Dependent variable

Independent variable

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Control variable

Endogenous variable – affected by the outcome it is being used to explain

Exogenous variable – affected by something outside the model

Bivariate versus multiple regression analysis (what is the difference (number of variables))


Regression coefficient: slope of the regression line

Binary (dummy) variable

Meaning of sign (positive or negative) of regression coefficient (direction of relationship between variables)

Statistical significance (what it means)

Multicollinearity (what it is)

Ch. 12


Present discounted value

How to value inputs/outputs: willingness to pay, tradable goods, averting behavior, (be able to explain each of these)

Shadow pricing (contingent valuation, revealed preferences, hedonic market analysis)

Social discount rate

Intergenerational issue with social discount rate (be able to explain)

Sensitivity analysis

Cost-effectiveness analysis

Ch. 13

Treatment effect


Selection bias (or effect)

Omitted variable

Dropout effect (or survivorship bias)

Evaluator or participant bias

Randomized experiment

Natural experiment

Time-series analysis

Ch. 14

Why can’t government be like a business? (be able to identify and explain multiple reasons)



Mission and effectiveness of institutions

Individual incentives and effectiveness of institutions

Ch. 15

Stakeholder analysis

Perverse incentives

Contractible quality – and factors to explain this

Be able to state and explain Wheelan’s eight

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