AER (version 0.2-2)

CreditCard: Expenditure and Default Data

Description

Cross-section data on the credit history for a sample of applicants for a type of credit card.

Usage

data("CreditCard")

source

Online complements to Greene (2003). Table F21.4.

http://pages.stern.nyu.edu/~wgreene/Text/tables/tablelist5.htm

Details

According to Greene (2003, p. 952) dependents equals 1 + number of dependents, our calculations suggest that it equals number of dependents.

Greene (2003) provides this data set twice in Table F21.4 and F9.1, respectively. Table F9.1 has just the observations, rounded to two digits. Here, we give the F21.4 version, see the examples for the F9.1 version. Note that age has some suspiciously low values (below one year) for some applicants. One of these differs between the F9.1 and F21.4 version.

References

Greene, W.H. (2003). Econometric Analysis, 5th edition. Upper Saddle River, NJ: Prentice Hall.

See Also

Greene2003

Examples

data("CreditCard")

## Greene (2003)
## extract data set F9.1
ccard <- CreditCard[1:100,]
ccard$income <- round(ccard$income, digits = 2)
ccard$expenditure <- round(ccard$expenditure, digits = 2)
ccard$age <- round(ccard$age + .01)
## suspicious:
CreditCard$age[CreditCard$age < 1]
## the first of these is also in TableF9.1 with 36 instead of 0.5:
ccard$age[79] <- 36

## Example 11.1
ccard <- ccard[order(ccard$income),]
ccard0 <- subset(ccard, expenditure > 0)
cc_ols <- lm(expenditure ~ age + owner + income + I(income^2), data = ccard0)

## Figure 11.1
plot(residuals(cc_ols) ~ income, data = ccard0, pch = 19)

## Table 11.1
mean(ccard$age)
prop.table(table(ccard$owner))
mean(ccard$income)

summary(cc_ols)
sqrt(diag(vcovHC(cc_ols, type = "HC0")))
sqrt(diag(vcovHC(cc_ols, type = "HC2"))) 
sqrt(diag(vcovHC(cc_ols, type = "HC1")))

bptest(cc_ols, ~ (age + income + I(income^2) + owner)^2 + I(age^2) + I(income^4), data = ccard0)
gqtest(cc_ols)
bptest(cc_ols, ~ income + I(income^2), data = ccard0, studentize = FALSE)
bptest(cc_ols, ~ income + I(income^2), data = ccard0)

## More examples can be found in:
## help("Greene2003")