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Panel data analysis refers to the statistical analysis of data sets consisting of multiple observations on each sampling unit. This could be generated by pooling time-series observations across a variety of cross-sectional units, including countries, firms, or randomly sampled individuals or households. This also encompasses longitudinal data analysis in which the primary focus is on individual histories. Two well-known examples of U.S. panel data are the Panel Study of Income Dynamics (PSID) and the National Longitudinal Surveys of Labor Market Experience (NLS). European panels include the German Socio-Economic Panel, the British Household Panel Survey, and the European Community household panel.

Benefits and Limitations

Some of the benefits and limitations of using panel data for statistical analysis include a much larger data set, because panel data are multiple ...

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