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日期：2021-07-21 11:36

Summer 2021 Exam

EC220

Introduction to Econometrics

Suitable for all candidates

Instructions to candidates

This paper contains FOUR questions, divided into two sections. Section A contains ONE question

related to Michaelmas Term and Section B contains THREE questions related to Lent Term. You

should answer ALL questions from Section A and ALL questions from Section B.

If at any point in this exam you feel that anything is unclear, please make additional assumptions that

you feel are necessary and state them clearly.

For Section A: Please type your answer in a Word-processing software on a computer (e.g. Word).

You could combine the typed document with scanned or photographed hand-drawn diagrams and

computations. The maximumword count is 1500 words, beyond which nothing will be marked. There

is no minimum word count and concise answers will be rewarded.

For Section B: Please use pen and paper and scan (or photograph) your answers. You could also use

an iPad or a tablet. There is no maximum word count for Section B. Please annotate your answers

clearly.

The answers must then be converted to pdf and uploaded to Moodle as ONE individual file together

with the Coversheet. Please make sure every single scanned page is legible and properly ordered.

The file will be run through Turnitin to ensure academic integrity.

Time Allowed Submit PDF with answers within 24 hours after official start of the exam

Expected effort Reading Time: 15 minutes

Answering Time: 3 hours

You are supplied with: Lindley & Scott Cambridge Statistical Tables

Table A5 Durbin-Watson d-statistic

You may also use: Open book examination

Calculators: Calculators are allowed in this exam

LSE ST 2021/EC220 Page 1 of 7

Section A

(Answer all questions.)

Question 1

[33.34 marks]

A blowout of the BPDeepwater Horizon oil-well in April 2010 led to the largestmarine oil spill in history,

lasting until July of that year. Researchers would like to analyse whether consumers reacted to the

disaster by reducing their consumption of BP branded petrol during the oil spill. They collected data

on the prices and quantities sold at BP-branded and non-BP petrol stations across zip codes (postal

codes; small local areas) in the US. Either a zip code contains BP stations, in which case the average

price and average number of gallons sold for each of these BP stations is recorded (and the indicator

variableBP = 1), or a zip code contains no BP station, in which case the price and quantity at these

non-BP stations is recorded (and BP = 0). An observation is a particular petrol station. Non-BP

stations in BP zip codes are not used in the sample.

Prices and quantities are the averages either for the period January 2009 to March 2010 (before the

oil spill) in columns (1) and (2) or for April 2010 to July 2010 (during the oil spill) in columns (3) to (6)

of the table below. Prices are in US Dollars per gallon and coded as Price. Quantities are in logarithm

and coded as ln(sales). The researchers also constructed a variable called Green Index, which is

supposed to measure the environmental orientation of consumers in the zip code. TheGreen Index

is constructed by combining the share of hybrid vehicle registrations, per capita membership in the

Sierra Club, an environmental organisation, and per capita contributions to Green Party election funds

in the zip code, all measured prior to 2010. The Green index is then standardised to have mean 0

and standard deviation 1. Using either Price or ln(sales) as the dependent variable, the researchers

obtain the following results.

Jan 2009 - Mar 2010 Apr 2010 - Jul 2010