Micro Lecture
Recall the supermodular model
Labour Lecture
Some critical questions: will the billionaire affect the analysis?
Rising the inequality around the world?
Polarization
How to understand the wage premium? The “Premium” here means the extra wage you get if you have a certain skill or you are in the certain group. For example, the “College Graduate wage premium” means the extra wage you get if you are a college graduate compared to someone who is not.
The Must we want to introduce Quantile Regression
The core idea, when we are doing OLS, the objective function is to minimize the sum of squared residuals, and we are basically focusing on “mean”. But if we want to look at the different reaction in the different part of the distribution, we could use quantile regression.
What’s the quantile?
The -th quantile is defined as: