
Xi and ui
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 48 / 73
Fundamentals of Regression Analysis Appendix
Unbiasedness of βˆ1
P
(Xi − X)(Yi − Y)
β̂1 = P
(Xi − X)2
P
(Xi − X̄)[β1 (Xi − X i ) + (ui − u)]
(1) β̂1 = P
(Xi − X̄)2
(Xi − X̄)2
P P P
(Xi − X̄)(ui − ū) (Xi − X̄)(ui − ū)
(3) β̂1 = β1 P 2
+ P 2
= β 1 + P
(Xi − X̄) (Xi − X̄) (Xi − X̄)2
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 49 / 73
Fundamentals of Regression Analysis Appendix
P P
(Xi − X̄)ui − (Xi − X̄)u
(4) β̂1 = β1 + P
(Xi − X̄)2
Pn
• Hint: X̄ = i=1 Xi Pn
→ i=1 Xi = nX̄
n
• Hint: (Xi − X̄)ū = [ ni=1 Xi − ni=1 X̄]ū = [nX̄ − nX̄]ū = 0
P P P
P
(Xi − X)ui
(5) β̂1 = β1 + P
(Xi − X)2
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 50 / 73
Fundamentals of Regression Analysis Appendix
P
(Xi − X)E(ui |X1 , ..., Xn )
(7) E(β̂1 ) = E β1 + P
(Xi − X)2
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 51 / 73
Fundamentals of Regression Analysis Appendix
Unbiasedness example
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 52 / 73
Fundamentals of Regression Analysis Appendix
Data simulation
First, we will use Stata to simulate some observations from a true model
(remember: we never know the true model and the whole point is to estimate
its parameters)
• The true model is Wagei = β0 + β1 × Agei + ui , with β0 = 21 y β1 = 2
• Age is in years and wage is in euros per hour
• Let’s assume for the sake of simplicity, that the unknown error term is
iid
u ∼ N (0, 3) and satisfies the assumption of E(u | X) = 0
• As we said, we will treat the model as known, and we will generate 1000
values for Age and u, and using the true values of the parameters β0 and
β1 we will generate 1000 values for the wage
• Therefore, the 1000 data points for (Yi , Xi , ui ) will be our population
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 53 / 73
Fundamentals of Regression Analysis Appendix
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 54 / 73
Fundamentals of Regression Analysis Appendix
Simulation
1. Let’s take a random sample of n=50 data from 1000 data points
2. Then estimate the parameters β0 and β1 applying OLS to those data
3. That is, let’s now pretend that we don’t know the true population
parameters and use our random sample to estimate both β̂0 and β̂1
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 55 / 73
Fundamentals of Regression Analysis Appendix
The red dots are those point from the populations that were chosen in the random sampling and the estimated line with
those 50 points Wagei = 21.87 + 1.75Agei . In black, we have the true line (Wagei = 21 + 2Agei )
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 56 / 73
Fundamentals of Regression Analysis Appendix
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 57 / 73
Fundamentals of Regression Analysis Appendix
Again, in red we have the points chosen in the second random sampling and the regression line with 50 data points
Wagei = 20, 6 + 2, 06Edadi . In black, we have the true line (Wagei = 21 + 2Agei )
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 58 / 73
Fundamentals of Regression Analysis Appendix
In red we have the points chosen in the third random sampling and the regression line with 50 data points
Wagei = 22, 09 + 1, 81Agei . In black, we have the true line (Wagei = 21 + 2Agei )
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 59 / 73
Fundamentals of Regression Analysis Appendix
In red we have the points chosen in the fourth random sampling and the regression line with 50 data points
Wagei = 21, 12 + 1, 94Agei . In black, we have the true line (Wagei = 21 + 2Agei )
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 60 / 73
Fundamentals of Regression Analysis Appendix
In red we have the points chosen in the fifth random sampling and the regression line with 50 data points
Wagei = 20, 96 + 2, 04Agei . In black, we have the true line (Wagei = 21 + 2Agei )
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 61 / 73
Fundamentals of Regression Analysis Appendix
In red we have the points chosen in the sixth random sampling and the regression line with 50 data points
Wagei = 19, 66 + 2, 23Agei . In black, we have the true line (Wagei = 21 + 2Agei )
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 62 / 73
Fundamentals of Regression Analysis Appendix
In red we have the points chosen in the seventh random sampling and the regression line with 50 data points
Wagei = 21, 73 + 1, 85Agei . In black, we have the true line (Wagei = 21 + 2Agei )
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 63 / 73
Fundamentals of Regression Analysis Appendix
• In red we have the points chosen in the eight random sampling and the regression line with 50 data points
Wagei = 22, 71 + 1, 86Agei . In black, we have the true line (Wagei = 21 + 2Agei )
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 64 / 73
Fundamentals of Regression Analysis Appendix
In red we have the points chosen in the ninth random sampling and the regression line with 50 data points
Wagei = 20, 43 + 2, 14Agei . In black, we have the true line (Wagei = 21 + 2Agei )
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 65 / 73
Fundamentals of Regression Analysis Appendix
In red we have the points chosen in the tenth random sampling and the regression line with 50 data points
Wagei = 20, 57 + 2, 12Agei . In black, we have the true line (Wagei = 21 + 2Agei )
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 66 / 73
Fundamentals of Regression Analysis Appendix
1 21.87 1.75
2 20.66 2.06
3 22.09 1.81
4 21.12 1.94
5 20.96 2.04
6 19.66 2.23
7 21.73 1.85
8 22.71 1.86
9 20.43 2.14
10 20.55 2.15
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 67 / 73
Fundamentals of Regression Analysis Appendix
Simulation: continuation
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 68 / 73
Fundamentals of Regression Analysis Appendix
1 21.87 1.75
2 20.66 2.06
3 22.09 1.81
4 21.12 1.94
5 20.96 2.04
6 19.66 2.23
7 21.73 1.85
8 22.71 1.86
9 20.43 2.14
10 20.55 2.15
11 20.57 2.12
12 21.86 1.88
13 21.36 2.00
14 22.60 1.75
15 21.50 1.95
16 20.49 2.11
17 20.81 2.02
18 21.20 1.98
19 22.23 1.75
20 20.80 2.12
21 19.69 2.16
22 21.58 1.83
23 21.00 2.05
24 19.99 2.04
25 20.89 2.12
26 20.89 2.06
27 21.73 1.99
28 21.85 2.03
29 21.95 1.87
30 20.31 2.12
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 69 / 73
Fundamentals of Regression Analysis Appendix
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 70 / 73
Fundamentals of Regression Analysis Appendix
• How would the result would change if we could repeat the process more
times?
• How would the result change if we repeat it from scratch 1000, but now
using random samples of n=100?
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 71 / 73
Fundamentals of Regression Analysis Appendix
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 72 / 73
Fundamentals of Regression Analysis Appendix
Conclusions
Javier Abellán, Màxim Ventura and Carlos Suárez (UPF) Topic 1 April 3, 2024 73 / 73