Quantitative Methods Questions
Panel data analysis in statistics refers to a method of analyzing data that involves observing multiple individuals, entities, or units over a period of time. It is also known as longitudinal data analysis or repeated measures analysis. Panel data analysis allows for the examination of both cross-sectional and time-series variations, providing a more comprehensive understanding of the relationships between variables. This approach takes into account individual-specific effects, time-specific effects, and the interaction between the two, allowing for more accurate and robust statistical inference. Panel data analysis is commonly used in various fields, including economics, sociology, and political science, to study trends, patterns, and causal relationships over time.